FINANCIAL INSTITUTIONS

ISSUER PROFILE Nedbank Limited 9 December 2019 Key facts and statistics - H1 June 2019

Company overview Nedbank Limited (Nedbank) is a South African bank that, along with its subsidiaries, provides TABLE OF CONTENTS a range of wholesale and retail banking services, as well as insurance, asset management and Company overview 1 wealth management solutions. As of 30 June 2019, it held a market share of 17.8% in South Financial highlights 2 Africa in terms of total assets. As of the same date, it reported a total consolidated asset base Business description 3 Distribution channels 4 of ZAR1.0 trillion ($176.9 billion). Ownership structure 5 Nedbank operates primarily in South Africa, which accounted for 93.7% of its loans and Subsidiaries 6 advances as of 31 December 2018. Company management 6 Company history 7 Nedbank was established in 1888 as Nederlandsche Bank en Credietvereeniging voor Zuid- Peer group 7 Afrika (NBCV), but was renamed Nedbank Limited in 1971. As of 30 June 2019, the bank Related websites and information operated as a wholly owned subsidiary of Nedbank Group Limited (Nedbank Group), a South sources 8 Moody’s related publications 8 Africa-based company listed on the Johannesburg Stock Exchange (ticker: NED). As of the same date, Nedbank Group's largest shareholder was Old Mutual Life Assurance Company Limited and its associates which together owned 24.5% of its total share capital. Contacts Note: Currency converted using exchange rate of ZAR–$0.17178, as of 30 June 2019. Elena Ioannou, CFA +44.20.7772.1716 Sources: Company reports (interim report June 2019, annual report Dec 2018, factsheet June 2019), Company data, Moody’s Investors Associate Analyst Service research, Johannesburg Stock Exchange, www.oanda.com, www.resbank.co.za [email protected] Akin Majekodunmi, +44.20.7772.8614 CFA VP-Sr Credit Officer [email protected]

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Financial highlights Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’s generated ratios on Nedbank Limited, please see Nedbank Limited's page on www.moodys.com.

Exhibit 1 Latest full-year results Nedbank Limited

(in ZAR million) 31-Dec-18 31-Dec-17 31-Dec-16 % Change 18/17 % Change 17/16 ZAR/$, Period end 0.18907 0.26406 0.28362 - - Total Assets 971,623 910,068 903,200 6.76 0.76 Total Shareholders' Equity 76,407 74,154 67,722 3.04 9.50 Shareholders' Equity excluding Minority Interest 76,384 74,147 67,469 3.02 9.90 Total Capital 73,758 72,080 67,812 2.33 6.29 Tier 1 Ratio (%) 12.7 13.9 12.9 (120) bps 100 bps Net Income 10,781 11,158 9,937 (3.38) 12.29 Net Income Attributable to Equity Holders 10,765 11,160 9,896 (3.54) 12.77

Notes: 1) Based on consolidated financial data. 2) Figures for 2017 and 2016 are based on IAS 39. 3)”Total Assets”, “Total Shareholders' Equity” and “Shareholders' Equity excluding Minority Interest” figures for 2017 and 2016 are restated. Sources: Company reports (annual report Dec 2018, Nedbank Group annual results Dec 2018 and Dec 2017), www.oanda.com

Exhibit 2 Latest first-half results Nedbank Limited

(in ZAR million) 30-Jun-19 30-Jun-18 % Change 19/18 ZAR/$, Period end 0.17178 0.21809 - Total Assets 1,029,722 942,595 9.24 Total Shareholders' Equity 78,983 72,938 8.29 Shareholders' Equity excluding Minority Interest 78,958 72,928 8.27 Total Capital 74,993 73,705 1.75 Tier 1 Ratio (%) 12.4 13.2 (80) bps Net Income 5,619 5,544 1.35 Net Income Attributable to Equity Holders 5,616 5,540 1.37

Note: Based on consolidated financial data. Sources: Company reports (interim report June 2019, Nedbank Group interim results June 2019), www.oanda.com

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

2 9 December 2019 Nedbank Limited: Key facts and statistics - H1 June 2019 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Business description Through its various business segments and along with its subsidiaries, Nedbank provides a range of wholesale and retail banking services, as well as insurance, asset management and wealth management solutions.

The bank operates mainly through three business segments: Nedbank Corporate and Investment Banking; Nedbank Retail and Business Banking and Nedbank Wealth.

As of the financial year ended 31 December 2018 (2018), the largest contributor to the bank’s operating income was the Nedbank Retail and Business Banking segment1 .

Nedbank Corporate and Investment Banking (CIB): This segment provides investment banking services, including structuring, lending, underwriting and trading, capital markets advice, and debt and equity issues. It also offers corporate banking, commercial property finance, and transactional banking, including loans, deposit accounts and advice to companies with annual turnover exceeding ZAR750 million ($141.8 million). In particular, its property finance business provides finance and specialist sector expertise to corporate clients, particularly to largely commercial, industrial and retail companies. From time to time, its property private equity business co- invests in real estate in partnership with commercial property finance clients, including listed property funds. As of 31 December 2018, CIB reported total assets of ZAR507.8 billion ($96 billion), and accounted for 32.4% of the bank’s operating income in 2018.

Nedbank Retail and Business Banking (RBB): This segment’s product portfolio includes deposit-taking, investment products, transactional accounts, cards, home loans, motor finance, personal loans and investments provided to individuals (excluding high- net-worth individuals serviced by Nedbank Wealth) and small businesses with turnover of up to ZAR10 million ($1.9 million). It also offers business banking services to companies with annual turnover of less than ZAR750 million ($141.8 million), and personal banking solutions for business owners. As of 31 December 2018, RBB reported total assets of ZAR355.6 billion ($67.2 billion), and accounted for 57.6% of the bank’s operating income in 2018.

Nedbank Wealth: This segment provides its clients with insurance, wealth and asset management solutions, including life assurance, short-term insurance, stockbroking, insurance brokerage, financial planning and advisory facilities, trust and fiduciary services, and private banking. Apart from South Africa, Nedbank Wealth has operations in the UAE, London, Isle of Man, Jersey and Guernsey. As of 31 December 2018, this segment reported total assets of ZAR71.1 billion ($13.5 billion), and accounted for 9.4% of the bank’s operating income in 2018.

Note: Currency converted using exchange rate of ZAR–$0.18907, as of 31 Dec 2018. Sources: Company reports (annual report Dec 2018 and Dec 2017, Nedbank Group annual results Dec 2018)

Exhibit 3 Business segment (% operating income, consolidated, 2018)

Centre Nedbank Wealth 0.6% 9.4%

Nedbank Corporate and Investment Banking 32.4% Nedbank Retail and Business Banking 57.6%

Note: Excluded fellow subsidiaries segment due to its negative contribution Source: Company report (annual report Dec 2018: Pg: 38 and 39)

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Exhibit 4 Profit/(Loss) before direct taxation per business segment (consolidated, in ZAR Million)

2016 2017 2018 12,500

10,000 8,923 7,964 7,782 7,442 7,543 7,500 7,018

5,000

2,500 1,550 1,370 1,438 680 279 0 (82) (2,500) (2,756) (2,525) (3,384) (5,000) Nedbank Corporate and Investment Nedbank Retail and Business Banking Nedbank Wealth Centre Fellow Subsidiaries Banking Sources: Company reports (annual report Dec 2018, Pg: 38 & 39 and Dec 2017, Pg: 30 & 31)

Distribution channels Nedbank operates mainly in South Africa, which accounted for 93.7% of its loans and advances in 2018. As of 30 June 2019, Nedbank Group provided products and services through 690 outlets and 4,253 ATMs. In addition, the bank distributes its services through alternative channels, including retail facilities, contact centres, self-service terminals, cash-back at ponit-of-sale (POS) terminals, and internet, mobile and telephone banking channels.

Outside South Africa, Nedbank Group operates subsidiaries in Malawi, Eswatini, Lesotho, Namibia, Mozambique and Zimbabwe, as well as representative offices in Angola and Kenya.

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The geographical distribution of Nedbank’s loans and advances was as follows:

Exhibit 5 Nedbank Limited (in %) Geographical Segment 31-Dec-18 31-Dec-17 South Africa 93.66 95.63 Rest of Africa 2.34 1.29 Europe 3.13 2.44 Asia 0.65 0.53 United States 0.07 0.04 Other 0.15 0.07 Total 100.00 100.00

Sources: Company reports (annual report Dec 2018, factsheet June 2019), Company data

The bank’s shares of the South African banking system in terms of total consolidated assets and equity were as follows:

Exhibit 6 Nedbank Limited Market Share (in %) 30-Jun-19 31-Dec-18 31-Dec-17 Assets 17.8 17.6 17.6 Equity 16.4 16.4 16.3

Sources: Company reports (annual report Dec 2018, interim report June 2019), www.resbank.co.za

Ownership structure As of 30 June 2019, the bank is a wholly owned subsidiary of Nedbank Group Limited (Nedbank Group), a South Africa-based company listed on the Johannesburg Stock Exchange (ticker: NED) since 1969.

Nedbank’s non-redeemable, non-cumulative, non-participating preference shares are listed on the JSE. As of 30 June 2019, the major shareholders and fund managers of Nedbank Group were as follows:

Exhibit 7 Nedbank Group Limited Major Shareholder/Fund Manager Number of Shares % Held Old Mutual Life Assurance Company (South Africa) Ltd. and Associates 121,700,558 24.48 Public Investment Corporation (SA) 51,790,903 10.42 Coronation Fund Managers (SA) 32,585,498 6.56 BlackRock Inc. (International) 19,010,290 3.82 Allan Gray Investment Council 17,966,430 3.61 Nedbank Group treasury shares 15,858,222 3.19 The Vanguard Group Inc 15,366,987 3.09 GIC Asset Management Proprietary Limited 12,796,726 2.57 Lazard Asset Management (International) 12,721,791 2.56 Dimensional Fund Advisors (US, UK and AU) 9,734,260 1.96 Sanlam Investment Management 9,708,045 1.95

Sources: Company reports (annual report Dec 2018, Nedbank Group interim report June 2019), Company data, Johannesburg Stock Exchange

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Subsidiaries As of 31 December 2018, the principal subsidiaries of the bank were as follows:

Exhibit 8 Nedbank Limited Subsidiary % Held Non-banking Companies Depfin Investments Proprietary Limited 100 Ned Investment Trust 100 Boe Private Equity Investments Limited 100 Pyraned Limited 100

Source: Company report (annual report Dec 2018)

Company management

Exhibit 9 Nedbank Limited Company Management Current Title Michael William Thomas Brown Chief Executive Officer and Executive Director Raisibe Kgomaraga Morathi Chief Financial Officer and Executive Director Mfundo Clement Nkuhlu Chief Operating Officer and Executive Director d

As of 17 Sep 2019 Source: Company data

Exhibit 10 Nedbank Limited Board of Directors Affiliation Vassi Naidoo Independent Non-Executive Chairman Michael William Thomas Brown Executive Director and Chief Executive Officer Hubert Rene Brody Independent Non-Executive Director Brian Anthony Dames Independent Non-Executive Director Neo Phakama Dongwana Independent Non-Executive Director Errol Melville Kruger Independent Non-Executive Director Robert Alexander Gordon Leith Non-Executive Director Paul Mpho Makwana Lead Independent Director Linda Makalima Independent Non-Executive Director Tshilidzi Marwala Independent Non-Executive Director Mantsika Amelia Matooane Independent Non-Executive Director Raisibe Kgomaraga Morathi Executive Director and Chief Financial Officer Mthandazo Peter Moyo Non-Executive Director Joel Khathutshelo Netshitenzhe Independent Non-Executive Director Mfundo Clement Nkuhlu Executive Director and Chief Operating Officer

As of 17 Sep 2019 Sources: Company report (annual report Dec 2018), Company data

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Company history Nedbank was established in 1888 as NBCV. In 1903, it changed its name to Nederlandsche Bank voor Zuid-Afrika (NBZA). In 1925, NBZA merged with Transvaalsche Bank en Handelsvereeniging.

In 1951, NBZA became a South African banking company, and changed its name to Netherlands Bank of South Africa (NBSA). South African shareholding increased, and by 1969, NBSA was 100% South African owned. In 1971, NBSA was renamed Nedbank.

In 1986, Old Mutual Plc became the major shareholder of Nedbank Group, following its acquisition of a 53% stake. In 1989, Nedbank Group changed its name to Nedcor.

In 1992, Nedbank became known as Nedcor Bank, a wholly owned subsidiary of Nedcor. In 1997, Syfrets merged with UAL Merchant Bank and Nedbank Investment Bank Division to create Nedcor Investment Bank (NIB). By 1999, Nedbank Private Bank and Syfrets Private Bank merged to create the largest private bank in South Africa.

The Nedcor Group was formed in 2003, through the merger of Nedcor, BoE Bank, NIB and Cape of Good Hope Bank. In 2005, the holding company changed its name from Nedcor Limited to Nedbank Group Limited.

In 2009, Nedbank bought out Old Mutual Plc’s stakes in its bancassurance and wealth joint ventures. On 5 February 2010, Nedbank acquired the remaining 49.9% stake in Imperial Bank Limited and converted it into a wholly owned subsidiary.

In 2013, Nedbank announced plans to enter the Mozambican banking market by acquiring a 36.4% stake in the full-service bank Banco Unico for $24.4 million. The transaction was completed in 2014. In the same year, the bank acquired a 20% stake in Ecobank Transnational Incorporated. Currently, the bank owns 21.2% in the venture.

In March 2016, Old Mutual Plc announced a new strategy to separate its four key underlying businesses, including Nedbank Group, by the end of 2018. As a part of the new strategy, the group aims to maintain a strategic minority stake in Nedbank, while also retaining the existing collaboration between Old Mutual and Nedbank, including a bancassurance arrangement and the relative products offering. In October 2016, the group increased its stake in Banco Unico to 50% plus one share.

In 2017, Nedbank’s shareholding in Nedbank (Swaziland) Limited and Nedbank (Lesotho) Limited was distributed as a dividend in specie to Nedbank Group Limited. As a result, both the companies ceased to be the subsidiaries of Nedbank Limited and continued to operate under Nedbank Group Limited.

During the same year, the shareholding of Nedbank Swaziland Ltd and Nedbank Lesotho which operates under Nedbank Rest of Africa was transferred from Nedbank to Nedbank Group Limited.

In October 2018, as part of the new strategy Old Mutual Limited reduced its shareholding in Nedbank Group to 19.9%.

Sources: Company reports (annual report Dec 2017, Dec 2010, Dec 2002, Nedbank Group Q1 Mar 2014 trading update, Nedbank Group integrated report 2016), Company data, Moody’s Investors Service research

Peer group » FirstRand Bank Limited

» Absa Bank Limited

» The Standard Bank of South Africa Limited

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Related websites and information sources For additional information, please see:

The company’s website

» Nedbank Limited

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s related publications Issuer page on moodys.com

» Nedbank Limited

Credit opinion

» Nedbank Limited: Update following outlook change to negative, November 2019 (1202326)

Banking system outlook

» Banking System Outlook - South Africa: Bank credit profiles will remain resilient despite the weak economy, September 2019 (1190247)

Sector Comment

» Banks – South Africa: South Africa’s proposed bank resolution framework will support banking stability, August 2019 (1187573)

» Operational rationalisation by South African banks will improve efficiency and support profitability, March 2019 (1166349)

Rating methodology

» Banks November 2019

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on the issuer’s page. All research may not be available to all clients.

8 9 December 2019 Nedbank Limited: Key facts and statistics - H1 June 2019 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Endnotes 1 Throughout this section, such percentages excludes “Fellow-Subsidiary Adjustments”. “The Centre” is an aggregation of business operations that provide support services to Nedbank Group Ltd., which include the following clusters: Group Finance, Group Technology, Group Human Resources, Group Strategic Planning and Economics, Group Risk and Marketing, Enterprise Governance and Compliance, Communications and Corporate Affairs. It also includes Group Balance Sheet Management, which is responsible for capital management, liquidity and funding management, the management of banking book interest rate risk, margin management and strategic portfolio management. In 2018, “Fellow-Subsidiary Adjustments” contributed negatively to operating income.

9 9 December 2019 Nedbank Limited: Key facts and statistics - H1 June 2019 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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REPORT NUMBER 1195226

10 9 December 2019 Nedbank Limited: Key facts and statistics - H1 June 2019 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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11 9 December 2019 Nedbank Limited: Key facts and statistics - H1 June 2019