Nedbank Namibia has recorded a N$206.4 million after-tax profit in the full year to December 31, 2021, which is a 75.4% increase from N$117.7 million registered in 2020.
The performance translates to earnings per share of 293 cents, representing a 76% increase from the previous year.
During the period under review, Nedbank’s gross loans and advances declined by 11%.
“Despite the decline in loans and advances, net interest income has increased by 5.9% compared to 2020.This is due to a disciplined pricing regime,” Nedbank Chairperson Sebby Kankondi said.
Impairment charge for the year amounted to N$110.7 million.
“The decrease in the impairment, coupled with the negative growth in loans and advances resulted in a decrease of the annualized credit loss ratio to 0.98% compared to 1.03% in 2020,” he said.
The bank’s non-interest income for the period declined by 6.6% to N$335.6 million from N$359.4 recorded prior year.
Nedbank’s operating expenditure for the period came in at N$752.9 million, a 1.3% decline from N$763.5 recorded in 2020.
“Taking into account our continued investment in our brand and investment in technology and innovation platforms, operating expenses were well controlled at a 1.3% decrease compared to 202.Operating expenses represent 69.57% of total income compared to 72.46% in 2020,” Kankondi said.
Nedbank’s deposits due to customers increased by 4.9% to N$12.9 billion for the period.
This comes as Nedbank’s Africa Regions (NAR) business, under which Nedbank Namibia falls under, delivered a good set of results driven by a good performance from Exchange Traded Instruments (ETI) investment and rebound from the SADC operations.
