Nedbank Group exceeds N$15b in headline earnings


NEDBANK Group produced a strong financial performance in the fiscal year ending December 31, 2023, with headline earnings growing by 11 per cent to N$15.7 billion.

This increase occurred in a difficult economic climate, thanks to strong operational success.

Nedbank Group Chief Executive Officer, Mike Brown said two of the group’s post-Covid targets for 2023, were met in 2022, surpassing the 2019 diluted headline earnings per share (DHEPS) of 2 565 cents and securing the top spot in the Net Promoter Score (NPS) ranking.

In 2023, Nedbank extended its performance by boosting DHEPS to 3 199 cents, representing a remarkable 14 per cent year-on-year increase.

The bank also maintained its dominance in NPS among South African banks and at the end of the year, Nedbank had met the remaining two benchmarks.

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“In 2023, we increased DHEPS to 3199 cents, up 14 per cent year on year, and we maintained our top NPS rating among South African banks.

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Fortunately, at the end of 2023, we also met the last two targets, reporting a ROE of 15.1 per cent over the target level of 15 per cent and a cost-to-income ratio of 53.9 per cent, which is lower than our target of 54 per cent,” he said. Meanwhile, Nedbank Africa Regions (NAR) Group Managing Executive, Dr Terence G. Sibiya expressed pleasure with the NAR business’s performance, noting its strong and excellent performance.

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