Nedbank’s operations in the rest of Africa contributed almost 4% to full-year earnings, with the inclusion for the first time of its recently acquired stake in the West African Ecobank Transnational Incorporated. Headline earnings from the South African group’s rest of Africa operations rose from a low base of R8m in 2013 to an estimated R133m last year. Total headline earnings were R9.9bn. SA’s four largest banks — Nedbank, FirstRand, Standard and Barclays Africa Group — are all pursuing growth strategies in the rest of Africa as SA’s economy slows. Jihad Jhaveri comments.