Nedbank named bank of the year by The Banker

Nedbank has been recognised as Bank of the Year for South Africa by The Banker magazine.
This prestigious accolade reflects the bank’s commitment to operational excellence, innovation, and sustainability during a year marked by economic challenges.
Jason Quinn, Chief Executive of Nedbank Group, expressed his pride in the recognition, “being named Bank of the Year South Africa is an honour that underscores our efforts in sustainability and client-centric innovation.”
He added, “looking ahead, we plan to further our impact by increasing our sustainable finance commitments and leveraging technology to enhance client experiences.”
As South Africa faced rising inflation and increasing interest rates amongst other challenges, Nedbank prioritised the needs of its clients and communities.
Through tailored financial solutions, the bank provided relief to over 936,000 clients in 2023, demonstrating its dedication to supporting South Africans during difficult times.
Initiatives such as the Assisted Sales Programme helped 53,000 clients retain their homes and vehicles, while 15,500 were guided to settle debts through asset sales.
These interventions highlight the bank’s focus on empowering individuals and businesses to achieve financial stability.
A key driver of Nedbank’s success is its Managed Evolution IT programme, which has transformed the bank’s operations and positioned it as a leader in digital banking.
Now 97% complete, this programme has accelerated product development and improved client experiences. Digital channels now account for over 64% of retail sales, compared to just 12% in 2019.
The launch of the MiGoals account range illustrates this progress, simplifying banking for over two million clients by offering transparency, accessibility, and value.
Nedbank has also reaffirmed its position as a leader in sustainability. By embedding environmental goals into its operations, the bank increased its financing for sustainable development to R154 billion by June 2024, representing 17% of its total loan book.
The introduction of fossil fuel glidepaths, aligned with International Energy Agency targets, demonstrates its commitment to the energy transition. Across its portfolio, renewable energy financing solutions enable clients to adopt sustainable practices that deliver environmental and financial benefits.
The bank’s achievements extend to its financial performance, where it continues to make good progress towards its medium-term target for return on equity (ROE).
This performance reflects Nedbank’s financial discipline, resilience, and its ability to instil confidence among shareholders and stakeholders.
Quinn concluded, “This recognition reinforces our commitment to creating lasting value for our clients and communities. With our purpose to use financial expertise for good, we will continue to drive innovation and champion sustainability, both in South Africa and globally.”