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Old Mutual Ltd - Nedbank Group - Trading Statement

RNS Number : 8388V
Old Mutual Limited
26 July 2018

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

JSE Share Code: OMU

NSX Share Code: OMM

("Old Mutual")


Ref 26/18

26 July 2018





Nedbank Group Limited ("Nedbank Group"), the majority-owned South African banking subsidiary of Old Mutual Limited, released a trading statement today, 26 July 2018.


The following is the full text of the Nedbank Group's announcement:




The following statement is made with reference to paragraph 3.4 (b) of the JSE Listings Requirements that requires companies to publish a trading statement as soon as they are satisfied that there is a reasonable degree of certainty that the financial results for the period to be reported on next will differ by at least 20% from the results of the previous corresponding period.


Nedbank Group delivered a strong performance in the first half of 2018 assisted by our share of associate income from ETI as it returned to profitability, while managed operations delivered positive earnings growth in line with our expectations.


The Nedbank Group board is satisfied that there is a reasonable degree of certainty that headline earnings per share (HEPS) and basic earnings per share (EPS) for the six-month period ended 30 June 2018 will be as follows:


HEPS of between 1 350,5 cents and 1 405,4 cents, which is between 23% and 28% higher than the

1 098 cents per share reported for the six months to 30 June 2017; and


Basic EPS of between 1 344,4 cents and 1 399,0 cents, which is between 23% and 28% higher than the 1 093 cents per share reported for the six months to 30 June 2017.



Shareholders are advised that the financial information on which this trading statement is based has not been reviewed or reported on by the Group's auditors.


Nedbank Group's results for the six months ended 30 June 2018 will be released on the JSE Stock Exchange News Service on Tuesday, 7 August 2018."



JSE Sponsor:            Merrill Lynch South Africa (Pty) Limited


Namibia Sponsor:  PSG Wealth Management (Namibia) (Proprietary) Limited



Notes to Editors


About Old Mutual Limited


Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 17 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche businesses in Latin America and Asia. With over 170 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent.


For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com.


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Quick facts: Old Mutual Limited

Price: 61.1

Market: LSE
Market Cap: £2.95 billion

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