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SBN Holdings Limited AR December 2020.Pdf SBN Holdings Limited ANNUAL REPORT 2020 SBN Holdings Limited ANNUAL REPORT 2020 standardbank.com.na SBN HOLDINGS LIMITED Annual report 2020 1 Our success and growth over the long term is centred on making a difference in the communities in which we operate. We are commercially and morally bound to serve Namibia and her people in return for the long-term profitable growth we aim to deliver as a leading financial services group in the country. We are committed to moving Namibia forward and driving her growth. Standard Bank’s first branch opened in 1915 in Lüderitz. Standard Bank is one of Namibia’s oldest companies. The bank’s original vision was to understand its customers better employing people with a strong knowledge of local business conditions and to better connect borrowers with lenders. This vision created the foundation for the kind of bank it would become and the qualities on which its customers and clients expect. Over its history, Standard Bank has grown from a few employees to over 1 500 today, and extended its roots deep into the fabric of Namibian society. We have evolved and adapted along with our customers and clients, growing a rich heritage while nurturing and protecting our reputation. We uphold high standards of corporate governance and are committed to advancing the principles and practices of sustainable development. We are inspired to advance national development objectives, and thereby make a difference in the lives of Namibia's people. Standard Bank has a strong presence in Namibia. Standard Bank has always lived up to the promise of bringing banking to the nation and we have succeeded in doing so by having a wide network of branches and ATMs in Namibia, comprising: Transactional volumes on our digital platforms Internet Banking PayPulse 3 185 377 882 752 2019: 2 747 792 2019: 396 179 Smart App Branches 173 417 63 2019: 153 409 2019: 61 2018: 60 USSD ATMs 1 033 501 372 2019: 797 207 2019: 350 2018: 325 Reporting suite To meet the information needs of our diverse stakeholders, we produce the following reports: The annual report Report to society Contents Our primary report to stakeholders This report covers our material focus areas which provides an assessment of our in relation to our strategy and key social, Introduction Our accountability Annexures ability to create value over time. economic and environmental (SEE) impacts. 02 About SBN Holdings 28 Corporate governance report 114 A – Subsidiaries 34 Board of directors 115 B – Joint venture Our value creation story 38 Executive committee 116 C – Risk and capital management 04 Our operating context Additional reports can be found at 136 D – Emoluments of directors 06 Our material issues Annual financial statements www.standardbank.com.na/namibia/ 137 E – Detailed accounting policies personal/about-us/investor-relations 08 Our strategy 42 Directors’ responsibility and approval 10 Our execution model Shareholder information Oversight 43 Independent auditor’s report 160 Notice of annual general meeting The board audit subcommittee is responsible for Our performance 49 Directors’ report 163 Form of proxy providing oversight of the financial reporting process. 14 Chairman’s report 51 Statements of financial position 165 Shareholder analysis The committee recommended the report for approval by 52 Income statements the SBN Holdings Limited (the group) board of directors, 16 Chief executive’s review IBC Contact and other details which was obtained on 24 March 2020. 18 Financial review 53 Statements of other comprehensive income 24 Our SEE impact Feedback 54 Statements of changes in equity We welcome the views of our stakeholders on this report. 57 Statements of cash flows Please contact our group secretary, Sigrid Tjijorokisa, Head: Legal and Governance, at Sigrid.tjijorokisa@ 58 Accounting policy elections and standardbank.com.na with your feedback. restatements 60 Key management assumptions 66 Notes to the annual financial statements SBN HOLDINGS LIMITED INTRODUCTION 2 Annual report 2020 3 Our integrated pillars of operation About SBN Holdings Our business lines provide integrated solutions that drive the financial wellbeing of our diverse clients in Namibia. We opened our first commercial branch in August 1915 in Lüderitz, making the group one of Namibia’s oldest companies today. Over the years, our customers and clients have come Standard Bank is committed to making banking Personal & Business Banking (PBB) to rely on us to understand their needs, employ people available to all Namibians. with strong knowledge of local business conditions To achieve this, we have evolved and adapted together PBB provides Profit after tax (PAT) What we offer and connect borrowers with lenders. We are proud with our customers and clients, developing a rich banking and other • Transactional products to be part of Standard Bank Group, a financial services heritage while nurturing and protecting our reputation. financial services to • Mortgage lending organisation rooted in Africa and with operations in +N$203m We uphold high standards of corporate governance, individual customers 2019: N$367m • Vehicle and asset finance 20 sub-Saharan countries. and to small- to are committed to advancing the principles and • Lending products medium-sized From humble beginnings of three branches, today, practices of sustainable development and are inspired • Wealth Standard Bank operates a distribution network to advance national development objectives. enterprises (SMEs). of 63 branches and 372 ATMs across Namibia. Contributions to Our success and growth over the long term is centred Our workforce has grown to over 1 500 employees Read more on SBN Holdings PAT around making a difference in the communities in and our roots have extended deep into the fabric page 108. which we operate. We are commercially and morally of Namibian society. bound to serve Namibia and her people, in return for 48% the long-term profitable growth we aim to deliver as a leading financial services group on the continent. Corporate & Investment Banking (CIB) Namibia is our home, CIB offers corporate PAT What we offer and investment • Client coverage we drive her growth. banking services to its +N$170m • Global markets clients, which include 2019: N$269m • Transactional products governments, and services parastatals, larger • Investment banking corporates, financial institutions and Contributions to OUR COMPANY international SBN Holdings PAT counterparties. STRUCTURE 41% Read more on Standard Insurance page 109. Brokers (Namibia) General Public 25.1% (including Stanfin (Namibia) Purros Trust) Other & enablers Arleo Investments Sixteen Our third business PAT 100% area includes the SBN Mobicash Payment results of centralised +N$48m Standard HOLDINGS Solutions (Mobipay) support functions 2019: (N$23m) Bank 50.9% (back office), including 74.9% those functions that Group were previously Standard Bank embedded in the Namibia Contributions to business segments. SBN Holdings PAT The direct costs of support functions are 100% recharged to the 11% Standard Bank business segments. Namibia Nominees Read more on page 109. Our listings and shareholders Headquartered in Windhoek, SBN Holdings is listed on the Namibian Stock Exchange and is 74.9% owned by Standard Bank Group and 25.1% owned by the general public, including Purros Trust, our staff empowerment scheme. SBN HOLDINGS LIMITED OUR VALUE CREATION STORY 4 Annual report 2020 5 SOCIAL THREATS – Covid-19 RELATED RISKS Client impact FOR THE GROUP: Our operating context • adverse impact on revenue • constrained ability to access finance • credit risk • rising unemployment We operate in a constantly changing environment where a complex and inter-related spectrum of existing and emerging OPPORTUNITIES threats and opportunities influence our business activities Established franchise with a large, growing client base and shape our future sustainability. Developing strong relationships with our clients, as well as a holistic understanding of their businesses and our broader impact, will allow the group to support communities through these difficult times. TECHNOLOGICAL ADVANCEMENT RELATED RISKS EMERGING THREATS AND OPPORTUNITIES Client impact FOR THE GROUP: Issues on the horizon that represent external influences, which could impact the • individuals, enterprises and corporates expect embedded financial services • information risk that offer intuitive experiences and real-time individualised interactions • business risk group in a multitude of ways but may not have materialised as yet. • seamless service regardless of location or channel • strategic risk Our approach We identify our emerging threats and opportunities In considering the group’s operating environment OPPORTUNITIES based on an ongoing assessment of global and local and changes in the financial services industry, the Purpose driven organisation trends that are likely to have a material bearing on following emerging threats and opportunities face the group’s operating environments and business the world, the continent, the country, our clients and We have the appetite to invest, deliver and partner together with a strong balance sheet that will allow us to accelerate our strategic models. Early identification enables us to leverage our operations. Accelerating technical advancement transformation. We are building a work environment that enables the development of new ideas and engaging with clients while related opportunities and proactively mitigate in particular is shaping how we operate. challenging the status quo
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