Tjombonde approved as SBN chairman

Shareholders of Standard Bank Namibia have approved the appointment of Isac Tjombonde as the board chairman of SBN Holdings Limited and Standard Bank Namibia Limited with effect 1 April.

The other directors appointed to the board are Josephat Mwatotele, Gerald Riedel, Erwin Tjipuka (chief executive (executive director), Siphiwe Themba Bruce Madonsela (non-executive director), and Arlington Tendai Matenda (chief financial officer).

“The shareholders are hereby provided with the outcome of the votes, where shareholders via proxy voted on the following resolutions prior to the meeting. The total Shares in issue are: 522,471,910, and resolutions were voted on by 493, 863, 919 (94.52%) of all shareholders. All of the resolutions were carried by simple majority vote,” the bank said.

The bank has reappointed PriceWaterhouseCoopers (PwC) as external auditors in line with regulatory requirements.

For the consolidated financial results for the year ended 31 December, profit for the year increased by 23,3%, up from N$624 million to N$770 million.

Main contributors to this growth are the increase in net interest income of 24,6%, mainly due to the positive endowment effect ensuing from continued repo rate increases, 32,2% growth in trading revenue, 28.5% increase in bancassurance and increase in property related revenues.

Due to strong income growth, the group achieved a difference between income growth and cost growth (JAWS) of 160 basis points. The group’s cost-to-income ratio improved to 60,7% (normalised 57,6%) from 61,7% in 2022

The Return on Equity (ROE) improved to 15,6% from 13,7%. The group is tracking ahead of its ROE target of a minimum of 15% by 2025. The group remained well capitalised with the total regulatory capital ratio at 20,7% (2022: 17,7%) and the total tier 1 capital ratio at 18,2% (2022: 15,6%).

Standard Bank believes that Namibia’s economic performance is expected to continue on a positive trajectory with stable growth expected over the remainder of the forecast period to 2027.

The bank believes that the growth will be supported by a broader and more sustained recovery across most sectors of the economy, while structural reforms implemented by the sovereign will continue to aid growth over the midterm.

“Looking ahead, our strategic focus areas of transforming client experience, executing with excellence, and driving sustainable growth and value for all stakeholders, will guide our actions. We recognize the vital role that the bank plays in society, and we are committed to fulfilling that role with integrity and purpose,” the bank said.

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