FirstRand Namibia Ltd
(Incorporated in the Republic of Namibia)
(Registration number: 88/024)
ISIN: NA0003475176 | Share Code (NSX): FNB
(“FirstRand Namibia Ltd” or “the Company”)


Consolidated group audited results and cash dividend for the year ended 30 June 2025

Financial Statistics

                                                                 2025           2024     % change

 Headline earnings per share (cents)                            714.5          641.2          11.4
 Basic earnings per share (cents)                               715.8          636.6          12.4
 Final Dividend per share - ordinary dividends (cents) –
 Declared August                                               284.02         180.16         57.6%
 Total dividend per share – ordinary (cents)                   476.34         353.68         34.7%
 Net asset value (NAV) (N$ million)                             7 147          6 232          14.7


 Return on equity (%)                                             28.6           27.8           0.8
 Cost to income ratio (%)                                         46.2           47.8         (1.6)
 Credit loss ratio (%)                                             1.3            1.1           0.2

 Earnings (N$ million)                                          1 912          1 704          12.2
 Pre-provision profit before tax (N$ million)                   3 198          2 837          12.7
 Advances (net of credit impairments)
 (N$ million)                                                  39 222         37 745            3.9
 Deposits (N$ million)                                         45 604         44 673            2.1
 Total risk-based capital adequacy ratio (consolidated
 group) (%)                                                       20.3           17.6           2.7

Results overview

Our full-year results show a net profit after tax of N$1 912 million (2024: N$1 704 million), a 12.2% improvement
from last year. Several key factors contributed to the group’s strong position, including growth in customers,
growth in transaction volumes, and effective containment of operating costs.

Pre-provision profit before tax increased by 12.7%. This was primarily due to increases in net interest income,
non-interest income, and cost of 8.9%, 10.7% and 5.5%, respectively.

Net interest income grew by 8.9% to N$3 355 million, despite a lower repo rate for the year. Key drivers of the
net interest income were good average advances growth, strategic and agile pricing, and the benefit of our
asset-liability management (ALM) strategy. These offset the endowment impact because of the 100bps rate cuts
during the financial year. Interest expense decreased by 15.7%, while interest income decreased by 3.2%.

We continue to benefit from our diversified funding base and disciplined liquidity management. We remain
focused on managing margin compression, particularly given the narrowing margin between the repo and prime
rates coming into effect in 2026.
Deposits grew by 2.1% to N$45.6 billion, with FNB deposits growing by 12.7%, offsetting a 14.1% year-on-year
decline in RMB deposits. Institutional funding decreased due to the strong franchise deposit growth, which
contributes 88.1% of the overall funding base.

Net advances, making up 69.7% (2024: 62.1%) of the balance sheet, reflected a year-on-year increase of 3.9%
to N$39.2 billion.

The impairment charge increased by 23.9% to N$527 million, driven by an increase in write-offs during the year,
partly offset by improved recoveries. There were increased defaults in commercial business banking, SME
sectors, and personal and home loan products for retail customers. The credit loss ratio (CLR) was 1.3% (2024:
1.1%). The increased write offs during the year were necessitated on the back of regulatory changes effective
during the year as well as a review of write off points where recovery was seen to be exhausted.

The 2026 financial year will see a full year of lower interest rates, which should help ease customer strain. Our
initiatives should also curb the increase in NPL inflows and improve the overall impairment charge. Specific
impairment provision decreased by 3.0% to N$1 032 million. Portfolio provisions (model-driven) decreased by
7.0% to N$566 million. The non-performing loans (NPLs) reduced to N$2 124 million (2024: N$2 394 million).
This represents a 5.2% NPL ratio, a decrease from the 6.1% in 2024.

Non-interest revenue continues to deliver strong growth. The 10.7% increase was mostly driven by volume
growth, pricing at 5%, and transact customer growth of 6.5%. Total transaction volumes were 237 million (2024:
204 million), an increase of 16.5% from last year, with growth in all channels. Customer numbers were 800 451
as at June 2025, up 6.0% from last year.

Our insurance business experienced strong growth, with premiums increasing by 14.8% for the year, driven by
a robust policy uptake. This was offset by an increase in claims due to heavy rains during the second half of the
year.

Assets under management grew by 21.6% to N$19.7 billion. This demonstrates our focus on building alternative
sources of noninterest revenue.

Operating expenses were tightly managed, and increased by 5.5% to N$2 799 million. The cost-to-income ratio
decreased to 46.2%, aligned with our targeted ranges. Cost management remains top of mind as inflation
remains sticky. Continued focus and efforts on cost optimisation remain in place.

Staff costs increased by 9.0% to N$1 604 million, accounting for 57.3% of total operating expenses. This is due
to targeted and general salary increases and the 4.5% increase in permanent headcount, which aligns with
strategic growth objectives.

Total IT spend, including IT staff costs, amounted to N$869 million, contributing 31.0% to group expenses.
Contributions to the FirstRand Namibia Foundation was N$17.5 million, calculated at 1% of 2024’s headline
earnings.

The group issued the first Basel III-compliant note, raising N$500 million in tier 2 capital notes on the Namibian
Securities Exchange. The final orderbook was 1.5x oversubscribed, demonstrating strong investor confidence.
The group maintained strong capital and leverage ratios that exceeded regulatory minimums and internal
targets. Total regulated capital amounted to N$8.0 billion (2024: N$6.5 billion) and has increased by 22.7%. The
capital adequacy ratio was 20.3% (2024: 17.6%), and tier 1 capital was 18.2% (2024: 16.7%).

Dividend declaration

Notice is hereby given that a final ordinary dividend (number 64) for the year ended 30 June 2025 of 284.02
cents was declared on 21 August 2025. The last day to trade shares on a cum dividend basis will be on 26
September 2025 and the first day to trade ex-dividend will be 29 September 2025. The record date will be 3
October 2025 and the payment date 17 October 2025.

Notice of the Annual General Meeting

Notice is hereby given to all holders of ordinary shares in the company that the thirty-eighth (38th) annual
general meeting of the shareholders of FirstRand Namibia Ltd will be held via electronic media and in the Etosha
Boardroom, FirstRand Namibia Ltd, 5th Floor, @Parkside, 130 Independence Avenue, c/o Fidel Castro, Windhoek,
on 17 October 2025 at 14:30. Shareholders are advised that should they wish to attend the annual general
meeting via electronic media, an e-mail request be sent to shareholder@fnbnamibia.com.na. Shareholders will
be provided with a registration document, and subsequently a link to the event.


Short form announcement

This short form announcement is the responsibility of the directors. It is only a summary of the information
contained in the integrated annual report and does not contain full or complete details. Any investment decision
should be based on the full announcement accessible from Thursday, 11 September 2025, via the NSX link below
and also available on our website at https://www.firstrandnamibia.com.na/investors/financial-results/

This announcement is itself not reviewed or audited but is extracted from the audited information contained in
the integrated annual report for the year ended 30 June 2025.

The NSX link is as follows: https://senspdf.jse.co.za/documents/2025/nsx/isse/fnb/FNB30Jun25.pdf

By order of the Board
11 September 2025

Board of Directors: ON Shikongo (Chairperson), S Balsdon*, J Coetzee, C Dempsey (Chief Executive Officer), LD
Kapere, MJ Lubbe**, IN Nashandi, LP Smit (Chief Financial Officer), E van Zyl

* South African and Irish
** South African with Namibian Permanent Residence

Company Secretary: N Makemba
Registered office: @ Parkside, 130 Independence Avenue, P O Box 195, Windhoek, Namibia

Transfer secretary: Transfer Secretaries (Pty) Ltd, 4 Robert Mugabe Avenue, P O Box 2401, Windhoek,
Namibia, Registration No. 93/713.

Sponsor: Cirrus Securities (Pty) Ltd, 35 Schanzen Road, Windhoek, P O Box 27, Windhoek, Namibia,
Registration No. 98/463.