Resilient 12 months for Nedbank Namibia

Nedbank Namibia ended its 2018 financial year with profit after tax of about N$340 million, about N$36.5 million or 12% more than its previous book-year.“Despite a challenging economic and operating environment, Nedbank Namibia says it managed to grow positively in 2018 with an increase in its overall financial position,” Nedbank Namibia in a statement.For the year ended 31 December 2018, Nedbank Namibia reported profit before tax nearly N$433.3 million, an increase of about 12.6% on an annual basis. Total comprehensive income for the year under review was around N$343.7 million, up nearly 8% from 2017.Even with a lower than expected growth in loans and advances, net interest income for the year ended 31 December 2018 improved by 8.16% to N$808.9 million compared to the previous financial year, the financial institution said.InvestmentNedbank Namibia's investment of excess funding in high yielding liquid asset instruments contributed to offset the impact of slow loans and advances growth, the bank said in a statement. Through regular arrear management initiatives and interventions, impairment charge for the year was contained at N$65.4 million, which is a 7.83% increase from the prior period. As a result, the credit loss ratio has been managed at 0.53% compared to 0.52% for 2017. Non-interest revenue has shown a 9.99% increase from the previous year. This was achieved through increases in all main streams of non-interest revenue.“Management kept a sharp focus on expenses during the year, with particular attention on ensuring discretionary expenditure provided real value. Taking into account our continued expansion of our business and investment in technology and innovation platforms, operating expenses were well controlled at a 6.31% increase compared to the 2017 financial year,” said the chief financial officer of Nedbank Namibia, JG van Graan.Operating expenses represented 57.71% of total income for the past year compared to 58.9% in 2017.GroupAt group level, NedNamibia Holdings maintained a strong financial position and showed better performance compared to last year. With increased contributions from the main subsidiaries, Nedbank Namibia Limited and NedNamibia Life Assurance Company Limited, profit after taxation grew by 12.03% to N$ 340 million for the financial year compared to N$303.5 million in 2017. This growth translated to earnings per ordinary share (EPS) of 481.86 cents, which represents a 12.1% increase from 429.81 cents in 2017. Net asset value (NAV) per share grew to 3 702.82 cents from 3 327.65 cents in 2017. The year 2018 also saw Nedbank launching its Private Wealth offering, as well as conducting major financing deals including securing the title of lead arranger for the Otavi Steel Manufacturing Plant project, as well as a partnership agreement with Ongos Valley Development for the servicing and construction of proposed 4 500 low- and middle-income residential housing units at a total cost of N$3.7 billion.

Resilient 12 months for Nedbank Namibia

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