By Nokunceda Magagula | 2025-04-01

NEDBANK Eswatini has reported a strong financial performance for the year ended December 31, 2024, achieving record headline earnings of E202 million, 13.5 per cent year-on-year increase.

This milestone underscores the bank's continued commitment to innovation, client growth and sustainable impact in the country.

Speaking during a press briefing held yesterday, Nedbank Managing Director Fikile Nkosi shared some salient financial highlights, stating that headline earnings per share stood at 820 cents.

Return on equity (ROE), was at 18 per cent, cost-to-income ratio improved to 53 per cent, capital adequacy ratio was at 17.9 per cent.

Final dividend declared was E193 million, or 787 cents per share and credit loss ratio improved to 0.62 per cent.
"This performance reflects the resilience of our strategy, the dedication of our people, and the trust of our clients. We are proud to have delivered growth in a dynamic environment, while continuing to make a meaningful difference in the communities we serve," said Nkosi. The MD noted that the country’s economy posted moderate growth in 2024, buoyed by stronger Southern African Customs Union (SACU) receipts.

She said the Central Bank of Eswatini’s (CBE) decision to cut interest rates by 50 basis points in the fourth quarter brought welcome relief after a year of monetary tightening.
Inflation remained elevated in the first half of the year due to global supply chain pressures and fuel price volatility but showed signs of easing in the final quarter.

“Against this backdrop, Nedbank maintained its momentum, with both net interest income and non-interest revenue showing robust growth,” she said.
Nkosi mentioned that the bank's performance was bolstered by the strong contribution of its sales engine -comprising of wholesale banking, retail banking, and treasury.
She said this cross-functional alignment enabled the bank to meet evolving client needs while maintaining a disciplined focus on asset quality and shareholder value.

Demonstrating agility in execution, Nkosi said the bank expanded access to credit for qualifying clients and sectors, ensuring much-needed liquidity for businesses and individuals.
She said lending decisions were guided by robust risk practices and a mandate to deliver long-term, responsible value creation for shareholders.
In addition, Nedbank teams identified renewable energy and agriculture as critical pillars for sustainable growth in the local economy.
The MD said as such, the bank began directing targeted funding and advisory support to businesses and initiatives operating in these sectors, reinforcing its role as an enabler of inclusive economic development.

Nkosi said the bank continued to grow its client base and recorded strong growth across its digital platforms.
“This is in line with Nedbank's long-term digital strategy, which continues to deliver better experiences for clients and greater operational efficiency,” she said.
Throughout 2024, Nedbank introduced a range of innovative solutions to support both retail and business clients. Notably, the bank launched e-commerce solutions to facilitate ease of transactions for customers, enhancing access to digital payments and online trading.

These innovations have further positioned Nedbank as a trusted partner in enabling financial inclusion and digital adoption.
“The Nedbank brand continues to grow and resonate with the market.

This is evident in the 2024 brand sentiment performance, where Nedbank Eswatini ranked number one,” disclosed the MD.
She emphasised that this was a reflection of the bank’s purpose-led strategy of being the most admired bank in Eswatini.

In line with the bank’s brand purpose of being money experts who do good, the bank made significant investments in community development and corporate social initiatives, reinforcing its position as a responsible and engaged corporate citizen.

Nkosi said as Nedbank prepared for the future; with the focus remaining on building a more digitally enabled, client-centric, and resilient bank. “With a strong capital position, increasing market share, and a growing client base, the bank is well-positioned to continue delivering sustainable value for all stakeholders,” she said.

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