'The first half of 2009 has been a challenging period for the South African economy. It has been a harsh environment for clients and this has negatively impacted bank earnings. In this environment the group has focused on the strength of its balance sheet. Capital ratios continued strengthening and liquidity was sound throughout the period. Net asset value per share increased by 7,4%.

Nedbank Group remained solidly profitable, but reduced endowment income and margin on current and savings accounts from lower interest rates, together with slower asset growth and increasing impairments, have resulted in reduced earnings levels compared with the period to June 2008. There are, however, signs that the first half of 2009 may have seen the worst of the retail credit cycle.

Throughout this difficult period the group has continued to advance loans to our clients while ensuring affordability criteria are met. Nedbank Group has shown modest market share growth in most core retail and commercial advances categories. The group continues to seek ways of assisting distressed clients, promoting responsible lending and encouraging savings. Of the large South African banks, Nedbank offers among the most affordable bank fees for low- and middle-income earners.'

NET ASSET VALUE PER SHARE INCREASED		DILUTED HEADLINE EARNINGS PER SHARE DOWN		INTERIM DIVIDEND PER SHARE
7,4% to 8 762 cents		34,1% to 474 cents		of 210 cents
CAPITAL ADEQUACY CONTINUES TO STRENGTHEN		DILUTED EARNINGS PER SHARE DOWN		EXECUTIVE TEAM RESTRUCTURED AND FURTHER TRANSFORMED
(Tier 1: 10,0%)		30,5% to 611 cents