2015-08-27Staff Report 2 " Windhoek The year 2015 is an important milestone for Standard Bank in Namibia as it marks 100 years since the bank first opened a branch in Lüderitz in 1915, while the bank achieved a very positive financial performance of an after-tax profit of N$235 million for the six months ended June 30, 2015. “We are pleased that our interim financial performance continues to show positive returns in a really tough economic climate to ensure that we continue to support Namibia in its growth. This reinforces our confidence that we are focusing our attention in the right areas,” said Standard Bank Namibia’s chief executive Vetumbuavi Mungunda. Standard Bank Namibia (SBN) Holdings produced a positive performance for the six months ended June 30, increasing profit after tax by 39 percent and loans and advances by 19 percent. The group's return on equity has increased to 22.7 percent from 17.2 percent in the first-half year results for 2014. Total income grew by 18 percent and expenses grew by 12 percent, reflecting the investment made in systems and infrastructure over the past three years. ""Credit impairment charges were 13 percent lower than June 2014, indicative of the progress made in the management of our loan book,"" says Mungunda. The SBN Holdings maintained a well-capitalised position based on Tier 1 with total capital adequacy and leverage ratios throughout the six months under review. Furthermore, SBN Holdings complied with Basel III-compliant internal liquidity standards throughout the period, including a net stable funding ratio and a liquidity coverage ratio calculated on a daily basis. Global growth of 3.3 percent is expected in 2015, marginally lower than in 2014, with a gradual improvement in advanced economies and a slowdown in emerging market and developing economies. The domestic economy is expected to grow by 5 percent in 2015, down from the initial estimate of 5.4 percent. The growth in the remainder of 2015 and over the next two years is expected to be driven mainly by the construction and infrastructure sectors and public works programmes. “We have seen continuing stability in our IT environment, strengthened our balance sheet and continue to strive for operational efficiency through increased digitisation and integration of the universal banking model. We will continue to leverage our brand, market positioning and talented staff to better service our clients and customers,” added Mungunda. " 2015-08-27Staff Report 2
