Net interest margin stood at 3.58 per cent (2012: 3.52 per cent), remaining stable since June 2013 and throughout the third quarter of the year, to 30 September.

The firm’s credit loss ratio stood at 1.15 per cent (2012: 1.02 per cent) for the period, which is an improvement from 1.31 per cent at June 2013.

“In a tough and volatile economic environment Nedbank performed solidly in the third quarter. Our focus on building the franchise continues to underpin non-interest revenue growth and proactive credit risk management strategies contributed to an improvement in the credit loss ratio,” said Mike Brown, chief executive at Nedbank.

Interest revenue for the third quarter of the year increased by 14.2 per cent to ZAR14.16 billion (2012: ZAR12.40 billion) reflecting slower growth in the quarter. Total advances grew 9.7 per cent (annualised) to ZAR566 billion. Excluding trading advances, banking advances growth was 8.5 per cent. Deposits increased 9.4 per cent (annualised) to ZAR590 billion, the firm said.