NEDCOR REPORTS INCREASED EARNINGS

BANKING group Nedcor has shrugged off its failed bid to acquire larger rival Stanbic by reporting an increase in attributable income by 27% to R1.23bn for the first six months of the year. This translated into earnings per share increase of 25% from 415 cents to 517 cents. Nedcor was the only major South African retail bank to have picked up market share over the past year although average assets grew only by 7%. Nedcor’s increase in attributable income comes in spite of a R66m write-off caused by the abortive Stanbic bid. – Own Correspondent