NEDBANK Zimbabwe Limited has concluded a staff rationalisation, with 36 managers exiting the bank following a review of its organisational structure.
“Nedbank Zimbabwe Limited confirms that it has concluded a retrenchment exercise, effective 13 February 2026, following a review of its organisational structure and workforce requirements,” the bank said in a statement.
The exercise, the bank said, was undertaken in line with the bank’s strategic workforce plan to enhance operational efficiency, streamline processes, and align skills to current and future business needs. The bank added that the decision was not driven
by cost-cutting considerations.
It said affected employees were engaged through the required consultation processes, with separation packages aligned to statutory requirements.
“Professional counselling support has been made available to both affected and remaining staff. Nedbank Zimbabwe Limited remains focused on business continuity, client service, and long-term sustainability,” the bank said.
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In its financial results for the half year ended June 30, 2025, the bank reported total comprehensive income of ZiG105,5 million, up from ZiG27,7 million
in the comparable period in the previous year.
Profit after tax was ZiG95,2 million against ZiG72,5 million in the prior year.
Net interest income rose 172% in the first half of the year compared to the same period in the prior year, driven by a 23% increase in gross loans and advances to ZiG2,9 billion from ZiG2,3 billion in December 2024.
The bank invested excess liquidity in local and foreign placements and treasury bills, boosting net interest income.
Non-interest income from client transactions (excluding unrealised foreign exchange and revaluation gains) grew 55% compared to the same period in the prior year, reflecting strong activity on client service platforms.
The bank’s total assets grew by 20% to ZiG6,2 billion, led by a 27% increase in customer deposits to ZiG4,1 billion. The deposit growth funded the 23% growth in loans and advances.