NEDBANK GROUP LIMITED SIX-YEAR REVIEW
STATISTICS AND RATIOS

		Five-year
		CAGR*
Share statistics		%	2009	2008	2007	2006	2005	2004
Earnings per share
Headline	cents	15,9	1 010	1 422	1 485	1 110	797	483
Diluted headline	cents	15,3	983	1 401	1 429	1 076	791	482
Basic	cents	21,9	1 140	1 581	1 511	1 135	966	423
Diluted basic	cents	21,3	1 109	1 558	1 454	1 099	958	422
Dividends/Distributions
Declared per share	cents	29,7	440	620	660	493	290	120
Paid/Capitalised per share	cents	45,8	520	660	594	394	181	79
Dividend/Distribution cover	cents		2,30	2,29	2,25	2,25	2,75	4,00
Net asset value per share	cents	14,4	9 100	8 522	7 513	6 363	5 597	4 654
Tangible net asset value per share	cents	17,1	7 398	7 179	6 207	5 106	4 351	3 361
Shares
Gross number in issue	m		499	469	459	451	443	394
Treasury shares	m		(63)	(59)	(57)	(56)	(41)	**
Net number in issue	m		436	410	402	395	402	394
Weighted average number	m		423	405	399	400	397	361
Fully diluted weighted average	m		435	412	414	412	400	362
Share price and related statistics
Nedbank Group traded price
Closing	cents		12 405	9 550	13 600	13 350	10 000	7 780
High	cents		12 900	13 975	15 810	13 950	10 280	7 999
Low	cents		6 492	7 498	12 325	9 790	6 700	5 240
JSE Banks Index – closing			36 675	30 566	35 876	36 121	29 234	22 975
JSE All-share Index – closing			27 666	21 509	28 958	24 915	18 097	12 657
Market capitalisation	Rbn		61,9	44,8	62,5	60,2	44,3	30,7
Number of shares traded	m		272,7	305,4	232,2	191,7	168,1	245,8
Number traded to weighted average number of shares	%		64,5	75,4	58,2	48,0	42,3	68,1
Value of shares traded	Rm		27 512	31 237	31 954	22 219	13 709	15 345
Value traded to market capitalisation	%		44,5	69,8	51,1	36,9	31,0	50,0
Price/earnings ratio	historical		12	7	9	12	13	16
Price to book	times		1,4	1,1	1,8	2,1	1,8	1,7
Dividend yield	%		3,5	6,5	4,9	3,7	2,9	1,5
Earnings yield	%		8,1	14,9	10,9	8,3	8,0	6,2
Closing price/tangible net asset value	times		1,7	1,3	2,2	2,6	2,3	2,3
Performance ratios
Net interest income to interest-earning assets	%		3,39	3,66	3,94	3,94	3,55	3,18
Non-interest revenue to total income	%		42,2	39,9	42,5	46,3	49,8	53,1
Credit loss ratio	%		1,47	1,17	0,62	0,52	0,49	0,55
Non-interest revenue to total operating expenses	%		78,8	78,1	77,4	79,7	76,9	74,0
Efficiency ratio
Including BEE transaction expense	%		53,5	51,1	54,9	58,2	64,8	71,8
Excluding BEE transaction expense	%		53,1	50,4	54,2	57,5	62,5	71,8
Expenses to average assets	%		2,65	2,60	2,95	3,06	3,24	3,41
Effective taxation rate	%		20,2	21,6	26,3	27,8	23,4	24,2
Return on total assets	%		0,75	1,09	1,30	1,14	0,93	0,54
Return on risk-weighted assets	%		1,31	1,62	1,76	1,60	1,40	0,82
Return on ordinary shareholders’ equity	%		11,5	17,7	21,4	18,6	15,5	11,0
		Five-year
		CAGR*
Assets and related ratios		%	2009	2008	2007	2006	2005	2004
Advances
Performing advances	Rm	14,5	433 054	424 791	370 125	306 004	249 318	220 202
Defaulted/Impaired loans and advances***	Rm		27 045	17 301	9 909	7 743	4 304	7 490
Gross advances	Rm	15,1	460 099	442 092	380 034	313 747	253 622	227 692
Impairment of advances	Rm		(9 798)	(7 859)	(6 078)	(5 184)	(5 214)	(6 684)
Net advances	Rm		450 301	434 233	373 956	308 563	248 408	221 008
NPAs to gross advances	%		5,9	3,9	2,6	2,5	1,7	3,3
Impairment of advances to gross advances	%		2,1	1,8	1,6	1,7	2,1	2,9
Assets
Total assets on statement of financial position	Rm	11,7	570 703	567 023	488 856	424 912	352 258	327 840
Assets under management	Rm		93 625	84 381	85 438	86 212	63 925	60 369
Total assets administered by the group	Rm	11,3	664 328	651 404	574 294	511 124	416 183	388 209
Capital and related ratios
Total equity attributable to equity holders of the parent	Rm	16,7	39 649	34 913	30 193	25 116	22 490	18 337
Regulatory capital****
Tier 1	Rm		37 673	33 967	26 611	22 932	21 151	17 274
Total qualifying capital	Rm		48 584	44 120	37 421	32 683	29 099	25 663
Risk-weighted assets****	Rm		326 466	355 235	334 876	276 914	225 756	212 459
Group capital adequacy ratio****
Core Tier 1	%		9,9	8,2	7,2
Tier 1	%		11,5	9,6	8,2	8,3	9,4	8,1
Total	%		14,9	12,4	11,4	11,8	12,9	12,1
Employee statistics and ratios
Number of employees			27 037	27 570	26 522	24 034	22 188	21 103
Revenue per employee	R’000		798	801	846	788	713	665
Expenses per employee	R’000		558	498	509	495	497	518
Headline earnings per employee	R’000		158	209	223	185	143	83

Click here for definitions of terms used

*	Compound annual growth rate.
**	Represents amounts less than R1 million.
***	The amounts for 2007 to 2009 represent defaulted advances, while those for 2004 to 2006 represent impaired advances.
****	Ratios and balances for 2007 to 2009 were calculated according to Basel II principles, while ratios and balances for previous years were calculated according to Basel I principles.

STATEMENT OF COMPREHENSIVE INCOME

	Five-year
	CAGR*
Rm	%	2009	2008	2007	2006	2005	2004
Interest and similar income	17,3	50 537	57 986	42 001	28 521	23 234	22 789
Interest expense and similar charges	17,0	34 231	41 816	27 855	17 558	14 705	15 644
Net interest income	17,9	16 306	16 170	14 146	10 963	8 529	7 145
Impairments charge on loans and advances	40,4	6 634	4 822	2 164	1 483	1 189	1 217
Income from lending activities	10,3	9 672	11 348	11 982	9 480	7 340	5 928
Non-interest revenue	8,0	11 906	10 729	10 446	9 468	8 469	8 099
Operating income	9,0	21 578	22 077	22 428	18 948	15 809	14 027
Total operating expenses	6,7	15 100	13 741	13 489	11 886	11 017	10 939
Operating expenses	7,7	14 974	13 547	13 341	11 740	10 469	10 314
Merger and recovery programme expenses						155	625
BEE transaction expenses		126	194	148	146	393
Indirect taxation	(1,4)	438	374	305	345	223	470
Profit from operations before non-trading and capital items	18,2	6 040	7 962	8 634	6 717	4 569	2 618
Non-trading and capital items	(219,7)	624	756	111	124	701	(254)
Profit from operations	23,0	6 664	8 718	8 745	6 841	5 270	2 364
Share of profits of associates and joint ventures	(17,8)	55	154	239	153	167	147
Profit before direct taxation	21,8	6 719	8 872	8 984	6 994	5 437	2 511
Direct taxation	15,8	1 307	1 868	2 343	1 933	1 140	629
Profit for the year	23,5	5 412	7 004	6 641	5 061	4 297	1 882
Profit attributable to:
Equity holders of the parent	25,9	4 826	6 410	6 025	4 533	3 836	1 528
Non-controlling interest
– ordinary shareholders	14,1	242	257	344	309	233	125
Non-controlling interest
– preference shareholders	8,5	344	337	272	219	228	229
	23,5	5 412	7 004	6 641	5 061	4 297	1 882
Headline earnings	19,7	4 277	5 765	5 921	4 435	3 167	1 743
* Compound annual growth rate.

STATEMENT OF FINANCIAL POSITION

	Five-year
	CAGR*
	%	2009	2008	2007	2006	2005	2004
ASSETS
Cash and cash equivalents	11,2	7 867	8 609	10 344	12 267	11 142	4 630
Other short-term securities	2,6	18 550	18 589	25 793	25 756	17 014	16 310
Derivative financial instruments	(14,2)	12 710	22 321	9 047	15 273	16 176	27 276
Government and other securities	6,5	35 983	42 138	29 637	22 196	22 658	26 224
Loans and advances	15,3	450 301	434 233	373 956	308 563	248 408	221 008
Other assets	(5,1)	5 455	6 084	9 313	12 468	11 601	7 101
Clients’ indebtedness for acceptances	6,1	2 031	3 024	2 251	2 577	1 291	1 509
Current taxation receivable	25,2	602	346	59	161	134	196
Investment securities	10,9	11 025	8 455	8 318	7 155	6 875	6 561
Non-current assets held for sale	(24,2)	12	10	31	490	385	48
Investments in associate companies and joint ventures	(1,9)	924	1 167	978	907	657	1 019
Deferred taxation asset	(25,8)	282	200	25	120	680	1 258
Investment property	3,9	211	213	171	158	163	174
Property and equipment	11,9	4 967	4 327	3 929	3 377	3 095	2 828
Long-term employee benefit assets	9,5	1 860	1 741	1 393	1 444	1 225	1 183
Mandatory reserve deposits with central bank	14,2	10 508	10 065	8 364	7 039	5 747	5 420
Intangible assets	7,8	7 415	5 501	5 247	4 961	5 007	5 095
Total assets	11,7	570 703	567 023	488 856	424 912	352 258	327 840
EQUITY AND LIABILITIES
Ordinary share capital	2,0	436	410	402	395	402	394
Ordinary share premium	6,8	13 728	11 370	10 721	9 727	10 465	9 892
Reserves	25,9	25 485	23 133	19 070	14 994	11 623	8 051
Total equity attributable to equity holders of the parent	16,7	39 649	34 913	30 193	25 116	22 490	18 337
Non-controlling interest attributable to:
– ordinary shareholders	22,1	1 849	1 881	1 511	1 202	1 049	680
– preference shareholders	4,7	3 486	3 279	3 421	3 070	2 770	2 770
Total equity	15,6	44 984	40 073	35 125	29 388	26 309	21 787
Derivative financial instruments	(16,1)	11 551	23 737	11 432	12 904	17 055	27 781
Amounts owed to depositors	13,4	469 355	466 890	384 541	324 685	261 311	250 747
Provisions and other liabilities	(3,1)	11 252	9 829	34 225	37 847	32 357	13 153
Liabilities under acceptances	6,1	2 031	3 024	2 251	2 577	1 291	1 509
Current taxation liabilities	10,3	315	235	337	434	466	193
Other liabilities held for sale					417
Deferred taxation liabilities	11,2	1 945	2 100	1 616	1 649	959	1 143
Long-term employee benefit liabilities	3,3	1 304	1 231	1 157	1 215	1 071	1 109
Investment contract liabilities	16,8	6 749	5 843	5 846	5 278	4 166	3 109
Insurance contract liabilities		1 133
Long-term debt instruments	22,4	20 084	14 061	12 326	8 518	7 273	7 309
Total liabilities	11,4	525 719	526 950	453 731	395 524	325 949	306 053
Total equity and liabilities	11,7	570 703	567 023	488 856	424 912	352 258	327 840
Guarantees on behalf of clients	21,2	28 161	25 226	20 579	15 250	11 064	10 770
* Compound annual growth rate.