#JustIn: FirstRand Namibia reports 9% profit growth
Locally-listed FirstRand Namibia this morning reported a net profit after tax of N$1.704 billion or the year ended 30 June 2024, about N$143 million or 9.1% more than its previous financial year.
Considering the higher repo rate for the reporting period, net interest income grew by 14.3% to N$3.082 billion, FirstRand Namibia said in their results released on the Namibian Stock Exchange (NSX).
“Key drivers of our net interest income (NII) were good average advances growth, strategic and agile pricing and the higher rate environment,” the group, with FNB Namibia as its flagship brand, said.
Non-interest revenue (NIR) continues to deliver strong growth, with investments made in previous years starting to materialise, FirstRand Namibia said.
“NIR increased by 10.8%, mostly driven by volume growth, as pricing for the year only increased between 4% and 6%.
“Other key contributions to NIR growth this year came from our insurance business, in line with our strategic initiative to diversify earnings streams, which saw growth of 15.9% compared to the previous year,” the group added.
FirstRand Namibia declared a final ordinary dividend of 180.16 cents per share.
Considering the higher repo rate for the reporting period, net interest income grew by 14.3% to N$3.082 billion, FirstRand Namibia said in their results released on the Namibian Stock Exchange (NSX).
“Key drivers of our net interest income (NII) were good average advances growth, strategic and agile pricing and the higher rate environment,” the group, with FNB Namibia as its flagship brand, said.
Non-interest revenue (NIR) continues to deliver strong growth, with investments made in previous years starting to materialise, FirstRand Namibia said.
“NIR increased by 10.8%, mostly driven by volume growth, as pricing for the year only increased between 4% and 6%.
“Other key contributions to NIR growth this year came from our insurance business, in line with our strategic initiative to diversify earnings streams, which saw growth of 15.9% compared to the previous year,” the group added.
FirstRand Namibia declared a final ordinary dividend of 180.16 cents per share.
