Nedbank is taking customers from other banks

Nedbank. Picture: EWN

Nedbank’s headline earnings improved by 14.5% to R13.5 billion in the year to 31 December 2018, the company reported on Tuesday.

Diluted headline earnings per share is up 13.7% to R27.36 while headline earnings per share increased 13.9% to R27.93.

The bank has 7% more customers than a year ago, growing its market share from 12.7% to 13.1%.

Nedbank employs 31 277 people.

During 2018, Nedbank concluded its “managed separation” from Old Mutual.

The Money Show’s Bruce Whitfield interviewed Mike Brown, CEO at Nedbank Group.

Listen to the interview in the audio below (and scroll down for quotes from it).

Growth remains the single largest challenge facing our country… It feels like we’re at the early stages of an institutional and political recovery…

Mike Brown, CEO - Nedbank Group

We know the consumer is under pressure… growth has to come from the corporate sector…

Mike Brown, CEO - Nedbank Group

We have 604 branches... We think our points of presence will remain roughly around 600… The size of each branch is reducing…

Mike Brown, CEO - Nedbank Group

Our belief is that 2019 will be better than 2018… but only slightly…

Mike Brown, CEO - Nedbank Group

We’ve done enormous damage to our economy and institutions in the last 10 years…

Mike Brown, CEO - Nedbank Group

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