Despite global macro-economic worries and on-going wage strikes in South Africa’s platinum sector, Nedbank, South Africa’s fourth biggest bank, made sound headways in its strategic focus areas in the first quarter of the current financial year, CEO Mike Brown said on Tuesday.

Brown, commenting about the first quarter trading update, said net interest income during the period under review was robust, having surged 8.7 percent to R5.5 billion ($530.8m).

“We have seen a pleasing improvement in the credit loss ratio following the risk management actions undertaken in prior years,” Brown said in a statement.

Meanwhile, the lender said it remained on track on its planned acquisition of a 36,4 percent shareholding in Mozambican lender, Banco Unico.

Nedbank said regulatory permits have already been obtained from the Mozambican and South African banking authorities. In South Africa, banking authorities have been represented by the South Africa Reserve Bank (SARB) and in Mozambique it is the Mozambican Investment Ministry.

Nedbank has a partnership with West Africa’s biggest lender Ecobank, which it claims is working wonders for it.