Nedbank, a wholly owned subsidiary of Nedcor, on Wednesday reported a headline loss per share of R36,29 for the year ended December compared with a profit of R15,21 the previous year.
This was on the back of an attributable loss of almost R1,8-billion from a previous profit of R969-million.
Once again, the bank suffered a foreign currency translation loss of just more than a billion rand, while merger and reorganisation expenses escalated from R212-million to R393-million.
However, the bank pointed out that the results, which were covered along with the Nedcor group results at the beginning of February, are not strictly comparable with those for the previous year because of having to adopt the complex AC133 accounting standard. — I-Net Bridge