South Africa’s
fourth-largest bank, Nedbank, has posted a 26.2% rise in headline
earnings to ZAR6.18bn ($830.8m).

Nedbank’s retail banking
headline earnings more than doubled in the 12 months to 31 December
to ZAR2.0bn (2010: ZAR760bn).

Nedbank’s net interest
income grew by 8.6% to ZAR18.0bn boosted by a 11 basis point
increase in the net interest margin to 3.46%.

Non-interest income rose
even more sharply, by 16.6% to ZAR15.4bn.

Deposits increased by
6.3% to ZAR521bn, contributing to an improvement in Nedbank’s
loan-to-deposit ratio to 95.2% (2010: 96.9%).

Total assets increased
by 6.5% to ZAR648.1bn; Nedbank’s Core Tier 1 ratio improved by 90
basis points to 11.0%.

Retail banking
highlights included a net increase in customer numbers of 425,000
during 2011 to reach 5.26m.

Distribution highlights
in 2011 included opening 121 branches and installing another 389
ATMs; Nedbank extended opening hours in 59 branches and rolled out
Sunday opening at 49 outlets.

Nedbank customers using
the bank’s digital channels increased by 11% during 2011 to
900,000; Vodacom m-pesa customer useage increased tenfold to reach