Standard Bank Namibia (SBN) Holdings is forecasting a significant jump in its after-tax profit for the financial year ended 31 December 2022, with earnings per share and headline earnings per share predicted to be between 65% and 75% higher than the previous year.
This will represent a substantial increase from the N$371 million after-tax profit recorded for the financial year ended 31 December 2021.
In the previous financial year, the group’s net interest income increased by 5.8% from N$1.169 million to N$1.237 million attributed to a focused approach on growing loans and advances and improvement of the net interest margin (NIM), which increased from 3.7% to 3.9%.
Non-interest revenue also saw a slight increase of 1.4%, from N$1.193 million to N$1.209 million, while net fee and commission revenue rose by 6%, and trading revenue by 14.4%.
The group’s gross loans and advances to customers grew by 1.9%, outpacing private sector credit extension growth of 1% in 2021, while deposits by customers increased by 10.6%, from N$24.2 billion to N$26.8 billion.
SBN Holdings’ financial results are expected to be released on or about the 22nd of March 2023.
