The Development Bank of Namibia (DBN) says it has invested over N$21 billion into the development of the country and created more than 76,000 jobs since its inception 20 years ago.
The bank reported a net operating profit of N$62 million for the FY2023/2024, marking a turnaround from the N$270 million loss experienced in 2022.
“For the year under review, we committed ourselves to achieving N$100 million in profit. While we only attained a net operating profit of N$62 million, 62% of our target, it marks significant progress for the bank,” said DBN’s CEO John Steytler on Thursday.
The Bank attributed this positive shift to improvements in financial management, alongside a 29% year-on-year increase in net interest income, which rose from N$348 million in 2023 to N$450 million in 2024.
Meanwhile, the Bank’s total assets amounted to N$7.3 billion, a slight decrease of 8% from the previous year.
DBN maintains a strong capital adequacy ratio of 77%, well above the Association of African Development Finance Institutions (AADFI) minimum of 15%.
According to the Chief of Human Capital, Sara Kapiye, the Bank has generated 3,525 jobs during the recent fiscal period.
In infrastructure financing, the Bank approved N$319.1 million in loans, with 78% allocated to solar energy projects.
Additionally, DBN invested N$43 million in two manufacturing projects, supported 22 service sector initiatives with N$450.1 million, and funded 11 infrastructure projects totalling N$317.1 million.
Youth empowerment received a boost with N$42 million directed toward youth-owned businesses, while women entrepreneurs benefitted from N$51.4 million in funding.
The Bank also prioritised SME support, financing 74 projects amounting to N$95.9 million.
“The DBN is very passionate about the youth and women but also very passionate about transactions that bring about impact in the form of job creation and also nationally driving a healthy economy,” she said.
