LONDON (dpa-AFX) - Nedbank Group Ltd., the majority-owned South African banking subsidiary of Old Mutual plc (OML.L, ODMTY.PK), released its first quarter trading update today, 4 May 2012.
Nedbank Group's Chief Executive, Mike Brown, said, 'Nedbank Group performed strongly in the first quarter of 2012. It was particularly pleasing to see continued progress in the strategic focus areas of NIR growth and repositioning Nedbank Retail, building on the momentum created in 2011. Overall, Nedbank Group remains on track to achieve its medium to long term earnings growth target in 2012, while continuing to deliver on its commitments to all stakeholders.'
Net interest income grew 11.5% to 4.77 billion South African Rands from 4.28 billion South African Rands last year, underpinned by steady growth in average interest-earning banking assets of 7.2%.
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