WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-08-03 Time: 06:00:02 Posted By: News Poster
By Sure Kamhunga
Johannesburg – NEDBANK’s retail unit was being repositioned to reverse losses that it had incurred mainly as a result of high impairments, CEO Mike Brown said yesterday, announcing flat headline earnings per share in the six months to June.
Nedbank Retail recorded a loss of R115m compared with R69m in the previous comparative period.
The losses were mainly blamed on lower endowment income as a result of low interest rates, and continued high impairment levels, largely as a result of high debts.
Nedbank Capital suffered a 14,4% decline in headline earnings to R578m in the period under review, Nedbank Corporate fell 14,1% to R623m, Nedbank Business Banking lost 17,9% to R437m and Nedbank Wealth was up 14,8% to R233m.
Mr Brown said Nedbank Retail would now seek to reposition the business by focusing on improving the client experience.
Nedbank has about 5-million retail customers.
“This (repositioning) will include increasing the number and depth of client relationships, a distinctive low-cost offering for the unbanked entry-level banking market, refining the small business services offering to deliver more effectively to the distinct needs of this market, (and) creating one private bank and high net worth offering through Nedbank Wealth.
“These strategic thrusts are aimed at improving the foundation for medium- and longer-term profitability and growth,” Mr Brown said.
Among the entry-level products that Nedbank planned to launch were the Mpesa mobile banking service, in partnership with Vodacom.
Mpesa has revolutionised the banking sector in Kenya, where Safaricom now has more than 9-million customers using the service to send and receive money via cellphones.
Mr Brown said retail banking should perform better as household credit demand improves, house prices edge higher and impairments improve.
“Wholesale banking areas are expected to remain under pressure with slow credit as fixed investment activity remains subdued, but transactional volumes are expected to improve gradually,” he said.
Growth in the second half of the year would be limited to single-digit figures, the bank’s chief financial officer, Raisibe Morathi, said at a presentation of the group’s results yesterday.
Ms Morathi said Nedbank had set itself a medium-term growth target of increasing revenues by as much as 13%. “Simply put, Nedbank has recovered (from the economic downturn) and now it is the time for us to lift our aspirations from (just) competing to winning,” Mr Brown said.
Original Source: 
Original date published: 3 August 2010
Source: http://allafrica.com/stories/201008030032.html?viewall=1