Nedbank Eswatini Limited has released its year-end results for 2023, showcasing a robust performance amidst a challenging economic landscape. The bank’s comprehensive financial overview reveals significant growth and strategic focus on key areas driving its operations.

Financial Highlights:

Statement of Comprehensive Income:

• Interest Income: SZL 643,265,148
• Interest Expense: (233,288,776)
• Net Interest Income: 409,976,372
• Non-Interest Revenue: 200,948,854
• Total Income: 610,925,226
• Impairment of Advances: (46,717,146)
• Net Income: 564,208,080
• Expenses: (315,683,339)
• Net Income Before Tax: 248,524,741
• Net Income After Taxation: 178,017,550
• Basic and Diluted Earnings Per Share (cents): 722
• Return on Equity (ROE): 17%

Statement of Financial Position:

• Total Assets: ESW 6,491,223,574
• Equity: ESW 1,060,451,932

Operational Insights:

• Despite global and local inflation challenges spurred by the Russia-Ukraine conflict, the Eswatini economy exhibited modest growth, supported by post-COVID-19 recovery efforts and increased SACU receipts.
• Nedbank Eswatini recorded headline earnings of E178.0 million, reflecting a positive trajectory compared to the previous year.
• Net interest income surged by 26% driven by strategic investment placements and enhanced lending activities.
• Non-interest revenue remained steady at E201.0 million, with a focus on digital platform adoption.
• Operating expenses increased by 6%, attributed to growing client demands and market dynamics.
• The bank maintained a healthy capital adequacy ratio of 18.4%, well above regulatory requirements.
• Nedbank Eswatini declared a dividend of E4.06 cents per share, demonstrating its commitment to shareholder value.

Future Outlook:

• Nedbank Eswatini aims to drive growth in 2024 through client acquisition and revenue enhancement strategies.
• The bank remains focused on delivering efficient banking solutions and maintaining strong corporate governance practices.

Conclusion:
Nedbank Eswatini’s 2023 performance underscores its resilience and strategic foresight in navigating challenging economic environments. With a solid financial foundation and a commitment to innovation, the bank is poised for sustained growth and continued value creation for its stakeholders.

For further details, shareholders are encouraged to attend the Annual General Meeting scheduled for 31st May 2024.

Contact Information:
Nedbank Eswatini Limited
1st Floor, Matsapha Link, Portion 3 of 582,
Along College Road and Lihawu Street,
Matsapha, Eswatini