SBN Holdings Limited recorded a 4.1% increase in profit after tax to N$579.7 million for the six months ended 30 June 2026, supported by strong growth in lending, customer deposits and net interest income.
The Standard Bank Namibia holding company’s profit increased from N$556.9 million recorded during the corresponding period in 2025, while profit before tax rose 5.6% to N$812.5 million.
Total income increased by 4.2% to N$1.92 billion from N$1.84 billion, with net interest income rising 5.9% to N$1.11 billion. Non-interest revenue increased by 2.1% to N$809.1 million.
SBN said the growth in net interest income was driven by strong growth in average loans and advances and disciplined management of funding costs, although lower lending rates following cumulative policy rate cuts of 50 basis points weighed on income.
The group recorded significant balance sheet growth during the period, with net loans and advances to customers increasing by 17.5% to N$28.16 billion from N$23.96 billion.
The increase included a N$2 billion facility extended to the Ministry of Finance to support the government’s Eurobond redemption programme. Excluding the facility, underlying customer loan growth stood at 9.2%, more than double private sector credit extension growth of 4.5% at the end of June.
Customer deposits and current accounts increased by 31.2% to N$39.03 billion from N$29.75 billion, while total assets expanded by 27.3% to N$51.37 billion.
SBN Holdings Chief Executive Erwin Tjipuka said the results reflected continued client confidence in the group.
“Our clients’ continued confidence in us is reflected in our strong balance sheet growth, resilient performance and commitment to driving Namibia’s growth,” Tjipuka said.
Asset quality also improved despite the expansion in lending. The IFRS-based non-performing loan ratio declined to 5.04%, while the regulatory NPL ratio fell to 3.12%. The credit loss ratio improved by 10 basis points to 0.4%.
Operating expenses increased by 3.5% to N$1.04 billion, while the cost-to-income ratio improved to 54.0% from 54.4%. Return on equity, however, declined to 19.2% from 20.3%.
The group maintained a total capital adequacy ratio of 16.6% and a common equity tier 1 ratio of 15.0%, both above minimum regulatory requirements.
SBN’s board declared an interim cash dividend of 67 cents per ordinary share, up from 64 cents for the corresponding period last year. The dividend is scheduled for payment on 25 September 2026, subject to regulatory approval.
Looking ahead, SBN said improving activity in Namibia’s mining, energy and infrastructure sectors could support further growth despite continued uncertainty in the broader economy
