{"id":92657,"date":"2024-04-01T17:34:18","date_gmt":"2024-04-01T15:34:18","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nedbank-zim-records-a-203-profit-increase"},"modified":"2024-04-01T21:53:28","modified_gmt":"2024-04-01T19:53:28","slug":"nedbank-zim-records-a-203-profit-increase","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/nedbank-zim-records-a-203-profit-increase","title":{"rendered":"Nedbank Zim records a 203% profit increase"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>NEDBANK Zimbabwe recorded a 203% increase in profit after tax to ZW$186,33 billion for the year ended December 31, 2023, driven by increased lending in foreign currency, according to the firm\u2019s financial statements.<\/p>\n

Nedbank\u2019s loans and advances rose by 428% to ZW$431,38 billion, at a time when banks were generally cutting back on lending, especially in foreign currency.<\/p>\n

The rise was underpinned by loans to the private sector, which supported an overall growth of 182% to the bank\u2019s net funded income.<\/p>\n

In a statement attached to the financial statement, Nedbank Zimbabwe managing director Sibongile Moyo said non-funded income also saw a significant rise during the period.<\/p>\n

\u201cThe bank\u2019s profit after tax increased by 203% to ZW$186,331 billion from ZW$61,419 billion over prior year. This growth was underpinned by the 428% increase in loans and advances to the private sector, which led to a 182% increase in net funded income (NII),\u201d she said.<\/p>\n

\u201cPlacement of excess liquidity in both ZWL (Zimbabwe dollar) and USD (United States dollar) money market instruments also augmented NII performance.<\/p>\n

\u201cNon-funded income (NIR) from client transactions, excluding unrealised foreign exchange gains, grew by 191% due to increased number of active accounts, increased volumes of international payments and on our digital platforms, internet banking and ATMs (automated teller machines)\u201d<\/p>\n

Moyo said the overall increase of 251% recorded on NIR included unrealised foreign exchange gains of ZW$502,92 billion arising from the revaluation of the bank\u2019s foreign currency net open position, as the local currency further depreciated.<\/p>\n

\u201cOperating costs, excluding impairment provisions and net monetary loss, grew by 152% over prior year, mirroring the trend in inflation and the disparate foreign exchange rates often applied on settlement of bills in ZWL,\u201d Moyo said.<\/p>\n

She said expense lines that contributed to growth included employee compensation and increased business volumes on the bank\u2019s click based technology platforms.<\/p>\n

\u201cThe adjusted cost to income ratio excluding monetary loss and net impairment expense stood at 27% compared to 37% in the prior year.\u201d<\/p>\n

Nedbank\u2019s statement of financial position grew by about 89% to ZW$1,71 trillion compared to the prior year.<\/p>\n

Moyo said this was mainly from growth in customer deposits and retained profits.<\/p>\n

\u201cDeposits from customers grew by 67% to ZW$763,265 billion due to real growth in the foreign currency deposits and in ZWL deposits. Loans and advances grew by 428% as we increased lending in foreign currency,\u201d she noted.<\/p>\n

\u201cThe bank\u2019s non- performing loans and credit loss ratio were well maintained at 0,25% and 2,02% respectively. Capital adequacy ratio was 28%, well above the prudential guidelines of 12%.<\/p>\n

\u201cWe remain cautiously optimistic about the prospects of the economy and businesses given the current trajectory, climate risks, global commodity market trends and policy interventions.<\/p>\n

\u201cOur business models continue to be challenged by the dynamic environment and changing consumer patterns. Our clients and stakeholders remain critical to our mutual success,\u201d Moyo added.<\/p>\n

Official exchange rate in December 2023 stood at US$1:ZW$6 104.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. NEDBANK Zimbabwe recorded a 203% increase in profit after tax to ZW$186,33 billion for the year ended December 31, 2023, driven by increased lending in foreign currency, according to the firm\u2019s financial statements. Nedbank\u2019s loans and advances rose by 428% to ZW$431,38 billion, at a time when banks were generally cutting back […]<\/p>\n","protected":false},"author":84,"featured_media":92656,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":{"0":"post-92657","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-zimbabwe"},"yoast_head":"\nNedbank Zim records a 203% profit increase - zimbabwe<\/title>\n<meta name=\"description\" content=\"NEDBANK Zimbabwe recorded a 203% increase in profit after tax to ZW$186,33 billion for the year ended December 31, 2023, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nedbank-zim-records-a-203-profit-increase\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nedbank Zim records a 203% profit increase\" \/>\n<meta property=\"og:description\" content=\"NEDBANK Zimbabwe recorded a 203% increase in profit after tax to ZW$186,33 billion for the year ended December 31, 2023, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nedbank-zim-records-a-203-profit-increase\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-01T15:34:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-01T19:53:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/04\/sm_1711981469.117596.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"489\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nedbank-zim-records-a-203-profit-increase\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nedbank-zim-records-a-203-profit-increase\",\"name\":\"Nedbank Zim records a 203% profit increase - 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