Nedbank Zimbabwe cuts 36 managers in structure overhaul

A management shake-up just pushed 36 leaders out at Nedbank Zimbabwe Limited, even while the bank was posting eye-catching profit gains.

Manager exits after the structure review

• Nedbank Zimbabwe Limited wrapped up a retrenchment that cut 36 managers.
• Review of its structure triggered the staff reduction.
• February 13, 2026, marked the effective date.
• Bank leadership framed it around workforce alignment, not slashing costs.

Consultations and staff support

• Affected employees went through formal consultation channels.
• Separation packages followed statutory requirements.
• Professional counseling was offered to impacted and remaining staff.
• Management says business continuity and client service stay on track.

Half-year profit jump

• Financial results for the half year ended June 30, 2025, showed strong gains.
• Total comprehensive income hit ZiG105.5 million.
• That figure rose from ZiG27.7 million a year earlier.
• Profit after tax reached ZiG95.2 million versus ZiG72.5 million.

Interest income and balance sheet growth

• Net interest income surged 172 percent year over year.
• Gross loans and advances climbed 23 percent to ZiG2.9 billion.
• Excess liquidity went into placements and treasury bills.
• Total assets expanded 20 percent to ZiG6.2 billion.

Deposits and non-interest revenue

• Customer deposits increased 27 percent to ZiG4.1 billion.
• Deposit growth financed the 23 percent rise in lending.
• Non-interest income from client transactions advanced 55 percent.
• Service platform activity powered that transaction revenue spike.