Bull of a year for FirstRand Namibia

FirstRand Namibia’s strategy to do what matters locally delivered normalised earnings of N$1.86 billion for the year ended 30 June 2022, exceeding by 6.7% the peak earnings of 2016.Economic profit (NIACC) increased over the year, and Namibian shareholders will receive nearly 40% of dividends amounting to N$298 million into local coffers. This is especially pleasing as local shareholders, including local pension funds as the group’s largest local shareholding block, welcome support in continuing to ensure benefits to Namibians countrywide.Other key highlights shared at the FirstRand Namibia’s investor results breakfast on Friday include normalised earnings growth of 24%; pre-provision operating profit up 13.5% to N$1.96 billion; an increase in return on equity (ROE) to 21.4%; and a final dividend of 319.84c per share.The value creation for shareholders is testament to the quality of the group’s operating businesses, FNB, RMB, WesBank, Ashburton and Pointbreak, FirstRand Namibia said in a statement.The group’s franchise businesses showed growth in normalised pre-tax profits (PBT), driven by operational resilience and successful execution on their respective growth plans.SEGMENTSFNB Namibia delivered PBT growth of 19%. Key drivers of the performance included a strong rebound in non-interest income (NIR), coupled with a significant reduction in year-on-year impairments. Pre-provision operating profits increased 6.2% and now exceed FNB Namibia’s pre-pandemic levels.RMB grew PBT by 5.5%, driven by a robust underlying operational performance across its portfolio, with solid contributions from investment banking, markets and private equity.Ashburton Investment’s strategy is making good progress and the business under new leadership is poised to deliver increasing value locally, according to the FirstRand Namibia statement.Ashburton’s future prospects to disrupt the traditional asset management market and create access to more investment opportunities for all Namibians, will create significant shared value, the group said.CUSTOMER GROWTHFinancial inclusion and innovation, new product launches and digital self-service ease and convenience, delivered good performance in customer growth and the scaling of the deposit franchise - correlating well with strong positive feedback from customer satisfaction and brand health surveys in the year under review.“FirstRand Namibia, as a holding group, continues to play a valuable role enabling the customer-facing businesses to deliver on their strategies, with Group Treasury&#039;s resource management strategies significantly adding to shareholder value,” the group said.The statement continued: “Coming out of the pandemic, the group offers a strong balance sheet for investor consideration and remains conservatively provided.“Accreted capital enabled the group to reward shareholders with an attractive yield, especially valuable in an inflationary environment. FirstRand Namibia has ample financial resources to support our future growth ambitions, driven by its commitment to help build a globally competitive Namibia.”‘GREATEST STRENGTH’Commenting on the strong results, FirstRand Namibia CEO, Conrad Dempsey, said: "Our people remain our greatest strength. The talent and commitment from everyone to do what matters, to customers, communities and the nation, is the driver of positive and inspirational results.”“Our clients are the reason we exist today, and the clients and investors of our future, will be the beneficiaries and partners to Namibia&#039;s growth,” Dempsey added.FirstRand Namibia chief financial officer, Oscar Capelao, said: “Namibia&#039;s potential is vested in the growth of its businesses, its partnerships with the sovereign and the financial inclusion and wellbeing of its people.“The group&#039;s results are a feature of strong relationships with customers and investors, the ability to embrace change to enhance inclusion and growth digitally. Ongoing investment locally into systems, tech solutions and the development of local expertise will continue to feature as a driver of solid results."

Bull of a year for FirstRand Namibia

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Namibian Sun 2026-02-04

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Bull of a year for FirstRand Namibia

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Namibian Sun 2026-02-04

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