FirstRand Namibia records N$1.49 billion profit

September 10, 2021

FirstRand Namibia Limited has posted a N$1.492 billion profit before tax for the financial year ending 30 June 2021, a 23% increase from N$1.209 billion recorded prior year.

The financial services group’s pre-provision profit decreased by 2.2% to N$1.730 billion, whereas headline earnings increased by 17.9% to N$1.023 billion for the period under review.

FirstRand’s net interest income declined by 7% from 2020, while net interest revenue increased by 3%.

The groups operating expenses declined by 2% to N$2.126 billion compared to N$2.174 billion.

“Post the beginning of lockdown in March 2020, underlying customer income and affordability in all segments deteriorated sharply, as evidenced by lower levels of underlying transactional and credit turnover and the increase in non-performing loans,” Oscar Capelao, FirstRand Namibia Chief Financial Officer said.

“The group’s steady performance over the period is partly attributed to the pandemic impact driving necessary innovative and holistic relief programmes aimed at helping customers, including the Cashflow Relief programme, support to SME’s and larger businesses to continue to cover costs and salaries, as well as numerous waivers of fees and restructurings of loans,” said Conrad Dempsey, CEO: FirstRand Namibia.

FirstRand Namibia group’s performance overview:

  • Total deposits were N$36 billion, down from N$38 billion in the previous year
  • Total advances stayed steady at N$30 billion.
  • The ordinary dividend declared for end of 2021 is 118 cents per share, combined with the interim dividend of 94 cents, totalling 212 cents per share - compared to the total dividend of 154 cents in 2020
  • Assets under management grew from N$14 billion in 2020 to N$15 billion.
  • While Tier 1 Capital was recorded at 17.7% compared to 15.9% in 2020.
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Last modified on Saturday, 11 September 2021 15:38

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