Nedbank
An excellent performance in 2002, especially in terms of profitability, along with several impressive technological innovations are the reasons why Nedbank has won the first award ever given for Swaziland.
While many African banks had a tough time in 2002, Nedbank had a banner year, with a 154% surge in net profit and a doubling of its ROE to 24.7%. There were double-digit increases in assets and Tier 1 capital, and the bank’s cost-to-income ratio – thanks in large part to a restructuring – declined 12 percentage points to 71%.
To increase its market share at the expense of its rivals, Nedbank rolled out a host of technological innovations, most of which were aimed at corporate clients. These included a phone link with the bank so that a company can manage its accounts and an electronic payment system for salaries, account receivables and bank loans.
Nedbank also streamlined its operations into two basic areas: corporate and retail banking. As a result, it operates more efficiently and has been rewarded with greater market share and profitability.
