FNB profit up

FNB Namibia Holding’s profit for the year ended 30 June 2012 increased to N$772 million from N$539 million the previous year, the group said in financial results released on Thursday in Windhoek.

Income from operations increased to N$1.719 billion from N$1.486 billion the previous year.
Chairman Claus Hinrichsen said the group’s capital benefited from a windfall following the sale of Momentum.
“A special dividend of 180 cents was therefore declared to return this excess capital to shareholders.
“In addition, we are pleased to announce a final dividend for the year ending 30 June 2012 of 41 cents paid in April 2012, as well as the special dividend of 180 cents, ordinary shareholders will receive a total dividend for the year of N$2.62 per ordinary share,” he said.
Outgoing chief financial officer, Erwin Tjipuka, said non-interest revenue increased by 22 percent to N$740 million. He said banking fees and commission income grew by 16 percent to N$630 million, despite pricing pressures.
“This is attributable to good growth in accounts and transaction volumes, as well as an annual price increase mostly for inflation. The number of customers using the Unlimited Electronic Pricing Option, capped at N$98 a month increased by 39 percent.
“There has been a 73 percent growth in cellphone banking users. Overall the volumes reflect FNB’s strategy to promote less expensive delivery channels. This puts revenue under pressure making volume growth essential,” Tjipuka said.



The Windhoek Observer is an English-language weekly newspaper, published in Namibia by Paragon Investment Holding. It is the country's oldest and largest circulating weekly.

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