{"id":30639,"date":"2022-10-04T09:38:55","date_gmt":"2022-10-04T09:38:55","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more"},"modified":"2022-10-04T09:50:59","modified_gmt":"2022-10-04T09:50:59","slug":"corporate-social-responsibilities-beg-for-more","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more","title":{"rendered":"Corporate social responsibilities beg for more"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Owing to the profitability indexes, Namibia\u2019s financial sector is dominantly occupied by foreign investors and most of the profits recorded leave the country to parent companies outside Namibia. However, considering the profitability rate of financial services providers such as banks, their commitment toward corporate social responsibilities (CSRs) and initiatives does not equate and begs for more.<\/p>\n

These were sentiments of a senior lecturer from the University of Namibia (Unam) Ralph Marenga, who added CSRs should not be seen as a costly exercise by banks, but rather as a much-needed responsibility aimed at benefiting the very same host communities that contribute to their profitability.<\/p>\n

\u201cCSRs should be meaningful and impactful, particularly in a country such as Namibia that is marred by an ever-expanding gap between the rich and the poor. Considering that most of the banks in Namibia are foreign-owned, their commitment towards CSRs would go a long way in improving their acceptability and integration into host communities, hence the business longevity sense of CSRs,\u201d explained Marenga.<\/p>\n

He further advised a deliberate effort in reforming legislation to compel and incentivise foreign debt investment in investing more in CSRs would close developmental gaps that government has not been able to fill.<\/p>\n

Releasing its annual social value report for the period ending 30 June 2022, Capricorn Group and its subsidiaries in Namibia and Botswana, invested N$15.4 million, which is an increase of 26.9% in corporate social responsibility initiatives. This represents 1.3% of the group\u2019s profit after tax, which is in line with the group\u2019s CSR policy guideline of 1% of profit after tax. Its profit is up by 16.6% to N$1.15 billion.<\/p>\n

FirstRand Namibia, in its corporate social responsibility report for the year 2022, stated the company spending on CSR is over N$13 million. According to the bank in its 2021 integrated annual report, earnings per share rose to 390.9 cents (2020: 313.4 cents). Profit before tax went up by 23% to N$1.492 billion (2020: N$1.209 billion) for the period under review.<\/p>\n

Nedbank Namibia stated to New Era the budget for this year is N$1.5 million.<\/p>\n

In its 2021 annual report, Nedbank Namibia\u2019s after-tax profit grew to N$204,5 million (2020: N$117,7 million) and earnings per share were 290,3 cents.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Owing to the profitability indexes, Namibia\u2019s financial sector is dominantly occupied by foreign investors and most of the profits recorded leave the country to parent companies outside Namibia. However, considering the profitability rate of financial services providers such as banks, their commitment toward corporate social responsibilities (CSRs) and initiatives does not equate […]<\/p>\n","protected":false},"author":84,"featured_media":30638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-30639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nCorporate social responsibilities beg for more - Namibia<\/title>\n<meta name=\"description\" content=\"Owing to the profitability indexes, Namibia\u2019s financial sector is dominantly occupied by foreign investors and most of t ...\" \/>\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\/corporate-social-responsibilities-beg-for-more\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Corporate social responsibilities beg for more\" \/>\n<meta property=\"og:description\" content=\"Owing to the profitability indexes, Namibia\u2019s financial sector is dominantly occupied by foreign investors and most of t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more\" \/>\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=\"2022-10-04T09:38:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-04T09:50:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/10\/postQueueImg_4-633c01f086af2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"482\" \/>\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=\"2 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\/corporate-social-responsibilities-beg-for-more#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Corporate social responsibilities beg for more\",\"datePublished\":\"2022-10-04T09:38:55+00:00\",\"dateModified\":\"2022-10-04T09:50:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more\"},\"wordCount\":372,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/10\/postQueueImg_4-633c01f086af2.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/corporate-social-responsibilities-beg-for-more\",\"name\":\"Corporate social responsibilities beg for more - 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