Nedbank Namibia achieves 8% clientele growth

Nedbank Namibia has recorded a client growth of 8% across all its business sectors for the year ending 31 December 2024.

This means the bank penetration rate has increased from 64% reported last year, to 72%.

Speaking during the Nedbank group results last week, bank managing director Martha Murorua said the bank has performed positively.

However, the bank has faced challenges with loan repayments, especially with home loans.

“We were impacted by impairments on the home loans book, however, these were offset by the growth in loans and advances,” said Murorua.

She added that loans and advances increased by 21%, a result of growth in its business banking sector.

“There has been growth in our business banking segment with loans and advances increasing by 21%. This performance of our business banking unit has helped offset the impairments,” said Murorua.

Nedbank group managing executive for Nedbank Africa Regions (NAR ), Terence Sibiya, says the group’s retail digital transaction volumes and values in South Africa grew by 12%.

Meanwhile, active retail clients increased to 3.1 million

“Digitally active retail clients increased by 7% to 3.1 million, representing 70% of retail main-banked clients, while digitally active clients across the NAR business increased from 64% to 72% of its total active client base,” says Sibiya.

Additionally, Nedbank Money app clients increased to 2.7 million, while transaction volumes increased by 16% and transaction values increased by 21%.

“These digital innovations support high levels of client satisfaction, as demonstrated by Nedbank’s Net Promoter Score, which ranked number one among the large South African banks in 2024 when surveying all clients,” says Sibiya.

He adds that the group will continue to perform well, albeit in uncertain economic conditions.

“Our improved financial performance in 2024 – together with the progress made in executing on our strategy, our new transform agenda and better economic prospects – gives us confidence that we will continue to make progress,” says Sibiya.

Nedbank Group is a bank holding company listed on the JSE Limited, with operations in South Africa, Namibia, Eswatini, Mozambique, Lesotho and Zimbabwe, and offshore in the Isle of Man and Jersey.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.