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FirstRand Namibia’s headline earnings down by 9.8%

FirstRand Namibia’s headline earnings down by 9.8%

FirstRand Namibia headline earnings per share went down by 9.8% on the comparative period which was pre-COVID-19, the financial results for the interim financial period ended 31 December 2020 show.

Comparing the earnings run rate of pre-March 2020 lockdown period to post lockdown, FirstRand’s estimate of earnings lost approximate N$185 million for the period, being decreased net interest income of N$156 million. Group operating costs have decreased by 4.6% to N$1,014 million from N$1,063 million in 2019.

However, the group’s interim performance reflects some improvement in the operating environment despite sustained pressure on consumers and businesses as they delivered earnings of N$564.9 million for the period ended 31 December 2020.

The economic impact of COVID-19 continued to place acute pressure on life as we know it and our group’s performance – just like many other businesses and individuals did not emerge unscathed. But we believe that trends post lockdown are improving as the economic recovery slowly emerges and we remain hopeful that 2021 will be a better year, for Namibia and its people and the world at large,” said Oscar Capelao, FirstRand Namibia Chief Financial Officer.

Capelao said one of the positive highlights of the past year that they have more than 280,000 contactless cards in issue, an increase of 1400%.

“This means our customers are embracing new technology, and minimising physical contact at tills – especially during the COVID-19 pandemic, has thus been successfully circumvented. Contactless payments mean shoppers avoid having to touch card readers and minimises queuing time and we are grateful that this product and service offer has been a winner with our customers,” Capelao said.


About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys