Nedbank named Bank of the Year

© Sashkin - Fotolia.com

"The judges were particularly impressed by Nedbank's continuing efforts to boost its non-interest revenues, which grew 14% in the first nine months of 2013," said Paul Wallace, Africa Editor of The Banker. "This focus has seen the bank's valuation - based on its price to book ratio - rise relative to that of its peers in recent years and led to its share price increasing significantly in the year to date. The judges also commended the progress Nedbank has made in developing its integrated-channel approach, improving the ability of its customers to access banking services through electronic channels."

Soundness of banks

The award is even more noteworthy given the fact that South Africa was rated third in the world for soundness of banks and second for availability of financial services in the recent World Economic Forum's Global Competitiveness Report.

Nedbank Group's chief executive, Mike Brown, said Nedbank has made good progress against their strategic focus areas in 2013. "We pride ourselves on being a world-class financial organisation that strives to be admired by our staff, clients, shareholders, regulators and the communities in which we operate."

Nedbank Group is increasingly becoming a great place to work, a great place to bank and a great place to invest as we continue to make good progress on our journey to be Africa's most admired bank. "We are deeply honoured by this award, but at the same time recognise that more still has to be done to achieve our vision. The award is testimony to the hard work of all the Nedbank Group staff and is a fantastic way to end off the year," Brown concluded.