| Clientèle Ltd. |
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| Clientele interim results December 2011 |
Monday 20 February 2012 |
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Insurance premium revenue increased by 10% to R598.5 million (R543.4 million). Net attributable profit improved by 20% to R104.3 million (R86.6 million). Headline earnings from continuing operations rose by 18% to 35.70cps (30.15cps).
Outlook
The group has placed increased focus on sustainability during this period and has embarked on a process of ingraining sustainability principles and practices into the group's operations. This is expected to add additional long term value to the group and its stakeholders. The group will remain focused on creating sustainable value through its traditional business models and will continue to evaluate new opportunities on a conservative basis going forward.
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| Standard Bank Group Ltd. |
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| Standard to sign an agreement with Japan's Mizuho |
Monday 20 February 2012 |
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Business Day mentioned that, Japan's Mizuho Financial Group will sign an agreement to co-operate with SA's Standard Bank in corporate lending as early as this week, according to two people familiar with the matter. The nonexclusive agreement will focus on bringing more of Mizuho's Japanese clients to African and Standard Bank's clients to Japan, said one of the sources, both of whom declined to be identified because the information is not public. A Mizuho spokesman declined to comment and a Standard Bank spokesman said it would "not be appropriate" to comment. The tie-up could be a sign that Mizuho - Japan's second-largest lender by assets - is becoming more serious about doing business in Africa.
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| Sekunjalo Investments Ltd. |
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| Sekunjalo to announce Genius listing soon |
Friday 17 February 2012 |
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According to The Financial Mail, Sekunjalo's application for a primary listing overseas for its biotechnology unit, Genius, should be announced soon. If approved, Genius will be the first South African company to secure a primary listing in over ten years. Sekunjalo chairman Iqbal Surve commented that if Sekunjalo cannot obtain permission for a primary listing of Genius on the LSE or Nasdaq that the company will recommend selling the biotechnology unit to a third party.
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| Absa Group Ltd. |
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| Absa final results 31 December 2011 |
Friday 10 February 2012 |
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Net interest income improved by 5% to R24.4 billion (R23.3 billion) and net insurance premium income went up by 13% to R5.2 billion (R4.6 billion). Operating profit before operating expenditure grew by 11% to R40.8 billion (R36.8 billion), while profit attributable to ordinary shareholders rose by 19% to R9.7 billion (R8.1 billion). Also, headline earnings per share increased to 1355.9cps (1122.6cps).
Dividend
Shareholders are advised that a final ordinary dividend of 392cps was declared today, Friday, 10 February 2012, for the six-month period ended 31 December 2011.
Outlook
Global economic conditions remain challenging. Key structural weaknesses in the Eurozone still need to be addressed, the US economy faces the uncertainty of an election year and emerging markets look to navigate the downside risks created in developed countries. However, Sub-Saharan Africa's GDP is expected to grow 5.5% this year. For South Africa, the external environment is unlikely to support stronger growth and the group expects the economy to grow just 2.8%. Slightly higher inflation will place some pressure on real household income and the labour market is expected to remain weak, which suggests consumers will remain vulnerable and corporates cautious in their business decisions. The group expects the Reserve Bank to increase interest rates in the fourth quarter, albeit at a slow pace. Against this fragile macro backdrop, sector asset and revenue growth is likely to remain muted. However, Absa should continue to benefit from its hedging strategy. Containing costs remains a priority and management is committed to keeping cost growth below revenue growth again this year. Together with an expected credit loss ratio of below 1%, the Group's returns should improve further. Absa will continue to work closely with Barclays to capture the opportunities the combined franchises offer in the rest of Africa. Absa remains well positioned for expected regulatory changes with a strong capital position and will continue to improve its liquidity.
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| Zurich Insurance Company South Africa Ltd. |
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| Zurich final results 31 December 2011 |
Monday 6 February 2012 |
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Net insurance premium earned fell by 19% to R3 billion (R3.7 billion) but profit from operating activities was slightly up by 7% to R221.7 million (R207.6 million). Profit for the year decreased by 14% to R124.6 million (R144.4 million), while headline earnings per share dropped to 982.3cps (1241.2cps).
Dividend
An ordinary final dividend of 200cps has been declared for the year ended December 2011.
Outlook
The results for the year have been impacted by a decline in business volumes of 16% to R3.9 billion (2010: R4.6 billion), offset by improved loss ratios and operational efficiencies. Ongoing management actions continue to further improve profitability and growth. Despite major weather-related losses in the first quarter of the year, the implementation of a number of claims initiatives has positively influenced the cost of claims which, at R2 billion, reflect a 23% improvement from R2.6 billion in the prior period. Expenses have been well controlled and reflect the benefits from the business transformation programme embarked on in 2010 together with additional initiatives undertaken in the current year. The general insurance result is a surplus of R142.8 million (2010: R190.2 million) and the underwriting result, which reflects a surplus of R62.3 million (2010: R94.8 million), is expected to be strengthened through the delivery of a focused growth strategy flowing through 2012. Attributable investment income at R80.5 million (2010: R95.4 million) is down on prior year due to lower premium volumes and a declining interest rate environment. Despite this, profit before tax at R194 million is up by 1% on prior year.
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| Standard Bank Group Ltd. |
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| Stanbank top banking brand in Africa |
Friday 3 February 2012 |
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Business Day noted that Stanbank's brand was valued by The 2012 Global Top 500 Banking Brands report at USD2.17 billion. The ranking makes Stanbank the most valuable banking brand in Africa for the second year running. The latest report saw the bank move from 76th position in 2011 to 73 in the world in 2012.
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| Sanlam Ltd. |
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| Sanlam looking to acquire local JPMorgan unit |
Tuesday 31 January 2012 |
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Business Day reported that Sanlam confirmed its plan to acquire the local fund-administration units of US-based JPMorgan, as SA's largest long-term insurer continues to find assets in which to invest its excess capital. Sanlam has about R1 billion to fund bolt-on acquisitions as part of a strategy to grow its businesses in SA, Africa and Asia according to CEO Johan van Zyl. The head of Sanlam's investment unit, Johan van der Merwe, told Bloomberg the group planned to form a joint venture with Old mutual to buy the unit from JPMorgan. No purchase price has been mentioned, and Sanlam did not indicate when the transaction is likely to take place.
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| Capitec Bank Holdings Ltd. |
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| Capitec to give credit cards; open new branches |
Thursday 26 January 2012 |
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Business Day reported that Capitec is undertaking a pilot study on introducing a new credit card in 2013 and will spend close to R200 million on opening new branches. By 2015 Capitec plans to open 200 branches mainly in higher-income suburbs to support expected growth from a diverse range of clients.
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| Discovery Holdings Ltd. |
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| Discovery looking to diversify |
Tuesday 24 January 2012 |
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Finweek reported that Discovery is looking to diversify its revenue stream by growing into new markets and increasing the size of asset management business as the amount of people covered by its domestic life and healthcare units ages. CFO Richard Farber says South Africa still contributes between 80% and 85% to Discovery's revenue and 90-95% of the group's profit, pointing to the importance of the company diversifying away from South Africa and into regions such as South-East Asia, as well as Brazil and India.
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| FirstRand Ltd. |
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| FirstRand selected as top stock pick of four banks |
Monday 16 January 2012 |
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Business Day reported that, FirstRand is being selected by some analysts as this year's likely top stock pick among the big four banking groups. They cite the string earnings growth prospects and controlled appetite for expansion by SA's second-largest listed banking group by market capitalisation.
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| Capitec Bank Holdings Ltd. |
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| Capitec share price slows down |
Thursday 12 January 2012 |
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The Financial Mail reported that after stellar growth of 177% in 2010, Capitec's share price sagged towards the end of 2011. At R177.50, Capitec was up only 5% for the whole of 2011. Larger rivals Nedbank Group Ltd and FirstRand Ltd grew faster during 2011, rising 9.8% and 5.2%, respectively. Capitec still managed to beat the banking index by far though, which was only 0.5% up on the year. At a P:E ratio of 18 Capitec still does not offer obvious value and investors are getting nervous about its strong growth and whether it has the capital for expansion.
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| Nedbank Group Ltd. |
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| Nedbank expected to show faster growth |
Friday 6 January 2012 |
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Business Day reported analysts as saying that Nedbank could surprise its stronger rivals when the bank reports year-end results at the end of January 2012. Nesbert Ruwo, a senior analyst at research firm Intellidex said he expects "some reasonably good growth in income from Nedbank" despite the turnaround in the bank's retail operations coming off a lower base than its rivals. Avior Research analyst Faizal Moolla expects Nedbank's earnings to increase by about 23%.
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| Old Mutual plc |
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| Old Mutual analysts expect special dividend |
Friday 23 December 2011 |
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Business Day quoted Standard Bank Group Ltd's SBG Securities analyst Risto Ketola as saying that Old Mutual should pay a GBP15p or R2.00 special dividend following the sale of its Nordic units. Mr Ketola also expects Old Mutual's share price to rise in 2012, and has a 12-month price target of GBP190p compared to the company's 14 December 2011 share price of GBP111 before the sale was announced. Seven analysts polled by Bloomberg gave a mean estimate for a special dividend to be GBP17p.
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| Old Mutual plc |
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| Old Mutual sells Nordiac assets |
Monday 19 December 2011 |
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According to Business Day, Old Mutual CEO Julian Roberts is a man of surprises. Last week he achieved two improbable things: first announcing a deal that pushed the insurer's share price up 11.77% to close at R16.24 on Thursday, confounding analysts who have fret about the slow pace of streamlining the group's unwieldy structures. Mr Roberts also announced the sale of business in Sweden, Denmark and Norway to Skandia Liv for USD2.1 billion, marking another step by Old Mutual to de-risk its balance sheet. The sale is part of a three year strategy started by Mr Roberts to dismantle Old Mutual's complicated mix of businesses in more than 30 countries and to refocus on its long-term investment businesses. The deal obviously cheered investors, based on Old Mutual's share price in London and Johannesburg. "In our opinion, the transaction is significantly positive for the group and its share price," analysts from Goldman Sachs wrote in a note.
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| Old Mutual plc |
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| Old Mutual aims to grow African operations |
Thursday 15 December 2011 |
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Business Report noted that Old Mutual is planning to raise its total earnings from its African operations excluding South Africa to 15% by at least 2014. The head of Old Mutual's long-term savings unit, Ralph Mupita, said in an interview with The Financial Mail that the group was planning to consolidate its dominant positions in southern African markets and would use its Kenyan base to grow its presence in East Africa.
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| Capitec Bank Holdings Ltd. |
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| PIC boosts shareholding in Capitec |
Wednesday 14 December 2011 |
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Business Day highlighted that Public Investment Corporation (PIC), which invests on behalf of state pensioners, recently bought R315 million of shares in Capitec, boosting its shareholding to just more than 2% in the fast growing bank. PIC's investment in Capitec is a sign of confidence in the growth prospects of the lender. Capitec's chief financial officer Andre du Plessis said it was positive for the bank that a large institutional investor like PIC was interested in acquiring shares, as this signalled confidence in the business and the consistency of growth.
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| New Corpcapital Ltd. |
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| New CPA final results 31 August 2011 |
Wednesday 30 November 2011 |
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Revenue improved to R4.2 million (R2.6 million) and loss for the year narrowed to R200 000 (loss of R1.8 million). Headline loss per share widened to 0.6cps (loss of 0.5cps).
Dividend
No dividend has been declared.
Notice of the annual general meeting
Shareholders are advised that the company's annual report was dispatched today and contains a notice of annual general meeting for the company to be held in the boardroom at the offices of PKF (Jhb) Inc, 42 Wierda Road West, Sandton, at 10:00 on 25 January 2012.
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| m Cubed Holdings Ltd. |
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| m Cubed interim results August 2011 |
Wednesday 30 November 2011 |
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Results from operations was recorded at a loss of R3.9 million (August 2010: profit of R3.5 million), while loss attributable to equity holders was recorded at R3.9 million (August 2010: profit of R3.2 million). Headline loss per share was at 0.8cps.
Dividend
No dividend has been declared for the period under review.
Outlook
The group is changing its focus to that of investment holding company. Irrevocable support has been obtained from the majority of shareholders and we hope to soon provide all shareholders with further information. This will be done as soon as the relevant regulatory authorisations have been obtained and all the necessary resolutions can be tabled at a single shareholders meeting.
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| Alexander Forbes Preference Share Investments Ltd |
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| AFPREFINV interim results September 2011 |
Monday 28 November 2011 |
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Investment income increased to R174 million (R149 million). The loss attributable to reference shareholders widened to R19 million (loss of R14 million). In addition, the headline loss per preference share grew to 8c (loss of 6cps).
Dividend
No dividend has been declared.
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| Trustco Group Holdings Ltd. |
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| Trustco interim results September 2011 |
Friday 25 November 2011 |
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Total revenue increased by 38% to NAD331.4 million (NAD240.6 million). Gross profit jumped by 84% to NAD197.5 million (NAD107.4 million). Net attributable profit declined by 9% to NAD51.9 million (NAD57.2 million). In addition, headline earnings per share fell by 10% to NAD7.01c (NAD7.75cps).
Outlook
Micro insurance and technology
The African continent's demand for micro insurance products has not been exhausted and demand remains strong with low penetration rates, which should provide further future growth in this segment.
Micro finance and education
The demand for loans for educational purposes should increase towards the financial year-end as students register for the new academic year commencing in January. The demand for loans for educational purposes remains strong in Southern Africa.
Property and mortgage loans: Namibia
The demand remains high for serviced land in Namibia, in particular in the Windhoek Basin. The group expects the development and selling of its "Land Bank" to gain momentum. The first phase comprising 6% of total available land for sale is due for completion during the first half of 2012. The group has embarked on an accelerating program to monetize the "Land Bank".
Property and mortgage loans
Development has commenced on the "Land Bank" comprising a total of 3.7 million square meters that is available for sale, with the implementation of bulk services on phase 1, and the continuation of sales of industrial plots.
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| Standard Bank Group Ltd. |
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| Stanbank's Kenyan unit to raise capital |
Friday 25 November 2011 |
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Business Day reported that Stanbank's Kenyan subsidiary, CFC Stanbic, has announced its intention to undertake a rights issue in early 2012 to raise money for the expansion of the bank's financial services business. The rights issue will require the approval of shareholders and regulators. Stanbank owns 60% of CFC Stanbic.
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