FirstRand Namibia has reported a net profit after tax of N$1.9 billion for the year ended 30 June 2025, a 12.2% increase from N$1.7 billion in 2024.
The Group’s return on equity improved to 28.6%, while net asset value per share rose to 2,676 cents. A final dividend of 476.34 cents per share was declared, representing a 34.7% rise compared to the previous year.
Chief Financial Officer Lizette Smit said the performance reflected strong customer growth, higher transaction volumes and effective cost control, despite increased impairments.
“We are pleased with our progress on the key drivers of shareholder value creation. Our performance reflects disciplined financial resource management, strong customer growth, and effective cost containment. We are well-positioned to respond to emerging risks and leverage strategic opportunities,” she said.
Total advances grew 3.9%, with corporate credit demand rising 10.6%, while household credit remained subdued due to slower mortgage demand. Smit added that RMB recorded advances growth of 16.2%, focusing on sectors with above-cycle growth potential.
“We continue to employ a considered and market-leading approach to credit extension. This supports our customers while protecting the balance sheet and depositors’ return profile,” she said.
Deposits increased by 2.1%, reinforcing FNB’s position as the largest custodian of retail and commercial deposits in Namibia. Operating expenses rose 5.5% to N$2.8 billion, improving the cost-to-income ratio to 46.2%.
On credit performance, Smit said impairment charges increased 23.9% to N$527 million due to higher write-offs, partially offset by improved recoveries. This resulted in a credit loss ratio of 1.3%. The Group expects that a full year of lower interest rates will ease customer strain and improve impairments.
Smit also highlighted several strategic initiatives, including the launch of H.E.R (Helping Every Woman Rise), the SME digital hub, a N$500 million sustainability bond, FNB Collective Buying, and CashPlus agency banking. She said the bank continued to invest in digital platforms and customer-focused solutions.
Looking ahead, Smit said the Group’s focus remains on prudent credit management, responsible capital deployment and leveraging technology.
“Our investments in staff capabilities and wellbeing ensure the bank is equipped to meet future challenges and unlock long-term value,” she said.
FirstRand Namibia Limited is the holding company for various financial services businesses in Namibia, including FNB Namibia, Ashburton Investments Namibia, RMB Namibia, and WesBank Namibia.
