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Johannesburg - South African bank Nedbank Group [JSE:NED] witnessed an ongoing improvement in revenue growth and impairments in the first quarter of 2011, with net interest income growing by 5.9% from R4.046bn to R4.284bn.
"The group had a good first quarter and made strong progress against its strategic objectives. We have seen ongoing improvement in performance, building on the momentum created in the second half of 2010. This resulted in continued revenue growth, improvement in impairments and margins are showing signs of recovery," said Nedbank CEO Mike Brown.
"The group's focus on growth is evident from the strong progress in the delivery of our NIR growth strategy, the turnaround in our retail business and our focus on "portfolio tilt" towards businesses that generate higher levels of economic profit," he added.
"The group had a good first quarter and made strong progress against its strategic objectives. We have seen ongoing improvement in performance, building on the momentum created in the second half of 2010. This resulted in continued revenue growth, improvement in impairments and margins are showing signs of recovery," said Nedbank CEO Mike Brown.
"The group's focus on growth is evident from the strong progress in the delivery of our NIR growth strategy, the turnaround in our retail business and our focus on "portfolio tilt" towards businesses that generate higher levels of economic profit," he added.
