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Nedbank Zimbabwe retrenches 36 managers
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Nedbank Zimbabwe Limited has concluded a staff rationalisation exercise that resulted in the exit of 36 managers following a review of its organisational structure.
In a statement, the bank confirmed that the retrenchment exercise took effect on February 13, 2026, and was carried out after assessing its workforce requirements. The institution said the move was aligned with its strategic workforce plan aimed at enhancing operational efficiency, streamlining processes and aligning skills with current and future business needs. It emphasised that the decision was not driven by cost-cutting considerations.
The bank said affected employees were engaged through the required consultation processes and received separation packages in line with statutory requirements. Professional counselling support has also been made available to both affected and remaining staff.
"Nedbank Zimbabwe Limited remains focused on business continuity, client service, and long-term sustainability," the statement read.
The retrenchment comes at a time when the bank has reported strong financial performance. In its half-year results ended June 30, 2025, Nedbank Zimbabwe posted total comprehensive income of ZiG105,5 million, up from ZiG27,7 million in the same period the previous year.
Profit after tax rose to ZiG95,2 million from ZiG72,5 million previously, while net interest income surged 172 percent in the first half of the year. The growth was driven by a 23 percent increase in gross loans and advances to ZiG2,9 billion, up from ZiG2,3 billion in December 2024.
The bank also invested excess liquidity in local and foreign placements and treasury bills, further boosting net interest income. Non-interest income from client transactions grew 55 percent compared to the prior year, reflecting strong activity across its service platforms.
Total assets increased by 20 percent to ZiG6,2 billion, supported by a 27 percent rise in customer deposits to ZiG4,1 billion, which funded the growth in loans and advances.
In a statement, the bank confirmed that the retrenchment exercise took effect on February 13, 2026, and was carried out after assessing its workforce requirements. The institution said the move was aligned with its strategic workforce plan aimed at enhancing operational efficiency, streamlining processes and aligning skills with current and future business needs. It emphasised that the decision was not driven by cost-cutting considerations.
The bank said affected employees were engaged through the required consultation processes and received separation packages in line with statutory requirements. Professional counselling support has also been made available to both affected and remaining staff.
"Nedbank Zimbabwe Limited remains focused on business continuity, client service, and long-term sustainability," the statement read.
Profit after tax rose to ZiG95,2 million from ZiG72,5 million previously, while net interest income surged 172 percent in the first half of the year. The growth was driven by a 23 percent increase in gross loans and advances to ZiG2,9 billion, up from ZiG2,3 billion in December 2024.
The bank also invested excess liquidity in local and foreign placements and treasury bills, further boosting net interest income. Non-interest income from client transactions grew 55 percent compared to the prior year, reflecting strong activity across its service platforms.
Total assets increased by 20 percent to ZiG6,2 billion, supported by a 27 percent rise in customer deposits to ZiG4,1 billion, which funded the growth in loans and advances.
Source - newsday
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