JOHANNESBURG Feb 28 South Africa's No.4 lender
by value Nedbank reported a 4.8 percent rise in annual
profit, the slowest pace of growth since 2009, hurt by a weak
showing at its associate Ecobank.
Nedbank, a unit of Anglo-South African financial
conglomerate Old Mutual, on Tuesday said its diluted
headline earnings per share (EPS) totalled 2,350 cents in the
year ended December 2016, versus 2,242 cents a year earlier.
Headline EPS is the main measure of profit in South Africa
as it strips out certain one-off items.
Nedbank owns about 20 percent of Ecobank, whose
operations in more than 30 west African countries have been
exposed to economies pressured by the collapse in commodity
prices and unfavourable currency swings.
(Reporting by Tiisetso Motsoeneng; Editing by Himani Sarkar)