2010 Annual report - Nedbank Group Limited

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MANAGING DIRECTOR’S REPORT(continued)Our strategy of diversifying to Corporate andBusiness Banking sectors has enabled us tomaintain a sound asset pricing structure.Credit extension into the retail sector slowedas the economic growth continued to slow.Unemployment at 42% continues to burden theeconomy and we saw a number of protests wagedagainst government.During the latter part of 2010 PJ Bouwer, Head ofSales, left Nedbank in pursuit of advancement inhis career. This change in executive managementhad its own challenges, and it was only inNovember that a new Head of Sales wasappointed. Our Head of Treasury left in Novemberand both this position and that of CFO remainedvacant until the end of the year. These positionshave subsequently been filled.Despite the challenging economic environmentand social arena, Nedbank has continued toprovide a full spectrum of products and servicesacross the various divisions. Corporate and BusinessBanking showed a healthy growth comparingto the previous year. Our VIP Private Bankingand Schemes business continues to grow fromstrength to strength and we are looking at aproposal to design and deliver a VIP Banking suitein the Ezulwini Valley.Retail banking has again shown good year-onyeargrowth and we have operated predominantlyin the personal loans environment. We introduceda 24 hour loan campaign which was carriedinto 2011 and we will carry this momentumforward in ensuring fast turnaround times as adistinct differentiator.Financial ResultsHeadline earnings increased by 21 % year on yearto E59.4m (2009: E49.1 million), whilst earningsper share grew to 248 cents per share (2009: 206cents per share).THROUGH OUR VALUES OF INTEGRITY, RESPECT, ACCOUNT-ABILITY, PUSHING BEYOND BOUNDARIES AND BEING PEOPLECENTRED, WE AIM TO CREATE A BANK WHICH PROVIDESCUSTOMISED SOLUTIONS, TO SUSTAINABLE HIGH VALUESEGMENTS IN WHOLESALE, BUSINESS AND RETAIL BANKING.Nedbank (Swaziland) Limited Annual Report 201022
Total assets increased by 9.4% compared to prioryear to E2, 168 billion (2009: E1, 981 billion), butthrough the diversification strategy and a robustpricing policy, net interest income increased by15.9 % year on year. Interest rates declined by 150basis points (2009: 450 basis points).Customer loans decreased by 8.9% year-on-year toE1, 235 billion (2009: E1, 356 billion). Non interestrevenue grew by 11.3% to E93,625 million (2009:E84,133 million), with growth attributable tobetter management of fee collection and increasedvolumes in the corporate sector as this divisioncontinued to grow its assets and client base.Impairments included a write-back of E2.5mas credit continued with a solid credit riskmanagement process. Expectations for 2011 arethat we will see an increase on the impairment lineas the economy struggles with the Governmentdebt crisis and implementation of the Fiscal RoadMap.Vision-Led and Values-DrivenOur Vision to build the most admired bank byour staff, clients, shareholders, regulators andcommunities is underpinned by our values. Throughour values of integrity, respect, accountability,pushing beyond boundaries and being peoplecentered, we aim to create a bank which providescustomised solutions, to sustainable high valuesegments in wholesale, business and retail banking.This vision is further underscored by our Servicepromise in the following Key Issues;Knowledge and Competence;Problem Management;Communication;Turn Around Times;Pro-activeness and;Visibility.AcknowledgementI would like to the Executive MANCO, who havegiven so much of their time and ability to makethe running of this organisation to be much easier.Also for its direction and unwavering support Iextend sincere thanks to the Chairman and Boardof Directors.Further more, I am extremely grateful to the entirestaff of Nedbank (Swaziland) who have displayedcommitment to delivering the service promiseto our clients and who have diligently served ourclient base. Finally many thanks to all our clientsfor choosing to be associated with our bank andwe affirm to attend to their requests when theneed arises.Fikile NkosiManaging Director23Nedbank (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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NOTES TO THE FINANCIAL STATEMENTSfo
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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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