The financial services firm may return more capital to shareholders in the future as it expects further cash inflows from the sale of its Latin American operations
The financial services company says it may return more capital to shareholders in the future as it expects further cash inflows from the sale of its Latin American operationsOld Mutual plans to spend up to R2bn on buying back its own shares, the banking group said on Monday.
The company had cash and cash equivalents worth R32.3bn at the end of December, from R30.8bn a year before, it said in its financial statements published on Monday. “We will assess the capacity for further returns when such proceeds are received, taking into account our solvency capital position and projections at the time,” it said.
Adjusted headline earnings decreased by 11% to R11.5bn, partly due to lower investment income in SA as a result of weaker equity markets. The JSE’s shareholder-weighted index fell 14% in the year, the banking group said.
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