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Digital transacting buffers FNB incomes

by Tiri Masawi The Villager on-line
News Flash




First National Bank of Namibia’s adoption of digital technology system using cell phone banking, speed point machines and internet banking has since paid off dividends according to the bank’s latest financial statements.

Cell phone banking transactions for FNB Namibia are valued at N$1.3billion, while income from cell phone banking contributed a staggering N$9million to the financial institution’s balance sheet.

Ridding on growing revenue from the recent sale of the bank’s assets including Momentum Assurance and Visa sales this year, FNB also declared an increase in earnings per share to 294 cents a from 191 cents at the same time last year.

The Banks Chief Executive Officer Kobus Louw expressed optimism over the banks performances saying, “We have managed to steer the sheep and also did exceptionally well in managing non-performing loans. Going forward we will be looking to invest more in the more in the housing and infrastructure development projects.”

However Louw could not hide the fact the bank is not going to be spared by the recent interest rate cut by 50 basis points instituted by the Bank of Namibia two weeks ago to give the economy a breather.

“We will have to deal with the recent rate cut as it will definitely affect our interest earnings in the future. The bank of Namibia has set a road map and plan that they aim to deal with so definitely we will need to maneuver and find a way around,” said Louw.

FNB Namibia is also enjoying an increase in its asset base which swelled to N$19.6 billion while the value of transactions through internet banking has also totaled N$236b within the period under review.

This has been attributed to a growing interest in transacting through the cyber by a larger spectrum of the Namibian population.

The Bank also declared that going forward FNB remains very well capitalised  and the its shareholders will be smiling all the way to the bank as a windfall of takings will flow into their accounts within the next foreseeable future.