Nedbank on Monday reported an 81.7 percent increase in headline earnings to R3.167-billion for the financial year ended December 2005, as its recovery plan started to pay off.

Headline earnings per share were up 65 percent to 797 cents a share, while fully diluted headline earnings per share increased 64.1 percent to 791 cents a share.

The group's return on average ordinary shareholders' equity (ROE) increased from 11 percent to 15.5 percent in the period under review.

A final dividend of 185 cents a share was declared, making for a 143 percent improvement on the previous year.

"The Nedbank Group made significant progress during 2005. In 2004 the base was set and during 2005 we gained momentum as the group became more outwardly focused.

"The group's resources are now being directed to improving client service. This outward focus will enable us to meet the commitments we have made to our shareholders, clients and staff," commented Nedbank chief executive Tom Boardman.

Shares slipped one rand to end at 113.50 rand on the JSE on Monday.

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