FirstRand Namibia remains resilient

Locally-listed FirstRand Namibia has reported a profit of nearly N$835.8 million for the six months ended 31 December 2023 – about N$9.4 million or 1.1% lower than the same half-year in 2022. Results released on the Namibian Stock Exchange (NSX) show net interest income before impairment of advances growing by 10% year-on-year (y/y) to nearly N$1.5 billion. FirstRand Namibia’s impairment charge increased from N$89.3 million to nearly N$191 million. Headline earnings per share (HEPS), a profitability gauge, came in at 312.9c – a decrease of nearly 1.7% y/y. FirstRand Namibia declared a dividend of 173.52c per share, down from 209.7c in the same six months in 2022.