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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 2022
Financial Statistics
2022 2021 % change
Headline earnings per share (cents) 484.5 391.2 23.9
Basic earnings per share (cents) 483.0 390.9 23.6
Final Dividend per share- ordinary
dividends (cents) 319.84 118 100.0
Total dividends per share paid– ordinary
(cents) 271 212 27.8
Net asset value (NAV) (N$ million) 2 355 2 136 10.3
Return on equity (%) 21.4 19.4 2.0
Cost to income ratio (%) 52.8 54.6 (1.8)
Credit loss ratio (%) 0.29 0.75 (0.5)
Earnings (N$’000) 1 265 292 1 021 909 23.8
Pre-provision profit (N$’000) 1 963 832 1 730 005 13.5
Advances (net of credit impairments)
(N$ million) 31 963 30 207 5.8
Deposits (N$ million) 37 114 35 664 4.1
Total risk-based capital adequacy ratio
(consolidated group) (%) 21.2 20.0 1.2
Results overview
The 2022 financial year was another extraordinary year for our business. The Namibian economy started to
emerge from the shadow of the pandemic as seen in the rest of the globe. The COVID-19 pandemic provided a
rigorous test of our business model.
Group financial performance
Highlighting the strength and potential of our franchises, FirstRand Namibia delivered a good set of financial
results in 2022, with record revenue of N$4 147 million, net income after cost of capital of N$413 million and a
return on equity of 21.4%.
We earned N$1 963 million in pre-provision profits versus N$1 730 million in 2021, reflecting strong underlying
performances across our businesses. The impairment charge is lower in 2022 by 143 million Namibian dollars.
Impairments are volatile given compliance with the current expected credit loss accounting standard and further
driven by probability-weighted macro scenarios.
The year also saw customer transactional activity returning and market unpredictability coming back to more
normalised levels, while corporate activity remained subdued across all sectors. Long-term investor confidence
is still lagging even though quite a few sectors saw their performance coming back to pre-Covid-19 growth levels.
As at the end of our 2022 financial year with GDP recovering gradually, there is still considerable disparity in
performance between sectors.
Our results for the year are mostly driven by the positive credit performance but the underlying franchise drive
and positive client transactional activity uptake resulted in a resilient pre-provision profit growth of 13.5% year-
on-year. Earnings per share increased to 483.0 cents (2021: 390.9 cents). Profit before tax increased by 26% to
N$1 867 million (2021: N$1 492 million) for the year under review. Cost to income ratio decreased to 52.8%
(2021: 54.6%).
ROE and ROA improved to 21.4% and 2.7% respectively. NAV per share of 2 355 cents increased by 10%,
compared to 2 136 cents in June 2021.
Net interest income (NII) grew by 17% off higher average balances and slightly higher margins driven by the
three rate hikes for the second half of the financial year. Interest expense decreased by 3% while interest income
increased by 10%.
Operational non-interest revenue (NIR) benefited from the economic rebound. NIR marginally increased year-
on-year with 2%, following pricing reviews of certain transactions in FNB Retail and FNB Commercial, the pricing
reviews waived N$102 million of bank charges. Total transaction volumes amounted to 153 million (2021: 136
million), an increase of 12% from prior year. The continued growth in our active client base and providing greater
offerings to existing clients were the primary drivers behind the increase. Total number of customers were 671
596 as at June 2022 up 2.7% from last year.
Dividend declaration
Notice is hereby given that a final ordinary dividend (number 58) for the year ended 30 June 2022 of 319.84
cents was declared on 18 August 2022. The last day to trade shares on a cum dividend basis will be on 30
September 2022 and the first day to trade ex-dividend will be 3 October 2022. The record date will be 7 October
2022 and the payment date 21 October 2022.
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, 15 September 2022, via the NSX link
https://senspdf.jse.co.za/documents/2022/nsx/isse/fnb/FNB30Jun22.pdf and also available on our website at
https://www.fnbnamibia.com.na/about-fnb/index.html
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 2022.
Notice of the annual general meeting
Notice is hereby given to all holders of ordinary shares in the Company that the thirty fifth (35th) Annual
General Meeting (AGM) of the shareholders of the company will be held via electronic media or in the
Etosha Boardroom, FirstRand Namibia Ltd, 5th Floor, @Parkside, 130 Independence Avenue, c/o Fidel
Castor Windhoek, on 20 October 2022 at 14:30.
Details of the AGM can be found on pg. 315 in the full Annual Financial Statement.
Board of Directors: II Zaamwani (Chairperson), OLP Capelao, J Coetzee, C Dempsey* (Chief Executive), P
Grüttemeyer, CLR Haikali, R Makanjee**, IN Nashandi, E van Zyl
*South African with Namibian Permanent Residence
**South African
| Company Secretary: N Makemba
Registered office: @ Parkside, 130 Independence Avenue, P O Box 195, Windhoek, Namibia, Registration No.
88/024, ISIN Code: NA0003475176, NSX Share Code: FNB.
By order of the Board
15 September 2022
Sponsor: Cirrus Securities (Pty) Ltd, 35 Schanzen Road, Windhoek, P O Box 27, Windhoek, Namibia,
Registration No. 98/463.
Transfer secretary: Transfer Secretaries (Pty) Ltd, 4 Robert Mugabe Avenue, P O Box 2401, Windhoek,
Namibia, Registration No. 93/713.
