The company said year-on-year after tax profit was actually up 33% over the year but that once “one-off revenue factors are excluded” its underlying profit was still an “impressive” 15%.
Managing director Greg Horton said the results, and the fact that this growth has continued into 2013, is “very pleasing”.
Nedbank Private Wealth said total holdings on its integrated banking and investment platform, Focus, were up 6% in the first quarter of this year, having passed the £2bn mark for the first time.
The company decided to change its name to Nedbank Private Wealth as part of a corporate restructure in October last year which saw its high net worth client-focused entities merged into one.
As part of the restructure, Nedbank, which is owned by South African finance company Old Mutual, combined four entities – Fairbairn Private Bank, Fairbairn Trust Company, Fairbairn Trust Ltd and South Africa based BoE Private Clients, into one new company, Nedbank Private Wealth.
