Nedbank Namibia has announced a 34% increase in profit after tax to N$275million for the financial year ended 31 December 2022.
The growth was primarily driven by higher interest rates and a surge in the group’s non-interest income, combined with effective cost management.
According to the bank’s financial statement, total income increased by 13% from the prior year, reaching N$1.2 billion.
Meanwhile, net income grew by 10% to N$688million from N$624million.
Martha Murorua, Nedbank Namibia’s Managing Director, attributed the impressive results to the bank’s strategic value drivers of growth, productivity, and risk and capital management.
“We delivered strong headline earnings growth of 35% driven by increased interest rates as well as growth in our non-interest income combined with good cost management. We continued to make good progress on our strategic value drivers,” she said.
Murorua also highlighted the bank’s focus on digital transactions, with 46% of customers being digitally active.
“Our clients continue to embrace digital transactions, and we recorded 46% digitally active customers at the end of December,” she said. “The NNH Group continues to invest in new technology and processes in order to become more agile and efficient and to better respond to our customers’ needs.”
Nedbank Namibia Chairperson, Sebby Kankondi, emphasized the bank’s solid operating performance and focus on efficiencies.
“Operating expenses, of which 48% includes staff costs, were in line with the average inflation rate for the year. This reflects a solid operating performance, with focus on efficiencies,” he said.
Kankondi also highlighted the bank’s commitment to improving the lives and livelihoods of Namibians.
“It is noticeable that the expenses incurred in fulfilling the operational mandates of the Bank are overwhelmingly in favour of improving the lives and livelihoods of Namibians over a broad spectrum of our society, including staff, families, businesses and society,” he said.
Looking ahead, Murorua expressed optimism about the bank’s growth prospects.
“A continuation of the good strategic and operational delivery experienced in 2022 should support strong growth for the 2023 financial year,” she said.
