'Nedbank Group performed well in 2011, achieving a record level of headline earnings, but more work lies ahead to meet all medium-to-long-term financial targets.

These results were underpinned by continued delivery on our key strategic focus areas of repositioning Nedbank Retail, growing non-interest revenue (NIR) and implementing the portfolio tilt strategy. In the rest of Africa we deepened our strategic alliance with Ecobank by providing a facility in support of Ecobank's corporate development programmes, including its transformational banking acquisition in Nigeria, and in so doing secured rights to acquire up to 20% of Ecobank Transnational Inc within two to three years.

Despite the challenging environment, Nedbank Group is well positioned to build on the momentum from 2011 and meet its medium-to-long-term earnings growth target once again in 2012.' 

Mike Brown
Chief Executive