South Africa-based Nedbank Wealth has reported a profit for the first half of the year of R464 million, a year on year increase of 10.2 percent.
This growth “was driven by strong earnings growth in Wealth Management and Asset Management, offset by a slowdown in retail volumes, lower credit life pricing and higher weather-related short-term insurance claims,” according to a statement from the firm.
The division also increased its loans and advances by 23 percent to R24,597 million.
Nedbank Wealth had total assets of R55,521 million at the end of June 2014.
Nedbank Wealth is part of Nedbank, Old Mutual's banking arm.