#JustIn: 70% profit jump for SBN Holdings

Locally-listed SBN Holdings, of which Standard Bank Namibia is a subsidiary, reported a profit of N$624 million for the year ended 31 December 2022 – an increase of 70.5% from the N$366 million reported in the 2021 book-year.

The group, which released its latest set of financials on the Namibian Stock Exchange (NSX) today, attributed its performance to “strong income growth and improvement of our collection strategy to reduce our credit impairment charges”.

SBN’s headline earnings per share (HEPS) – a profitability gauge – increased from 70c to 119c.

The group declared a final dividend of 46c per share, compared to 15c in the comparative period in 2021. The total dividend per share rose from 31c to 66c year-on-year.

“We remain optimistic about the reforms ahead that are likely to come to fruition towards the end of the mid-term expenditure framework. Large structural investments in both the green and blue economy, as well as the discovery of offshore oil, place Namibia in an excellent position to become an energy powerhouse on the African continent over the medium- to longer-term and alleviate its and the region’s energy needs.

“This has the potential to accelerate economic growth moving forward, and we are well-positioned to navigate this future with our strategic partners. We are also looking forward to assisting our clients in these industries to achieve their aspirations,” SBN Holdings said.