DOCSLIB.ORG

SBN Holdings Limited AR December 2020.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
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
Load more

Recommended publications
  • Namibian National Payment System
    UNDERSTANDING THE Namibian National Payment System Newsletter - January 2019 Content 1. Foreword from the Director of the Payment and Settlement Systems Department 1 2. Bank of Namibia: Overseer of the National Payment System and Provider of Settlement Services 2 3. The Evolution of Payments in Namibia 4 4. The National Payment System Regulatory Framework 6 5. Payment Instruments: The Security of the Card Payment Instrument 9 Foreword Since its establishment in 2002, Namibia’s National Furthermore, since Payment System (NPS) has evolved significantly. The one of the values Namibia Inter-bank Settlement System (NISS) – a stated in the NPS’s Real-Time Gross Settlement System (RTGS) – was Vision 2020 is introduced; the Payment System Management Act, transparency, the 2003 (No. 18 of 2003) (PSM Act) was promulgated, Bank of Namibia and several payment system reforms were continuously endeavours to educate the public about implemented, as outlined later herein under the some of the Bank of Namibia’s functions and objectives. heading “The evolution of payments in Namibia”. This publication aims to serve this end. Today, the NPS remains on this trajectory of steady I trust that the information provided herein will go a long modernisation. Various payment system regulations way towards fostering an understanding of the NPS. have been introduced and the PSM Act has been I also encourage the public to engage the Bank of amended. In addition, the Bank of Namibia continues Namibia in matters that relate to the NPS. to address the gaps in its NPS regulatory framework in order to maximise the effectiveness of its function Barbara Dreyer and to ensure the NPS operates safely, securely, Director: Payment and Settlement Systems efficiently and cost-effectively.
    [Show full text]
  • ANNUAL FINANCIAL STATEMENTS 2020 Standardbank.Com.Na STANDARD BANK NAMIBIA LIMITED Annual Financial Statements 2020 1
    Standard Bank Namibia Limited ANNUAL FINANCIAL STATEMENTS 2020 Standard Bank Namibia Limited ANNUAL FINANCIAL STATEMENTS 2020 standardbank.com.na STANDARD BANK NAMIBIA LIMITED Annual financial statements 2020 1 About Standard Bank Namibia Standard Bank opened its first commercial branch in August 1915 in Lüderitz, making it one of Namibia’s oldest companies today. Over the years, our customers and clients have come to rely on us to understand their needs, employ people with strong knowledge of local business conditions and connect borrowers with lenders. This vision created the foundation for the kind of bank it would become and the qualities which customers and clients expect. We are proud to be part of Standard Bank Group, a large financial services organisation rooted in Africa and with operations in 20 countries. From humble beginnings of three branches, today, Standard Bank operates a distribution network of 63 branches and 372 ATMs across Namibia. Our workforce has grown to over 1 500 employees and our roots have extended deep into the fabric of Namibian society. Standard Bank is committed to making banking available to all Namibians. To this end, we have evolved and adapted together with our customers and clients, developing a rich heritage while nurturing and protecting our reputation. We uphold high standards of corporate governance, are committed to advancing the principles and practices of sustainable development and are inspired to advance national development objectives. 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.
    [Show full text]
  • Standard Bank Group
    Standard Bank Group Annual integrated report 2013 About Standard Bank Contents Standard Bank Group (the group or SBG), also trading as About this report 2 Stanbic Bank, is a leading African financial services group with a unique footprint across 20 African countries. Headquartered Our business in Johannesburg, we listed on the Johannesburg Stock How we make money 4 Exchange (JSE) in 1970 and started building our southern How we create value 6 African franchise in the early 1990s. Today, the group is the largest African banking group by assets and earnings. Our strategy A sustainable strategy 8 Our strategic position, which enables us to connect Africa to In, for and across Africa 10 other selected emerging markets as well as pools of capital in Material issues impacting our sustainability 12 developed markets, and our balanced portfolio of businesses Executing our strategy 14 provide significant opportunities for growth. The largest bank in the world by total assets, the Industrial and Commercial Realising the Africa opportunity 16 Bank of China (ICBC), is a 20.1% shareholder in the group, Key performance indicators 18 enabling a powerful relationship that connects us to this Our performance economic power. Chairman’s report to stakeholders 20 Group chief executives’ report 22 Executive committee 26 Salient features* Business unit reviews Personal & Business Banking 29 Headline earnings Corporate & Investment Banking 37 Liberty 43 Stakeholder engagement 48 R17 194 million Socioeconomic impact 50 2012: R14 918 million Employee report 52
    [Show full text]
  • Consolidated Prospectus for Switzerland
    If you are in any doubt about the contents of this Prospectus, the risks involved in investing in the Company or the suitability for you of investment in the Company, you should consult your stockbroker or other independent financial adviser. Prices for Shares in the Company may fall as well as rise. The Directors of the Company whose names appear under the heading “Management and Administration” in this Prospectus accept responsibility for the information contained in this Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts in all material respects and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. Polen Capital Investment Funds plc An umbrella company with segregated liability between Funds (an open-ended umbrella investment company with variable capital and segregated liability between Funds incorporated with limited liability in Ireland under the Companies Act 2014 with registration number 522617 and established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended. SWISS EXTRACT P R O S P E C T U S Investment Manager Polen Capital Management, LLC THIS SWISS PROSPECTUS IS A CONSOLIDATION OF (I) THE PROSPECTUS OF THE COMPANY DATED 18 MAY, 2020, (II) SUPPLEMENT 1 FOR THE POLEN CAPITAL FOCUS U.S. GROWTH FUND DATED 3 MARCH 2021 (III), SUPPLEMENT 2 FOR POLEN CAPITAL U.S.
    [Show full text]
  • Newsletter Issue 1 June 2019
    e newsletter Issue 1 June 2019 SADC-RTGS CONTENTS 02 overview SADC BENEFITS 03 Finance& of Investment Regional economic integration SADC-RTGS Protocol for objectives & benefits commercial banks Benefits of 05 SADC-RTGS for business & SETTLEMENT person on the street 06 CURRENCIES 06 & PARTICIPATING BANKS & COUNTRIES 07 08 PERFORMANCE of the SUCCESS SYSTEM 07 stories 09 INSTITUTIONAL arrangements How to become a SADC-RTGS FOR MORE INFORMATION participant 09 10 1 e newsletter Issue 1 issue 1 June 2019 June 2019 The SADC regional cross-border settlement system is called the SADC Real-time Gross Settlement (RTGS) Integrated Regional Electronic Settlement System, or the SADC-RTGS. The system has been in operation since July 2013. It is an automated interbank settlement system, which settles payment obligations between participating banks either in real-time or on a delayed basis. The current system settles payments in South African rand (ZAR). There are considerations to include additional currencies in the system in the near future. The system is operated by the South African Reserve Bank (SARB), as appointed by the participating SADC central banks. Participants include central banks and financial institutions (i.e. banks and non-banks) in SADC that are authorised by the central bank in the country of origin to participate in that country’s settlement system. SADC-RTGS overview The SADC-RTGS is a project of the Protocol on Finance and Investment, which is focused on cross-border and intra-SADC transactions. It is a safe and efficient payment and settlement system, which allows banks in SADC member countries to send and receive payments directly from any of the other banks that have operating accounts in the SADC-RTGS.
    [Show full text]
  • A N N U a L R E P O R T 2 0
    Annual Report 2020 Bank of Namibia 2020 ANNUAL REPORT Notes This is the Bank of Namibia Annual Report and Financial Statements for the financial year ended 31 December 2020, which are prepared pursuant to section 67(1) of the Bank of Namibia Act, 2020 (Act no. 1 of 2020). © Bank of Namibia, 2020 All rights reserved. No part of this publication may be reproduced, copied or transmitted in any form or by any means, including photocopying, plagiarising, recording and storing, without the written permission of the copyright holder except in accordance with the copyright legislation in force in the Republic of Namibia. The contents of this publication are intended for general information only and are not intended to serve as financial or other advice. While every precaution is taken to ensure the accuracy of information, the Bank of Namibia is neither liable to any person for inaccurate information nor for any opinion contained in this publication. Published by the Bank of Namibia 71 Robert Mugabe Avenue PO Box 2882 Windhoek NAMIBIA Tel.: +264 61 283 5111 Fax: +264 61 283 5231 http://www.bon.com.na Enquiries: [email protected] ISBN: 978-99916-972-2-2 Part A: Operations And Affairs Of The Bank 1990 FIRST OFFICE AT DBN BUILDING Content Message from the Governor 5 Part A 11 Operations and Affairs of the Bank Part B 83 Annual Financial Statements for the Financial Year ended 31 December 2020 Part C 135 Economic and Financial Developments in 2020 Theme Chapter 212 Part D 226 Banking Supervision Part E 251 Statistical Appendix List of Abbreviations 304 BoN Annual Report 2020 1 Milestones of the Bank of Namibia Inflation has gradually decreased over the past 30 years and is well under control, bringing greater predictability for economic agents.
    [Show full text]
  • Table of Contents
    Optimal Financial Structure for Namibia TABLE OF CONTENTS 1. PREFACE AND OVERVIEW . .2 2. OPTIMAL FINANCIAL STRUCTURE FOR NAMIBIA . .4 3. THE ROLE OF FINANCIAL DEVELOPMENT IN ECONOMIC GROWTH . .6 4. A REVIEW OF THE NAMIBIAN FINANCIAL STRUCTURE . .36 5. IMPERATIVES OF GROWTH AND DEVELOPMENT: THE EMERGING FINANCIAL GAPS . .59 6. TOWARDS AN OPTIMAL FINANCIAL STRUCTURE: IS THERE ANEED FOR APARADIGM SHIFT . .71 7. CONCLUSION AND ISSUES EMANATING FROM CONFERENCE . .83 1 Bank of Namibia 1. PREFACE AND OVERVIEW 1.1 Preface The Third Annual Bankers Conference took place on August 9, 2001 in Windhoek, and deliberated on the theme Optimal Financial Structure in Namibia . The main objectives of the conference were (a) to understand the inter-relationship between finance and growth particularly against the backdrop of global experience (b) to review the Namibia s financial structure as it evolved over the years with emphasis on major parameters of performance like efficiency, and contribution towards the process of economic growth (c) to identify the financing gaps in the economy against the backdrop of growth imperatives and finally (d) to come up with suggestions towards putting in place an optimal financial structure. It was for this reason that the central bank invited eminent speakers to address the conference and share their experiences on the optimality of the financial structure in Namibia that could enhance growth. 1.2 Overview and Reflections Mr. Tom K. Alweendo, the Governor of the Bank of Namibia in his opening speech shed light on the need for putting in place a more robust, efficient and effective financial superstructure that could effectively contain systemic risks and conducive to growth.
    [Show full text]
  • Blue Beacon Be Enlightened
    The Blue Beacon Be Enlightened Corporate and Investment Banking Newsletter | Issue No.8 1 CONTENTS 03 Risk Mitigation: The Key to Unlocking Opportunities in the Mining Sector 06 Our Capabilities: Mining and Metals 07 Team Profile: Mining and Metals 09 Notice: New Brand Campaign Launch / It Can Be 09 Contact Us 2 RISK MITIGATION: THE KEY TO UNLOCKING OPPORTUNITIES Mining businesses should put in place proper strategic responses IN THE MINING to mitigate these risks, and thus, unlock further streams of value. Some of these strategic responses are: INDUSTRY • Investing in digital transformation to increase efficiency and decrease operational costs across the value chain Written by Tuliikeni Ndadi, • Building partnerships with key stakeholders to secure supply Mining Engineer at Standard Bank Namibia chains and streamline disruptions • Constantly engaging with the community to ensure It is widely known that the mining industry is risky, faced with implementation of corporate social investments and disruptions from within as well as outside the mine site boundaries. adherence to regulations In addition to the conventional risks – such as identification and replacement of reserves, volatile commodity prices, and access As part of the strategic response to mitigating these risks, identifying to capital – new and growing risks have emerged over the years, and understanding these risks is key. It is understandable that some including the current pandemic, access to clean sustainable energy, risks are beyond the miner’s sphere of influence. However, early digitisation and cyber security. These risks, both old and new, play identification can help develop options and actions to enhance a critical role in shaping the landscape of the mining industry.
    [Show full text]
  • NAMIBIE S Dder
    100 – Namibia Namibia A L E Cu H an C Mongu d A 2006 At a Glance o D A R R ANGOLA ZAMBIE E S ca ro o Cu C Baía� b an dos Tigres g Z o Ponta da� PLAINES� am Marca SILOWANA bè Ondjiva� z Cunene e Population (mn) 2.0 � K K une e w n a C n S u do Katima Mulilo� D Enana� i 1700 m Ombalantu to C ngo � Livingston K � uba E Oshakati E OVAMBOLAND K Opuwa Rundu� w S a n Kasane L � d K A O K O V E L D O o Population Growth (annual %) ka 1.0 v E a ZIMBABWE E n g Cap Fria COLLINES� o T R Etosha Pan TSODILO DEPRESSION� 1375 m O DELTA DE� T Tsumeb DE MABABE N L'OKAVANGO D Official Language KAUKAU VELD COLLINES AHA English C 1070 m U Outjo O Maun A N Otjiwarongo S Makgadikgadi A Etjo� D E S E R T � T 2085 m Omatako� Brandberg� Currency Namibian Dollar (NAD) 2286 m M 2574 m Omaruru Ombutosu� ERONGO I 1916 m Kranzberg� B 2305 m Karibib Ghanzi Bla ck N oss DAMARALAND 1966 m ob D N GDP (Current US$ bn) Swakopmund LA Windhoek Gobabis D U � 6.2 H O C Walvis Bay S H 2479 m M A KHO Walvis Bay� D Rehoboth Sandwich Bay � 2393 m BOTSWANA Ilhea Point N O o s E li s f o a n b t Conception Bay s GDP Growth (annual %) 4.8 S KALAHARI 1988 m Mochudi Meobbaai E Molepolole R Mariental Maltahöhe N os o Gaborone p T NAMAQUALAND A u D o o N b Kanye c 1014 m A N i r GDP Per Capita (US$) R o 3,045 a s s Z o M R b D A W H M C olop HottentotbaaiU S A u Tshabong o ob po Mmabatho olo M Lüderitz Bethanien N A H A U Keetmanshoop W N S Diaz Point I FDI, net inflows (US$ mn) (2005) B T 349 - A O C E A N � H TH Elizabeth Bay O U C Schoffenstein� P H A H O P B L 2202 m A T E M A U h
    [Show full text]
  • Standard Bank Namibia Money Market Fund
    Standard Bank Namibia Money Market Fund Quarterly update at 30 June 2021 Who are the investment managers? STANLIB Namibia (Pty) Ltd, a registered Investment Manager in terms of the Stock Exchanges Control Act, No. 1 of 1985, manage the investments of the fund. Nthabiseng Malebatja BCom (Hons)(Economics) Portfolio manager Nthabiseng joined STANLIB in May 2011 and currently holds the position of portfolio manager in the Money Market team. She began her career with Investec Private Bank in 2006, and moved to CitiBank the following year, where she gained experience in their Fixed Income and Money Market departments. For her BCom honours degree, Nthabiseng majored in economics (public finance and development). She has also completed her SAIFM Dealer exams, and has completed an Investments and Portfolio Management Certificate through UNISA. Fund review The Standard Bank Namibia Money Market Fund remained stable throughout the quarter, ending at N$1.2 billion. The portfolio remained overweight Floating Rate Notes linked to three-month JIBAR, with the remainder of the investments split between fixed deposits, T-Bills and South African institutional units. We saw a slight shift in the portfolio matrix, as domestic banks offered better fixed deposit rates, while we also realised some value by purchasing T-Bills in the Namibian market. We switched some of our cash into these assets, given our current view of interest rates for the next 18 to 24 months. As a result, the weighted average duration of the portfolio ended at 85 days. Market overview Over the quarter, uncertainties and risks relating to the impact of COVID-19 have increased and are expected to have an adverse economic impact for the remainder of the year.
    [Show full text]
  • Report of the Independent Auditors to the Government of the Republic of Namibia
    BANK OF NAMIBIA ANNUAL REPORT 1990 I CONTENTS Page Part A : STATE OF THE ECONOMY IN 1990 1 Report in terms of section 53 (1) (b) of the Bank of Namibia Act, 1990 Part B : OPERATIONS AND AFFAIRS OF THE BANK 14 OF NAMIBIA Report in terms of section 53 (1) (a) (ii) of the Bank of Namibia Act, 1990. Part C : REPORT OF THE REGISTRAR OF BANKS AND 21 BUILDING SOCIETIES In terms of section 47 of the Banks Act, 1965 and section 77 of the Building Societies Act, 1986 Part D : ANNUAL ACCOUNTS ON THE FINANCIAL YEAR, 25 ENDED 31 JANUARY 1991 Part E : STATISTICAL TABLES 30 II BOARD OF DIRECTORS III BOARD OF DIRECTORS Directors Dr W L Benard Governor Date of Appointment 16 July 1990 Mr E Karlsson Deputy-Governor Date of Appointment 16 July 1990 Mr P W Hartmann Date of Appointment 16 July 1990 Mr P Damaseb Date of Appointment 16 July 1990 Mr J S Kirkpatrick Date of Appointment 16 July 1990 Miss B Gawanas Date of Appointment 16 July 1990 Registered Office 10 Göring Street WINDHOEK IV PART A STATE OF THE ECONOMY IN 1990 Page 1. OVERVIEW 2 1.1 International Background 2 1.2 The Namibian Economy 2 2. REAL SECTOR AND PRICE DEVELOPMENTS 2 2.1 Structural Features 2 2.2 National Output 3 2.3 Sectoral Developments 3 2.4 Employment 5 2.5 Prices 6 3. MONEY AND BANKING 7 3.1 Monetary Survey 7 3.2 Commercial Banks 8 3.3 Bank of Namibia 8 3.4 Other Banking Institutions 8 3.5 Interest Rates and Exchange Rates 10 3.6 Monetary Policy Developments 10 4.
    [Show full text]
  • REPORT to SOCIETY 2020 the Unique Nature of Namibia
    SBN Holdings Limited REPORT TO SOCIETY 2020 SBN Holdings Limited REPORT TO SOCIETY 2020 The unique nature of Namibia Namibia is a rugged country, a country of contrasts. From prehistoric geological formations to unique game parks like the Etosha Pan, and the desolate Skeleton coast – a graveyard for errant ships – it offers international travellers unique experiences found nowhere else on the globe. Tourism is therefore a significant contributor to Namibia’s gross tourism revival initiative was introduced in September 2020 domestic product (GDP). During 2019, around 1.6 million people to provide some relief to the sector going forward. visited Namibia, helping the tourism sector contribute 10.9% of the country’s income (N$21.9 billion). In 2020, however, the The equally essential logistics industry recorded average annual prosperity of this industry, which offers employment to more sector growth of 15% since 2007, contributing about N$17 billion than 47 000 people and indirectly supports about 120 000 annually to GDP. The busiest areas are the three corridors others, experienced a significant Covid-19 related setback. connecting Walvis Bay with other Southern African Development Community (SADC) countries, namely the Walvis Bay-Ndola- Hotels and restaurants, a key component of the tourist Lubumbashi-Development Corridor; the Trans-Cunene and Trans- industry, GDP contribution declined by -51.4% in real value Kalahari corridors. Walvis Bay, the country’s major commercial added during the second quarter of 2020. port, handled 93.1% of total cargo tonnage transitioning to and As an active participant in all sectors of the local economy, from neighbouring countries in 2017.
    [Show full text]