The bank also saw growth in the rest of its offices, which are based in the Isle of Man, Jersey and South Africa.
It reported that, company-wide, lending levels increased by 10%, deposits increased by 12%, and both assets under management and administration increased by 20%.
From the end of the first quarter of 2013 to the end of first quarter of 2014, the bank’s holdings increased by 11% to £2.3bn, a new record for the company.
It said that while its traditional private client business has continued to grow organically, it has also seen an increase in clients introduced via intermediaries, who often go on to appoint the bank as a discretionary investment manager, particularly in the UK and Dubai.
A Nedbank spokesperson said a turbulent regulatory atmosphere made it difficult to make predictions about the company’s business over the coming year.
“As a result of the multiple jurisdictions in which we operate and the increasingly complex regulatory framework within our industry, there is considerable focus in the areas of risk and compliance, and we don’t expect this to change in the short to medium term,” the spokesperson said.
“We are however looking to see how all new requirements can be met while offering wider benefits to our clients, in other words using these opportunities to add further value for our clients rather than it just being a burden to them.”
Greg Horton, managing director, said: “Consistent upward momentum has been firmly established and we anticipate strong profitable growth in 2014, as the business begins to see the benefits from a growing footprint across our various geographical locations.”
Last October, Nedbank announced that it was increasing its Middle Eastern team with the appointment of two private bankers.
Chris Jones and Marc Beattie joined from Lloyds TSB International Private Bank in Dubai after it announced its plans to close earlier on in the year.
Headquartered in South Africa, Nedbank Private Wealth is a member of the Od Mutual Group offering private and personal banking to clients including private individuals, non-trading companies, trusts, governments and institutional investors.
