2010 Annual report - Nedbank Group Limited

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MANAGING DIRECTOR’S (continued) REPORTFIKILE NKOSI10 years’ service• Dip Acc Bus Admin (Uniswa)• BCom (Uniswa)• BCompt (Hons) (Unisa)• MAP (Wits)• SMP (GIBS)Managing DirectorFikile is the Managing Director for Nedbank (Swaziland)Limited. Prior to her appointment as Managing Directorshe held the position of Chief Financial Officer. She hasalso served in the organisation as the Head of InternalAudit. She joined Nedbank (Swaziland) Limited in 2001,having served articles in one of the internationalaudit firms. Outside Nedbank she sits on the Board of AONSwaziland (Pty) Ltd as a non executive director.Nedbank (Swaziland) Limited Annual Report 201020
DESPITE THE CHALLENGING ECONOMIC ENVIRONMENTAND SOCIAL ARENA, NEDBANK HAS CONTINUED TOPROVIDE A FULL SPECTRUM OF PRODUCTS AND SERVICESACROSS THE VARIOUS DIVISIONS.Swaziland faces a host of economic challengesin the short to medium term. Thecombination of continued global financialcrisis, the changes to the SACU agreement, lowinvestment, the end of European Union preferentialtreatment for the country’s main sugar and textileexports, and varying other economic factorsmeans that achieved sustained growth will remainchallenging for the country.The better-than-expected inflation data, whichimproved the price outlook, and concerns aboutthe sustainability of the global economic recoveryresulted in the Central Bank of Swaziland reducingthe repo rate by 150bps to 5.5% taking the primeinterest rate to 9%. Whilst this reduction shouldhave impacted on the Net Interest Income line ofthe Bank, the Bank was able to return a year onyear growth of 15.9% despite an overall reductionin assets.On the positive side, the economy has benefitedfrom a medium-term decline in inflation and froman associated lower cost of borrowing. Growth in2011 will depend upon a continued and gradualrecovery in the global economy, modest rises in oiland other commodity prices, as well as an upswingin workers’ remittances, amongst others.Projections for 2011 are that growth will reboundto 2.4%, below the 5% government target toreduce poverty to 30% by 2015. Inflation is notexpected to cross the 10% mark until 2011 despiteincreased inflationary pressure emanating fromthe rise in oil prices. It is projected to increasefrom 6.9% in 2010 to 10.2% in 2011. As inflationin South Africa is projected to decline, importedinflation will be low in the medium term.A Resilient PerformanceInterest rates continued to decrease and whilethis reduction should have impacted on the netinterest income line of the Bank, the Bank was ableto return a year on year growth of 15.9% despitean overall reduction in assets.21Nedbank (Swaziland) Limited Annual Report 2010
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Page 4 and 5: VISION, MISSION AND VALUESVISIONBui
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Page 15 and 16: INTRODUCTIONThe year 2010 ushered i
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ANNUAL FINANCIAL STATEMENTSfor the
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INDEPENDENT AUDITOR’S REPORTTo th
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REPORT OF THE DIRECTORSfor the year
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REPORT OF THE DIRECTORSfor the year
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STATEMENT OF COMPREHENSIVE INCOMEfo
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STATEMENT OF FINANCIAL POSITIONas a
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ANNUAL GENERAL MEETINGNOTICE TO SHA
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DEFINITIONSDEFERRED TAXATION ASSETS
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DEFINITIONSKING III (THE CODE)The K
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NOTESNedbank (Swaziland) Limited An
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www.nedbank.co.sz
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2010 Annual report - Nedbank Group Limited

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