February 28, 2017 / 6:37 AM / 3 years ago

South Africa's Nedbank posts slowest FY profit growth since 2009

JOHANNESBURG, Feb 28 (Reuters) - 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)

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