Super User

Super User

Borrowers will no longer be required to transfer their physical original policy document as collateral to financial institutions when taking out a loan, the Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory Authority (Namfisa) announced on Wednesday.

The Government Institutions Pension Fund (GIPF) has so far recovered N$326 million of the N$677 million it invested in embattled South African retailer Steinhoff.

The Matutungu Property Fund (MPF), which was launched on Wednesday, plans to bridge the finance gap and reduce the country's housing backlog.

Internet search company Google announced on Tuesday that its philanthropic arm is committing R15.3 million in charitable funding to support programmes helping women entrepreneurs to grow their businesses, as part of a series of new initiatives aimed at supporting women-owned businesses, the company said on Tuesday.

Nedbank’s Africa Regions (NAR) business delivered a good set of results driven by a good performance from our Exchange Traded Instruments (ETI) investment and rebound from the SADC operations, the banking group announced.

HE increased by greater than 100% to R594m, which is significantly higher than the R12m reported in 2020, with ROE improving to 9,3% from 0,2% in 2020, in performance which reflects the impact of significantly lower impairments, an increase in NII of 14% to R1 448m and a strong recovery in associate income from ETI with related HE increasing to R523m (2020: R153m).

“I am pleased that the business across SADC has improved in key client metrics especially in client experience: We are #1 in NPS in Namibia and Mozambique. We have the highest loyalty scores in three of our markets (Eswatini, Namibia and Zimbabwe), and we are also in the top two in brand sentiment scores in four of the markets (Lesotho, Mozambique, Namibia and Zimbabwe) we operate in,” NAR Managing Executive, Dr Terence Sibiya said.

“We grew our digitally active clients, who now make up 54% of our active retail client base. We also significantly grew transactional volumes on our apps, online banking and prepaid value-added services (PVAS): Nedbank Money App (Africa) has proven to be the channel of choice for our clients with payment and transfer volumes up 35% year on year and value[1]added services (airtime, data, prepaid electricity, etc) up 26% year on year.” 

Performance highlights:

Impairments declined by 62% to R168m, with a CLR of 72 bps (from 185 bps in 2020), which is at the lower end of its TTC target range of 75 bps to 100 bps, driven by improved collections, recoveries, and subdued growth in the loan portfolio.

Despite an improved H2 2021, NIR for full-year 2021 declined marginally by 2% to R1 431m due to subdued transactional activity and lower foreign exchange translation gains.

The third wave of the pandemic in H1 2021 saw extended lockdowns across the regions, which resulted in lower economic activity.

Expenses were well managed and up by only 3% to R2 088m off a low base in the prior year.

Our SADC operations generated an HE of R71m, up by >100% from a loss of R141m in 2020

 

Namibian motorists should brace for more fuel hikes in the coming months, with the local pump price expected to breach the N$20 a litre mark, increasing to as high as N$30 per litre if oil prices continue on an upward trend, economic analysts have warned.

The Development Bank of Namibia (DBN) has issued a 7-year N$130 million bond, DBN29, through private placement.

Namibia sold a total of 225 734 cattle in 2021, a 10% decline from the 250 441 in 2020, a position attributed to supply constraints in the industry, latest statistics from Agribank show.

In Brief

March 08, 2022

Nedbank hosts Budget Review seminar

Nedbank Namibia Managing Director, Martha Murorua, says the private sector should work together with the Government to rebuild the country’s economy. Murorua was addressing delegates at a National Budget Review hosted by the bank at its new Nedbank Campus in Windhoek. Some of the notable people at the event included Speaker of the National Assembly, Professor Peter Katjavivi, Minister of Finance, Ipumbu Shiimi, as well as the Governor of the Bank of Namibia, Johannes !Gawaxab.

 

Paratus Namibia expects higher earnings

Paratus Namibia Holdings is expecting its interim earnings to rise by as much as 30%, after its subsidiary, Paratus Telecommunications (Pty) Ltd, recorded growth in recurring and non-recurring revenue and contained operating expenses.The information communication and technology sector focused company said headline earnings per ordinary share are anticipated to climb between 10% and 30% higher, for the period ended 31 December 2021.In February, the company announced that it had completed work on the cable landing station in Namibia for Google’s upcoming Equiano cable. 

 

NSX host annual Ring the Bell for Gender Equality event

The Namibian Stock Exchange in collaboration with CFA Society South Africa, hosted the annual Ring the Bell for Gender Equality event in celebration of International Women’s Day.This global initiative is joined by exchanges around the world to foster gender equality and women’s empowerment in the workplace, marketplace, and community.Over 100 other stock exchanges and financial services institutions across the globe collaborate to shine the spotlight on the theme “Gender equality for a sustainable tomorrow” and recognize the contribution of women and girls around the world, who are leading the charge on climate change adaptation, mitigation, and response, to build a more sustainable future for all.

Retailer Shoprite says it generated an additional R8.3 billion in sales versus the corresponding period to increase sales by 10.0% to R91.1 billion for the 26 weeks ending 2 January 2022.

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries