FirstRand Namibia says it expects its half-year earnings for the period ended December 31, 2021 to rise by at least 10% compared to the previous period.
 “Headline earnings per share for the period ended 31 December 2021 will be materially higher than the prior period by between 10% to 15%,†the listed financial services group said in a trading update.Â
FirstRand Namibia Group, which is the holding company for First National Bank of Namibia Limited, WesBank, RMB Namibia, FNB Insurance Brokers, OUTsurance and FNB Unit Trusts among others, is expecting to release its financials on or about 1 March 2022.Â
Simonis Storm expects FirstRand’s (Headline) earnings per share (H)EPS to be up by 10-15% year on year as per the trading statement.Â
“We believe FirstRand to be well on track, more than likely to attain our FYE22 (H)EPS forecast of 415.8 cents per share [56 – 59% there already]. Anticipating earnings to crystalize in a typical FirstRand fashion, delivering conservatively over a longer-term duration. We acknowledge the gradual interest-rate hikes expected over the year, the unravelling of the pandemic (Omicron strain not as severe as Delta), possible impairment reduction (resilient book), and improved economy, albeit marginally, to all be earnings supportive. Again, although we can see an auspicious environment over the short-term, there remains a valid concern for the medium-to-long-term: ‘where will real growth come from?†the stock broking firm said.
 “FirstRand however remains a cornerstone bank and stock choice within the Namibian environment, at least in our view.â€Â
In the six months to December, Firstrand Namibia saw board changes taking place, with Jabulani Khethe and Jantje Daun resigning as Directors effective 31 December 2021.Â
“The resignation of Jabulani Khethe marks his retirement from the Board after serving as a Director for over 15 years. Jantje Daun has resigned to pursue a career opportunity after serving as a Director for the past 4 years,†the group said.
