BRIEF-Nedbank posts Q1 net interest income growth of 8.7 pct

Tue May 13, 2014 2:21am EDT

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May 13 (Reuters) - Nedbank Group Ltd :

* Globally Q1 of year was marked by macro-economic concerns in many emerging markets

* In South Africa, economy was impacted by protracted and ongoing strikes in platinum mining sector

* Have seen a pleasing improvement in credit loss ratio following risk management actions undertaken in prior years

* Net interest margin remained at same level as 2013 full year at 3.57 pct (Q1 2013: 3.62 pct).

* Net interest income growth at 8.7 pct was solid, and although total non-interest revenue growth was only 2.7 pct, commission and fees were up 6.1 pct

* Our financial guidance for 2014, including for organic growth in diluted headline EPS to be greater than growth in nominal GDP, remains unchanged

* Credit loss ratio of 0.89 pct improved more than expected from 1.22 pct for comparative 2013 period and from 1.06 pct at December 2013

* Weaker rand and increasing inflationary pressures resulted in a 50 basis point increase in interest rates in January Source text for Eikon: Further company coverage: