Nedbank's income reaches R13,3 billion

In a report published by Business Day, Brown says that Nedbank's housing mortgage unit had been the Achilles heal of the business and warned that the mortgage market was not one that the bank wanted to grow, given the low house prices and high levels of consumer debt.

Brown says that bad debts at the bank had declined steadily and that Nedbank plans to diversify its risk by focusing on pockets of growth in the industrial and commercial real estate sectors.

The net interest income for the bank has risen significantly while the credit loss ratio has declined for the first nine months of this year. Nedbank intends to focus on driving up non-interest revenue in the final quarter.

For more:

• Business Day: Nedbank to target sectors set for growth
  
• Nedbank Group: Operational overview from Annual report 2010