Bank of Namibia declares N$720 million in dividend for 2024 FY

By: Hertha Ekandjo

The Bank of Namibia has declared N$720 million in dividends for the 2024 financial year to the government, a record historic compared to N$511,4 million in 2023.

Additionally, the bank provisioned N$70 million in its building Fund Reserve as we prepare to expand our infrastructure to meet evolving operational demands.

Speaking at the bank’s 2024 annual report launch in Windhoek, BoN governor Johannes !Gawaxab said the bank continued its strong financial performance during the 2024 financial year.

!Gawaxab note that the bank continued its strong financial performance during the 2024 financial year. He added that the stellar performance was driven by growth in investments of N$10 billion year-on-year driven by SACU receipts, diamond revenue, high yields, and the elevated interest rate environment globally.

“The strong reserve position in 2024 yielded strong interest income, net interest income and total income results. Our expenses were robustly controlled and monitored during the period. The strong top-line results contributed to the elevated operating surplus of N$1 billion (2023: N$1 billion) for the year.,” he explained.

Furthermore, the governor explained that the weaker Rand at year-end resulted in unrealised foreign exchange gains of N$226 million for the 2024 financial year, resulting in elevated surplus levels of N$1,3 billion compared to N$1,7 billion recorded in 2023.

!Gawaxab said their commitment to price stability has yielded significant results, including a notable shift in the domestic inflation narrative and adjustments to the repo rate.