9 March 2017

South Africa: Old Mutual Shareholders to Benefit From Second Dividend

International banking group, Old Mutual on Thursday reported growth in its earnings and has declared a second dividend for its shareholders, according to its financial results for the year ending December 31, 2016.

The group said on Thursday revenue grew to £3.8bn (R60.89bn) from R56bn reported in 2015. Operating profit was R27.24bn. However profit attributable to shareholders declined slightly from R9.8bn to R9.1bn.

A full dividend of 6.06 pence (97.11c) was declared. A second dividend 54.32c will be paid out on April 28, 2017. The first interim dividend of 42.79c was paid in October 2016.

According to the group's results announcement, shareholders in South Africa, Zimbabwe, Malawi and Namibia are to be paid in local currency.

Old Mutual meanwhile announced that former Finance Minister Trevor Manuel has replaced Group CEO Bruce Hemphill as chairperson of Old Mutual Emerging Markets (OMEM).

Manuel, who has been on the board of OMEM since 2015, will oversee the establishment of the appropriate board and governance structures for an independently-listed OMEM.

According to the results. OMEM reported profit of R13.5bn. This is down from R14.8bn reported in 2015.

Old Mutual's shares were trading at R36.42 at 10:30 in Johannesburg.

Source: Fin24

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