FNB Namibia results set to grow higher

First National Bank (FNB) Namibia Holdings Group has announced solid result with a profit of N$610 million for the year ended 30 June 2013.

FNB Namibia Holdings chief financial officer, Oscar Capelao notes that the profit for the year which was a 7% increase from 2012 was generated from continuing operations on the back of robust growth in advances and deposits.

“The Groups’performances is more accurately judged by considering headline earnings as last year’s result included the profit from the sale of the group’s 51% shareholding in Momentum Namibia to Metropolitan Life Namibia on 29 June 2012 and Momentum’s earnings contribution,” he says.

The total Group asset also grew by 14.2% to N$ 22.5b and on the subject of shareholder return, FNB Namibia Group advised in the current year a dividend cover of 2.3 has resulted in an ordinary dividend distribution for the year of N$ 1.00, a 22% increase on the prior financial year.

CEO FNB Namibia Holdings, Ian Leyenaar, noted that the Group is well positioned to continue create sustainable wealth for all their stakeholders.

“The  benefit of FNB Rand Merchant Bank and FNB collaboration is proving to offer innovative business solutions and will continue to focus on this area in supporting our strategy of diversifying our exposure and growing our share of the market whenever a gap is identified,” he adds.