NedNamibia Holdings Limited (NNH Group), the holding company of Nedbank Namibia has reported a profit after taxation of N$193.3 million for the six months ended June 2025, a 1% increase from N$191.1 million in the same period last year.
Profit before taxation rose 8% to N$229 million, though higher taxation costs of N$35.7 million, up 65% from the previous year, tempered bottom-line growth.
The group’s interim results showed net interest income climbing 7% to N$481.2 million, supported by increased lending activity. Non-interest revenue also grew by 7% to N$257.7 million.
However, impairments on advances nearly doubled, rising 92% to N$34.9 million, while operating expenditure increased 4% to N$475 million.
“Our headlines rose to N$193 million up from N$191 million in the prior period. Importantly, pre-provisioning profits increased by 9%, rising from N$209 million to N$228 million, demonstrating strong underlying growth in our core business,” the results stated.
The group reported loans and advances of N$10.7 billion as of June 2025. Its capital position remained solid, with Tier 1 capital at N$2.1 billion and Tier 2 capital at N$376 million.
Total regulatory capital stood at N$2.5 billion against risk-weighted assets of N$14.4 billion, resulting in a total capital adequacy ratio of 17.3%, above regulatory requirements.
Cash flow performance showed mixed results, with net cash generated from operating activities at N$521.8 million.
Investing activities consumed N$799.7 million and financing activities a further N$476.8 million.
This resulted in a net decrease of N$754.7 million in cash and cash equivalents, leaving the group with N$4.28 billion at period end, down from N$5.04 billion at the start of the year.
“The rise in impairments aligns with regulatory expectations and the growth in our lending book, ensuring we remain well-positioned to continue lending responsibly,” the company said.
The customer base grew 7% to 126,768 clients, while the bank’s digital transformation strategy continued to gain traction.
“Our digital transformation strategy continues to gain traction, with digitally active clients increasing by 11%. Today, more than three out of four of our clients bank digitally, enjoying greater convenience and 24/7 access,” the results read.
