FirstRand Namibia reports solid 2025 financial results
FirstRand Namibia has posted strong financial results for the year ended 30 June 2025, highlighting resilience and strategic agility in a challenging economic environment. Growth in customer numbers, higher transaction volumes and effective cost control all contributed to the results, despite an increase in impairments.
The group reported a net profit after tax of N$1.9 billion, up 12.2 per cent from N$1.7 billion in 2024. Return on equity rose to 28.6 per cent, compared to 27.8 per cent last year, while net asset value per share increased to 2 676 cents from 2 329 cents. A dividend of 476.34 cents per share was declared, representing a 34.7 per cent year-on-year increase.
“We are pleased with our progress on the key drivers of shareholder value creation. Our performance reflects disciplined financial resource management, strong customer growth, and effective cost containment,” said Lizette Smit, FirstRand Namibia’s Chief Financial Officer.
Balance sheet and credit performance
The group recorded steady private sector credit extension, mainly driven by corporate credit demand, which grew by 10.6 per cent. Household credit demand was more subdued, reflecting low mortgage growth. Total advances grew by 3.9 per cent. RMB delivered advances growth of 16.2 per cent, while FNB’s advances were held back by regulatory write-offs, higher repayments, and slower market growth.
Deposits grew by 2.1 per cent, with FNB maintaining its position as the country’s largest custodian of retail and commercial deposits. The bank credited this to competitive pricing, tailored client offerings, and continued customer acquisition.
The impairment charge for the year rose by 23.9 per cent to N$527 million, mainly due to higher write-offs following regulatory changes and reviews of accounts deemed unrecoverable. The credit loss ratio increased to 1.3 per cent, from 1.1 percent in 2024. Improved recoveries provided some offset.
Operating expenses were tightly controlled, rising by only 5.5 per cent to N$2.8 billion. The cost-to-income ratio improved to 46.2 percent.
Strategic initiatives
During the year, FirstRand Namibia launched several initiatives, including:
• H.E.R (Helping Every Woman Rise): A banking solution designed to empower women in business.
• SME Digital Hub: A platform giving small businesses tools and services to grow without visiting a branch.
• A N$500 million sustainability bond to support projects delivering environmental and social value.
• FNB Collective Buying: enabling up to 12 individuals to jointly purchase property and share repayments.
• CashPlus Agency Banking: Expanding financial access through local business partnerships.
• Continued investment in digital platforms and customer-centred solutions.
Outlook
Looking ahead, the group said it will continue to focus on prudent credit management, responsible capital deployment and leveraging technology to deliver on its strategy.
Key investments in digital platforms, automation and data analytics are expected to drive efficiency and scalability, while staff development and wellbeing remain priorities.
FirstRand Namibia reaffirmed its commitment to balancing financial performance with social and environmental impact, positioning itself as a resilient, future-ready financial services group.
The group reported a net profit after tax of N$1.9 billion, up 12.2 per cent from N$1.7 billion in 2024. Return on equity rose to 28.6 per cent, compared to 27.8 per cent last year, while net asset value per share increased to 2 676 cents from 2 329 cents. A dividend of 476.34 cents per share was declared, representing a 34.7 per cent year-on-year increase.
“We are pleased with our progress on the key drivers of shareholder value creation. Our performance reflects disciplined financial resource management, strong customer growth, and effective cost containment,” said Lizette Smit, FirstRand Namibia’s Chief Financial Officer.
Balance sheet and credit performance
The group recorded steady private sector credit extension, mainly driven by corporate credit demand, which grew by 10.6 per cent. Household credit demand was more subdued, reflecting low mortgage growth. Total advances grew by 3.9 per cent. RMB delivered advances growth of 16.2 per cent, while FNB’s advances were held back by regulatory write-offs, higher repayments, and slower market growth.
Deposits grew by 2.1 per cent, with FNB maintaining its position as the country’s largest custodian of retail and commercial deposits. The bank credited this to competitive pricing, tailored client offerings, and continued customer acquisition.
The impairment charge for the year rose by 23.9 per cent to N$527 million, mainly due to higher write-offs following regulatory changes and reviews of accounts deemed unrecoverable. The credit loss ratio increased to 1.3 per cent, from 1.1 percent in 2024. Improved recoveries provided some offset.
Operating expenses were tightly controlled, rising by only 5.5 per cent to N$2.8 billion. The cost-to-income ratio improved to 46.2 percent.
Strategic initiatives
During the year, FirstRand Namibia launched several initiatives, including:
• H.E.R (Helping Every Woman Rise): A banking solution designed to empower women in business.
• SME Digital Hub: A platform giving small businesses tools and services to grow without visiting a branch.
• A N$500 million sustainability bond to support projects delivering environmental and social value.
• FNB Collective Buying: enabling up to 12 individuals to jointly purchase property and share repayments.
• CashPlus Agency Banking: Expanding financial access through local business partnerships.
• Continued investment in digital platforms and customer-centred solutions.
Outlook
Looking ahead, the group said it will continue to focus on prudent credit management, responsible capital deployment and leveraging technology to deliver on its strategy.
Key investments in digital platforms, automation and data analytics are expected to drive efficiency and scalability, while staff development and wellbeing remain priorities.
FirstRand Namibia reaffirmed its commitment to balancing financial performance with social and environmental impact, positioning itself as a resilient, future-ready financial services group.
