Headline Earnings

R4.9bn
+14,6%

Diluted headline earnings per share

1069 cents
+8,7%

Strong NIR growth to

R13,2bn
+11,0%

  • Net asset value per share increased 8,0% to 9 831 cents
  • Capital adequacy further strengthened
  • ROE (excluding goodwill) 13,4% and ROE 11,8%
  • Full -year dividend per share of 480 cents, up 9,1%

'2010 saw our headline earnings grow for the first time since 2007, ending the year marginally above our expectations as set out in the third-quarter trading update. Earnings momentum built during the year, with earnings in the second half up strongly on the first half. These results were driven by improving economic conditions and the group's strategic focus on growing non-interest revenue (NIR). Our wholesale businesses remained resilient and the performance of Nedbank Retail improved as impairments decreased and we began to realise the benefits of the Imperial Bank acquisition. Nedbank Wealth grew strongly following the integration of the former joint ventures and pleasing growth in new business.

While the global economic recovery remains fragile, we believe the worst of the cycle is behind us and expect continued earnings growth in 2011.'

Mike Brown
Chief Executive Officer