LONDON (dpa-AFX) - Nedbank Group Ltd., majority-owned by Old Mutual plc (OML.L, ODMTY.PK), Wednesday reported a rise in its full-year 2011 profit attributable to equity holders of the parent to 6.19 billion South African Rands from the prior year's 4.81 billion South African Rands. Headline earnings amounted to 6.18 billion South African Rands this year versus 4.90 billion South African Rands in 2010.
Net interest income totaled 18.03 billion South African Rands, higher than 16.61 billion South African Rands, with non-interest revenue climbing to 15.41 billion South African Rands from 13.21 billion South African Rands last year.
Nedbank Group noted that the full-year results were underpinned by continued delivery on its key strategic focus areas of repositioning Nedbank Retail, growing non-interest revenue and implementing the portfolio tilt strategy.
The company added, 'Despite the challenging environment, Nedbank Group is well positioned to build on the momentum from 2011 and meet its medium-to-long-term earnings growth target once again in 2012.'
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