Nedbank, the South African bank controlled by Old Mutual, has reported net income of ZAR4.6 billion (US$431 million) for the first six months of 2014, a rise of 18% compared ZAE3.91 billion a year ago.
The bank said that its earnings per share excluding one-time items rose 16% to ZAE9.65, as impairments declined by almost 30%.
The bank’s headline earnings -the main profit measure in South Africa-rose 1.7.5% year-on-year to ZAR4.599 billion in the six months to 30 June 2014.
The wealth arm of the Nedbank reported headline earnings of ZAR464 million, a rise of 10.2% compared with the year ago period.
The bank proposed a first-half dividend of ZAR4.6.