Nedbank First-Half Net Rose 42 Percent as It Boosted Corporate Lending

(Bloomberg) -- Nedbank Group Ltd., South Africa's
fourth-biggest bank, said first-half profit rose 42 percent,
boosted by gains in corporate lending. The company expects 2007
earnings to increase by as much as 33 percent.

Net income in the six months to June 30 advanced to
2.78 billion rand ($389 million), or 7.05 rand a share, from
1.95 billion rand, or 5.77 rand, a year earlier, the Johannesburg-
based company said in a statement today. Annual profit-per share
will rise 22 percent to 33 percent, it said.


Read more at Bloomberg Emerging Markets News

Nedbank lifts H1 headline EPS by 34 pct

(Reuters) - South African banking firm Nedbank Group increased first-half headline earnings per share by 34 percent as loans and advances increased, but it said on Monday bad loans were rising.

Nedbank, majority-owned by insurer Old Mutual, said headline EPS were 700 cents, while headline earnings for the six months to end-June increased to 2.775 billion rand.


Read more at Reuters Africa

S. African Rand Gains in Week on Expectations Interest-Rate Gap to Widen

(Bloomberg) -- South Africa's rand advanced for a
fourth week, its best performance in almost a year versus the
dollar, on expectations the interest-rate gap with the U.S. will
widen.

The rand touched its highest in 11 months yesterday, buoyed
by expectations the Reserve Bank will keep raising borrowing
costs and on speculation the U.K.'s Standard Chartered Plc is in
talks to buy South Africa's Nedbank Group Ltd. The dollar held
near a record low against the euro on views slowing economic
growth will prevent the Federal Reserve from raising U.S. rates.


Read more at Bloomberg Currencies News

Standard Chartered eyes S.Africa's Nedbank -report

(Reuters) - The newspaper, citing unnamed sources, said Asia-focused Standard Chartered had been in discussions with Nedbank for some time.



Business Day quoted Standard Chartered South Africa Chief Executive Officer Christopher Low as saying the country was core to the group's strategy to expand its African business.


Read more at Reuters.com Mergers News