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Nedbank Namibia has announced a 34% increase in profit after tax to US $ 140 million for the financial year ended 31 December 2022. Nedbank Namibia Limited is a subsidiary of Nedbank Group Limited, incorporated in South Africa. The bank was founded in 1973 in Namibia and since then it has been providing various financial services to individuals and companies
Nedbank Namibia has announced a 34% increase in profit after tax to N$ 275 million for the financial year ended 31 December 2022. Nedbank Namibia Limited is a subsidiary of Nedbank Group Limited, incorporated in South Africa. The bank was founded in 1973 in Namibia and since then it has been providing various financial services to individuals and companies
The growth was primarily driven by higher interest rates and a surge in the group’s non-interest income, combined with effective cost management. According to the bank’s financial statement, total income increased by 13% from the prior year, reaching N$1.2 billion. Meanwhile, net income grew by 10% to N$688million from N$624million.
Nedbank delivered strong headline earnings growth of 35% driven by increased interest rates as well as growth in our non-interest income combined with good cost management. The bank continued to make good progress on our strategic value drivers, stated Martha Murorua, Nedbank Namibia’s Managing Director. Murorua attributed the impressive results to the bank’s strategic value drivers of growth, productivity, and risk and capital management and also highlighted the bank’s focus on digital transactions, with 46% of customers being digitally active.
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Nedbank Namibia highlighted its commitment to improving the lives and livelihoods of Namibians. It is noticeable that the expenses incurred in fulfilling the operational mandates of the Bank are overwhelmingly in favour of improving the lives and livelihoods of Namibians over a broad spectrum of our society, including staff, families, businesses, and society.
