… as deposits reach N$52.1bn
FirstRand Namibia’s headline earnings rose 12.3% to N$2.14 billion for the year ended 30 June 2026, from N$1.91 billion a year earlier, supported by improved credit performance, growth in corporate advances and recurring franchise income.
The banking group’s total assets increased 12.2% to N$63.12 billion from N$56.27 billion, while advances grew 9.2% to N$42.81 billion. Customer deposits rose 14.3% to N$52.13 billion from N$45.60 billion.
FirstRand Namibia Chief Executive Officer Conrad Dempsey said the results strengthened the group’s ability to support customers and economic activity.
“Every set of financial results tells two stories,” Dempsey said. “One is reflected in the financial performance. The other is reflected in the progress our customers make every day through businesses growing, families buying homes, entrepreneurs creating opportunities and people investing in their futures.”
“When our customers make progress, Namibia makes progress. Our results give us the strength to continue supporting that progress.”
The group said its earnings performance was underpinned by improved credit performance, growth in advances to corporate clients, recurring franchise income and disciplined balance sheet growth.
Revenue growth was, however, moderated by interest rate movements and pricing actions for customers, while profitability benefited from resilient transactional activity and continued focus on operational efficiency.
Chief Financial Officer Lizette Smit attributed the performance to disciplined financial management and said maintaining a strong balance sheet remained critical to the group’s ability to support customers.
“Strong financial performance is built on disciplined decisions made consistently over time,” Smit said.
“Maintaining a strong balance sheet, prudent capital management and disciplined credit practices ensures we remain well positioned to support our customers through changing economic conditions while continuing to invest in the long-term sustainability of our business.”
Headline earnings per share increased 12.3% to 802.5 cents from 714.5 cents, while basic earnings per share rose to 803.5 cents from 715.8 cents.
Return on equity remained broadly stable at 28.5%, compared with 28.6% in 2025, while return on assets improved to 3.6% from 3.3%. The cost-to-income ratio increased to 48.5% from 46.2%.
FirstRand Namibia’s market capitalisation increased to N$14.76 billion from N$12.61 billion, while its closing share price rose to N$55.16 from N$47.12.
The group also strengthened its capital position, with the banking group’s total capital adequacy ratio increasing to 20.6% from 19.2% and its Tier 1 ratio rising to 18.4% from 16.9%.
During the year, FirstRand Namibia extended N$19.9 billion towards business development, up from N$17.2 billion in 2025, while FNB Namibia accounted for 34.5% of total banking-sector advances.
The group paid N$2 billion in interest to clients during the year and N$554.9 million in dividends to Namibians.
FirstRand Namibia declared an ordinary dividend of 446.57 cents per share, with payment scheduled for 15 October 2026.
Looking ahead, the group said it will focus on accelerating digital adoption and innovation, expanding its customer franchise and supporting Namibia’s key growth sectors, including oil and gas, while maintaining disciplined risk and capital management.
