FNB half-year results good
FNB half-year results good

FNB half-year results good

An interim dividend for the six months ended 31 December 2016 of 91 cents per ordinary share was declared on 31 January 2017.
Staff Reporter
FNB Namibia Holdings' half-year results were released this week in the context of an embattled economy.

Previously flourishing on pro-cyclical fiscal spending and foreign investment in new mines and infrastructure, the Namibian economy is facing severe headwinds that include a current economic growth forecast for 2016 which has been revised downwards by government and most research houses.

“For the period under review, the economy was challenged by lower commodity prices, severe drought conditions, weaker global and regional growth, and a sudden slump in the construction and manufacturing sector.

FNB Namibia Holdings' performance for the six months ended 31 December 2016 reflects the impact of the macroeconomic environment,” said Oscar Capelao, chief financial officer at FNB Namibia Holdings.

While the Namibian group's local investment continued at full commitment, rising costs and falling incomes in real terms affect normally high returns to stakeholders and shareholders.

FNB's core operations have performed well over the period with active accounts up by 9%, Electronic channels, such as eWallets showing growth of 44% and point-of-sale transactions growing by 12%, and advances growth of 8.4%.

However, performance was affected by the increased cost of funding in the current tighter liquidity environment and investment in risk management.

Profit for the half-year was N$599.2 million, compared to N$597.4 million in 2015: Earnings per share were flat at 226.3 cents compared to 2015's 226.5 cents.

Other key ratios reflect a similar trend. Return on average equity was 30.3% compared to 35.4% in 2015, return on average assets at 3.5% (2015: 3.9%) and cost-to-income ratio at 46.3% (2015: 42.4%).

The return on average equity at 30.3% is closer to the five-year, long-term average of 29%, according to Capelao.

An interim dividend for the six months ended 31 December 2016 of 91 cents per ordinary share was declared on 31 January 2017.

Said Sarel van Zyl, CEO at FNB Namibia Holdings: “While we anticipate operating conditions to become more demanding - in both the economic and regulatory environment, we believe our strong balance sheet, diversified earnings base and innovative customer solutions and service will work together to deliver a continued solid and sustainable performance.”

STAFF REPORTER

Comments

Namibian Sun 2024-11-07

No comments have been left on this article

Please login to leave a comment

Premier League: Fulham 2 vs 1 Brentford Katima Mulilo: 22° | 36° Rundu: 20° | 31° Eenhana: 21° | 31° Oshakati: 21° | 31° Ruacana: 20° | 31° Tsumeb: 19° | 26° Otjiwarongo: 18° | 23° Omaruru: 20° | 32° Windhoek: 17° | 29° Gobabis: 19° | 28° Henties Bay: 16° | 22° Wind speed: 19km/h, Wind direction: SW, Low tide: 12:28, High tide: 06:39, Low Tide: 00:56, High tide: 18:52 Swakopmund: 15° | 18° Wind speed: 19km/h, Wind direction: W, Low tide: 12:26, High tide: 06:37, Low Tide: 00:54, High tide: 18:50 Walvis Bay: 15° | 24° Wind speed: 23km/h, Wind direction: W, Low tide: 12:26, High tide: 06:36, Low Tide: 00:54, High tide: 18:49 Rehoboth: 20° | 30° Mariental: 22° | 35° Keetmanshoop: 24° | 36° Aranos: 20° | 34° Lüderitz: 14° | 24° Ariamsvlei: 22° | 36° Oranjemund: 15° | 24° Luanda: 25° | 27° Gaborone: 19° | 27° Lubumbashi: 17° | 33° Mbabane: 13° | 24° Maseru: 12° | 25° Antananarivo: 14° | 30° Lilongwe: 22° | 29° Maputo: 19° | 26° Windhoek: 17° | 29° Cape Town: 17° | 22° Durban: 16° | 23° Johannesburg: 15° | 26° Dar es Salaam: 26° | 31° Lusaka: 20° | 31° Harare: 17° | 30° Currency: GBP to NAD 22.45 | EUR to NAD 18.68 | CNY to NAD 2.43 | USD to NAD 17.33 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.25 | EGP to NAD 0.34 | KES to NAD 0.13 | NGN to NAD 0.01 | ZMW to NAD 0.63 | ZWL to NAD 0.04 | BRL to NAD 3.03 | RUB to NAD 0.18 | INR to NAD 0.21 | USD to DZD 133.1 | USD to AOA 909.05 | USD to BWP 13.4 | USD to EGP 49.22 | USD to KES 129.2 | USD to NGN 1680.41 | USD to ZAR 17.34 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1858.03 Down -1.09% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 31045.26 Up +0.82% | Botswana Stock Exchange (BSE) DCI 9878.53 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 693.71/OZ UP +1.11% | Copper US$ 4.40/lb UP +4.16% | Zinc US$ 3 082.50/T UP 3.44% | Brent Crude Oil US$ 75.25/BBP DOWN -0.0034 | Platinum US$ 990.08/OZ UP +0.59% Sport results: Premier League: Fulham 2 vs 1 Brentford Weather: Katima Mulilo: 22° | 36° Rundu: 20° | 31° Eenhana: 21° | 31° Oshakati: 21° | 31° Ruacana: 20° | 31° Tsumeb: 19° | 26° Otjiwarongo: 18° | 23° Omaruru: 20° | 32° Windhoek: 17° | 29° Gobabis: 19° | 28° Henties Bay: 16° | 22° Wind speed: 19km/h, Wind direction: SW, Low tide: 12:28, High tide: 06:39, Low Tide: 00:56, High tide: 18:52 Swakopmund: 15° | 18° Wind speed: 19km/h, Wind direction: W, Low tide: 12:26, High tide: 06:37, Low Tide: 00:54, High tide: 18:50 Walvis Bay: 15° | 24° Wind speed: 23km/h, Wind direction: W, Low tide: 12:26, High tide: 06:36, Low Tide: 00:54, High tide: 18:49 Rehoboth: 20° | 30° Mariental: 22° | 35° Keetmanshoop: 24° | 36° Aranos: 20° | 34° Lüderitz: 14° | 24° Ariamsvlei: 22° | 36° Oranjemund: 15° | 24° Luanda: 25° | 27° Gaborone: 19° | 27° Lubumbashi: 17° | 33° Mbabane: 13° | 24° Maseru: 12° | 25° Antananarivo: 14° | 30° Lilongwe: 22° | 29° Maputo: 19° | 26° Windhoek: 17° | 29° Cape Town: 17° | 22° Durban: 16° | 23° Johannesburg: 15° | 26° Dar es Salaam: 26° | 31° Lusaka: 20° | 31° Harare: 17° | 30° Economic Indicators: Currency: GBP to NAD 22.45 | EUR to NAD 18.68 | CNY to NAD 2.43 | USD to NAD 17.33 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.25 | EGP to NAD 0.34 | KES to NAD 0.13 | NGN to NAD 0.01 | ZMW to NAD 0.63 | ZWL to NAD 0.04 | BRL to NAD 3.03 | RUB to NAD 0.18 | INR to NAD 0.21 | USD to DZD 133.1 | USD to AOA 909.05 | USD to BWP 13.4 | USD to EGP 49.22 | USD to KES 129.2 | USD to NGN 1680.41 | USD to ZAR 17.34 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1858.03 Down -1.09% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 31045.26 Up +0.82% | Botswana Stock Exchange (BSE) DCI 9878.53 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 693.71/OZ UP +1.11% | Copper US$ 4.40/lb UP +4.16% | Zinc US$ 3 082.50/T UP 3.44% | Brent Crude Oil US$ 75.25/BBP DOWN -0.0034 | Platinum US$ 990.08/OZ UP +0.59%