‘Nedbank Group has shown resilience in the face of the challenges posed by the crisis in global financial markets and the rapid slowdown in the domestic economy. South African banks and the domestic financial system remain structurally sound, but high interest rates and the global economic slowdown impacted earnings. In this operating environment it is pleasing that the group has strengthened capital ratios significantly and maintained earnings at a level similar to that of last year. We have continued to grow net asset value, our liquidity remains sound and the group's risk management systems are proving effective in volatile markets.

2009 will undoubtedly be a very tough year for the local banking sector, but we currently anticipate improved prospects for growth in the medium term.’