FirstRand Namibia earns N$2.1b profit

FirstRand Namibia made a headline profit of N$2.1 billion for the financial year ended 30 June 2026, helped by strong customer growth, higher deposits and continued lending to businesses and households.

The banking group said customers deposited N$52.1 billion, giving it more money to lend to key sectors of the economy such as agriculture, tourism, mining, infrastructure and the growing oil and gas industry.

During the year, the group paid N$2 billion in interest to customers on their savings and investments. It also paid N$555 million in dividends to shareholders.

Chief Executive Officer Conrad Dempsey said the results show that both the bank and its customers are making progress.

“Every set of financial results tells two stories. One is reflected in the financial performance. The other is reflected in the progress our customers make every day through businesses growing, families buying homes, entrepreneurs creating opportunities and people investing in their futures. When our customers make progress, Namibia makes progress,” he said.

Chief Financial Officer Lizette Smit said the bank remained financially strong because it managed its money carefully and kept lending responsibly.

“Maintaining a strong balance sheet, prudent capital management and disciplined credit practices ensures we remain well positioned to support our customers through changing economic conditions while continuing to invest in the long-term sustainability of our business,” she said.

The group increased lending to households, small businesses, entrepreneurs and companies in important sectors of the economy.

It also invested more in digital banking as more customers used online and mobile banking services. The bank said these investments made banking easier and improved access to financial services across Namibia.

FirstRand Namibia said its different businesses continued to grow during the year. Retail and Commercial Banking expanded lending and customer services, while RMB Namibia provided funding and advice for large projects. WesBank strengthened its vehicle finance business, while Ashburton Investments and FNB Insurance continued improving their products and services.

The bank also said it is preparing to support Namibia’s oil and gas industry by building the skills and partnerships needed to finance future projects and help local businesses benefit from the sector.

“The opportunities that will shape Namibia’s future do not arrive overnight. They are built over time through investment in people, expertise, relationships and capability. That is how we have approached our own business, and it is how we will continue supporting customers as Namibia’s economy evolves, including in emerging sectors such as oil and gas,” Dempsey said.

Investment research firm Simonis Storm said FirstRand Namibia delivered strong results, with headline earnings increasing by 12.3% from the previous year. The firm also noted that bad loans fell during the year, showing an improvement in the quality of the bank’s loan book.

However, Simonis Storm warned that rising operating costs, slower growth in core profits and possible future interest rate cuts could affect earnings going forward.

FirstRand Namibia said it will continue investing in digital banking, growing its customer base, supporting key sectors of the economy and managing its capital
carefully.

“Our responsibility is to remain strong enough to help customers seize opportunities, whatever the economic environment. That means continuing to invest in our people, our technology and our capabilities so that we can support customers not only today, but for many years to come,” Dempsey said.

-pmukokobi@nepc.com.na

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