July 26, 2018 / 6:16 AM / a year ago

South Africa's Nedbank sees up to 28 pct rise in H1 profit

JOHANNESBURG, July 26 (Reuters) - South African lender Nedbank said on Thursday it saw half-year profit rising as much as 28 percent, boosted by profitability of its west-African associate Ecobank.

Headline earnings per share (HEPS) is expected to be between 1,350.5 cents and 1,405.4 cents for the six-month period ended 30 June 2018, which is between 23 percent and 28 percent higher than the 1,098 cents per share in the previous reporting period.

HEPS, the main profit measure in South Africa, strips out certain once-off items.

“Nedbank Group delivered a strong performance in the first half of 2018 assisted by our share of associate income from ETI as it returned to profitability, while managed operations delivered positive earnings growth in line with our expectations,” the firm said in statement. (Reporting by Tanisha Heiberg; Editing by Sunil Nair)

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