Nedbank named Best Bank in South Africa
9 July 2012
Euromoney International Finance Magazine, a leading global
banking publication, has named Nedbank Group as the Best Bank in
South Africa at the 2012 Euromoney Awards for Excellence Dinner in
London.
"It was a good year for South Africa's banks. Bad debts were
largely already cleared; percentage profit growth at the big four
banks was in the twenties. But it is Nedbank that stands out above
all, posting 26% growth in headline earnings and a 15.3% return on
equity last year. The bank also continues to invest in the
business, redeploying capital to more profitable products, and
investing more in its staff," said Euromoney Editor Clive
Horwood.
Regarded as the benchmark awards for financial services
globally, the Euromoney Awards for Excellence are now in their 22nd
year. This year's awards process, which began in April, attracted
over 600 submissions from the world's banks and brokerage houses.
Euromoney's dedicated research team and awards panel then rated all
the submissions on both quantitative and qualitative factors such
as key performance indicators, financial ratios and innovation over
the 12 month period to decide the award winners.
"Our vision is to build Africa's most admired bank by our staff,
clients, shareholders, regulators and the communities in which we
operate. We pride ourselves on being a world-class financial
institution and are deeply honoured by this award," said Mike
Brown, Nedbank Group Chief Executive.
"We have been building on our strengths in our wholesale
businesses, growing our wealth business and repositioning our
retail business to become more client-centric as we continue on our
journey to become a great place to work, a great place to bank and
a great place to invest. The award is testimony to the hard work of
all Nedbank staff over the past few years," adds Brown.
The award follows on Nedbank being named the South African Bank
of the Year 2011 by The Banker Magazine, as well as the Financial
Times & International Finance Corporation Sustainable Bank of
the Year for Middle East and Africa for 2012.
Ends