{"id":2269,"date":"2021-09-14T12:30:09","date_gmt":"2021-09-14T12:30:09","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier"},"modified":"2021-09-14T13:34:23","modified_gmt":"2021-09-14T13:34:23","slug":"firstrand-breaks-the-billion-dollar-profit-barrier","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier","title":{"rendered":"FirstRand breaks the billion dollar profit barrier"},"content":{"rendered":"

Africa-Press<\/a> – Namibia<\/a>. <\/strong><\/span>For the financial year that ended on 30 June 2021, FirstRand Namibia Limited\u2019s profit after tax increased to N$1.086 billion, up by 2.4%, while total deposits were N$36 billion, down from N$38 billion in the previous year. Also, total advances remained steady at N$30 billion.<\/p>\n

Announcing their financial results on Friday, the Group\u2019s ordinary dividend declared for end of 2021 is 118 cents per share, combined with the interim dividend of 94 cents, totalling 212 cents per share. This is compared to the total dividend of 154 cents in 2020.<\/p>\n

Moreover, the Group\u2019s assets under management grew from N$14 billion in 2020 to N$15 billion in 2021, while Tier 1 Capital was recorded at 17.7%, compared to 15.9% in 2020.<\/p>\n

The latest results also show Customer Satisfaction Scores came in higher than in 2020, speaking to an increased appreciation for the use of digital and alternative channels countrywide.<\/p>\n

In terms of digital innovations, FirstRand Namibia remains the market leader \u2013 showing strong growth in headline earnings at N$1 023 million, compared to N$867 million in 2020.<\/p>\n

According to a FirstRand statement, these most recent financial results reflect an extremely difficult operating environment, with normalised earnings decreasing.<\/p>\n

Oscar Capelao, FirstRand Namibia chief financial officer, commented: \u201cPost the beginning of lockdown in March 2020, underlying customer income and affordability in all segments deteriorated sharply as evidenced by lower levels of underlying transactional and credit turnover, and the increase in non-performing loans\u201d.<\/p>\n

He added that for FirstRand Namibia, the economic impact of Covid-19 will continue to place acute pressure on the Group\u2019s performance for the rest of the 2021 calendar year.<\/p>\n

\u201cHowever, trends are improving post-lockdown \u2013 even as economic recovery slowly emerges, and we remain hopeful the remaining year will be better for Namibia and its people and the world at large,\u201d said Capelao.<\/p>\n

\u201cAt the same time, our clients, employees, and broader society suffered sustained, complex personal challenges and many loved ones were lost to the pandemic. At FirstRand Namibia, we share their grief and are saddened by the numerous members of our own FirstRand Namibia family too who passed away over this period through Covid-19-related illnesses. We extend our condolences to all families who lost loved ones,\u201d said Conrad Dempsey, CEO: FirstRand Namibia.<\/p>\n

\u201cThe group\u2019s steady performance over the period is partly attributed to the pandemic impact driving necessary innovative and holistic relief programmes aimed at helping customers, including the Cashflow Relief programme, support to SME\u2019s and larger businesses to continue to cover costs and salaries, as well as numerous waivers of fees and restructurings of loans,\u201d continued Dempsey.<\/p>\n

Direct financial support to entities engaged in fighting the pandemic\u2019s spread doubled the groups\u2019 community investment over the period into health care worker protection, hospital equipment, oxygen delivery support, and vaccines transport and distribution across the country.<\/p>\n

\u201cFNB Namibia\u2019s digital banking platforms have also contributed to its brand value growth. As a purpose-led brand, FirstRand Namibia continues to push and redefine boundaries on what help means to customers and society. We play a pivotal role in our customers\u2019 lives by empowering them through relevant and meaningful contextual solutions. Help is, therefore, central to everything we do,\u201d Dempsey added.<\/p>\n

\u201cThe Covid-19 pandemic has accelerated our plans to design, implement and improve the nature of our financial and non-financial support to our customers and vulnerable communities. We continue to respond purposefully and empathetically to calls for help by assisting customers through a range of relief measures to help keep their heads above the water in the midst of a pandemic,\u201d noted Dempsey.<\/p>\n

\u201cGlobally, economies and societies are starting to emerge from the pandemic. In some countries, post-pandemic life is becoming a reality, with swift economic recovery creating new jobs. This view of life on the other side inspires us and our partners to step up and rebuild lost capacity to ensure Namibia keeps in step with the global recovery,\u201d ended Dempsey.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. For the financial year that ended on 30 June 2021, FirstRand Namibia Limited\u2019s profit after tax increased to N$1.086 billion, up by 2.4%, while total deposits were N$36 billion, down from N$38 billion in the previous year. Also, total advances remained steady at N$30 billion. Announcing their financial results on Friday, the […]<\/p>\n","protected":false},"author":84,"featured_media":2268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,6,8,16],"tags":[234,236,1095,796,233],"class_list":["post-2269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-barrier","tag-billion","tag-namibia"],"yoast_head":"\nFirstRand breaks the billion dollar profit barrier - Namibia<\/title>\n<meta name=\"description\" content=\"For the financial year that ended on 30 June 2021, FirstRand Namibia Limited\u2019s profit after tax increased to N$1.086 bil ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FirstRand breaks the billion dollar profit barrier\" \/>\n<meta property=\"og:description\" content=\"For the financial year that ended on 30 June 2021, FirstRand Namibia Limited\u2019s profit after tax increased to N$1.086 bil ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-14T12:30:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-14T13:34:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2021\/09\/img-6140a4c499ad5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"FirstRand breaks the billion dollar profit barrier\",\"datePublished\":\"2021-09-14T12:30:09+00:00\",\"dateModified\":\"2021-09-14T13:34:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier\"},\"wordCount\":645,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2021\/09\/img-6140a4c499ad5.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"barrier\",\"billion\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/firstrand-breaks-the-billion-dollar-profit-barrier\",\"name\":\"FirstRand breaks the billion dollar profit barrier - 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