Financial services company Old Mutual PLC (OML.LN) Friday its unit Nedbank Group Limited (NED.JO) performed strongly in the first quarter, and added that the unit remains on track to achieve its medium to long term earnings growth target in 2012.

MAIN FACTS:

-Nedbank net interest income for the first quarter grew 11,5% to ZAR4.77 billion (2011: ZAR4.28 billion).

-Net interest margin 3.53% (2011: 3.42%).

-Credit loss ratio 1.09% (2011: 1.15%).

-Non-interest revenue ZAR4.06 billion (2011: ZAR3.53 billion).

-Core tier 1 ratio 10,7% at March 31.

-Capital ratios are anticipated to increase during 2012 as a result of further risk weighted asset optimization initiatives and earnings growth.

-Global economic environment is likely to remain uncertain over the remainder of 2012.

-Nedbank earnings guidance for 2012 communicated at the time of the 2011 results announcement remains unchanged.

-Shares of Old Mutual on Thursday closed at 150.3 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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