Nedbank net income rose to N$956m in 2023/2024

By: Hertha Ekandjo

Nedbank Namibia’s net interest income rose to N$956 million in 2024 from N$934 million in 2023.

There was a 6% rise in loans and advances, reflecting a stronger demand for credit amid recovering economic conditions.

Additionally, interest paid to clients grew by 2%, reaching N$1.184 billion, up from N$1.162 billion in 2023.

The bank’s credit loss ratio increased to 103 basis points (bps), compared to 60 bps in the previous year.

The bank said this increase was influenced by economic pressures on customers and Nedbank’s strengthened credit risk assessment and provisioning policies to safeguard against potential future defaults.

Non-interest revenue saw a 13% increase, reaching N$487 million, up from N$432 million in 2023.

This was fuelled by an 8% growth in the client base and a 9% rise in digital transaction volumes, reflecting the bank’s strategic focus on expanding its market reach.

To enhance service capabilities and operational efficiency, Nedbank Namibia increased investment in employee development by 7% and technology infrastructure by 10%.

However, compliance with additional regulatory requirements increased operational expenses, pushing the cost-to-income ratio to 64%, up from 60% in 2023.

Despite this, operational expenditure remained well-managed, growing by 7% to N$924 million (2023: N$864 million), slightly above inflation.

According to the bank, the 6% growth in loans and advances was underpinned by a deliberate pricing strategy to support private sector credit extension.

Nedbank Namibia said it remains committed to building on its achievements, ensuring sustainable growth while contributing to the country’s economic prosperity. Namibia’s 2025/26 budget Set at N$106.3 billion.