LONDON, August 2, 2001 (PRIMEZONE) -- Nedcor Ltd. ("Nedcor"), the South African banking group, in which Old Mutual plc ("Old Mutual") (LSE:OML) has a 53.4% holding, has today issued interim results for the six months ended June 30, 2001.
The full text of the Nedcor announcement is available on the Stock Exchange News Service (SENS). It should be noted that in the interim accounts for Old Mutual, certain items in the Nedcor results will be treated under UK Generally Accepted Accounting Practice (GAAP) rather than South African GAAP used by Nedcor. Old Mutual will release its interim results on September 4, 2001.
Commenting on Nedcor's results, Julian Roberts, Finance Director of Old Mutual said, "Nedcor has achieved a solid set of results in the first half of 2001, improving market share in a tough market. It is now the second largest bank in South Africa in terms of assets with strategies to drive further growth out of new ventures and partnerships. The excellent achievement in increasing headline earnings by over 20% is driven by good levels of growth in operating income and continued tight control on expenses."