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ANNUAL FINANCIAL STATEMENTS 2020 Standardbank.Com.Na STANDARD BANK NAMIBIA LIMITED Annual Financial Statements 2020 1

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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. We are committed to moving Namibia forward and driving her growth. Our success Transactional volumes on our digital platforms and growth over Internet Banking PayPulse the long term is 3 185 377 882 752 centered on making 2019: 2 747 792 2019: 396 179 Contents a difference in the Introduction 26 Statement of changes in equity communities in Smart App Branches 2 Corporate governance report 28 Statement of cash flows which we operate. 8 Board of directors 29 Accounting policy elections and restatements 173 417 63 12 Executive committee 31 Key management assumptions 2019: 153 409 2019: 61 2018: 60 Annual financial statements 37 Notes to the annual financial statements Standard Bank has 16 Directors’ responsibility and approval 82 Annexure A – Subsidiary a strong presence 17 Report of the independent auditor 83 Annexure B – Joint ventures in Namibia. USSD ATMs 21 Directors’ report 84 Annexure C – Risk and capital management Standard Bank has always lived up to the 23 Statement of financial position 104 Annexure D – Emoluments of directors promise of bringing banking to the nation 24 Income statement 105 Annexure E – Detailed accounting policies and we have succeeded in doing so by 1 033 501 372 having a wide network of branches and 2019: 797 207 2019: 350 2018: 325 25 Statement of other comprehensive income IBC Contact and other details ATMs in Namibia, comprising: STANDARD BANK NAMIBIA LIMITED INTRODUCTION 2 Annual financial statements 2020 3 Independent non-executive directors Strategy Corporate governance report The board annually reviews and confirms the classification of The board is responsible for determining the company’s strategic non-executive directors as independent. Six non-executive direction. Management presents the company’s strategy annually directors are independent. and discusses and agrees it with the board. The board ensures the strategy is aligned with the company’s values, performance The board operates on the understanding that sound governance practices are Succession planning and sustainability objectives, and addresses the associated risks. Succession planning is a key focus and the board considers the Financial performance is monitored through quarterly fundamental to earning the trust of stakeholders, which is critical to sustaining composition of the board and its committees on an ongoing management reports. In line with banking regulations, the board basis. lt aims to retain retention of board members with performance and preserving shareholder value. agrees the company’s corporate governance and risk considerable experience to ensure that appropriate levels of management objectives for the year ahead. The board and the management oversight are maintained. The board is satisfied relevant risk committees monitor performance against that the current talent pool available within the company and the governance and risk objectives respectively. work being done to strengthen it provides adequate succession The company’s governance framework enables the board to The board’s approach to governance is to embrace relevant local depth over the short and long term. balance its role of providing risk oversight and strategic counsel and international best practice. The principles of the Namcode Board responsibilities and ensuring adherence to regulatory requirements and risk inform the governance framework and practices of the company The board is also satisfied that there is a clearly articulated talent The general powers of the directors are set out in the company’s tolerance. The board is committed to upholding the fundamental and its subsidiaries. strategy which focuses on creating a strong talent pool for key articles of association. They have further unspecified powers and tenets of governance, which include discipline, independence, roles, and that the company is building capability on core areas authority, in respect of matters, which may be exercised and responsibility, fairness, social responsibility, transparency and to enable business strategy and ensure regulatory compliance. dealt with by the company, which are not expressly reserved for accountability of directors to all stakeholders. The board is further pleased to note that the employee value the members of the company in general meeting. The main proposition (EVP) has now been implemented. responsibilities of the board as set out in the board mandate are as follows: Standard Bank Namibia board Skills, knowledge, experience and • approval of the strategic plan and the annual business plan, attributes of directors the setting of objectives and the review of key risks and The board ensures that directors possess the skills, knowledge performance areas Board committees and experience to fulfil their duties. The directors bring a • monitoring the implementation of board plans and strategies balanced mix of attributes to the board, including: against a background of economic, environmental and social Board • domestic and international experience issues relevant to the company and international political and Board corporate Board human economic conditions, as well as the mitigation of risks by Board audit Board credit information Board risk • operational experience social investment capital management committee committee technology committee • understanding of macroeconomic and microeconomic factors committee committee • appointment of the chief executive and maintenance of a committee affecting the company succession plan • financial, legal, entrepreneurial and banking skills • appointment of directors, subject to election by the members Management committees • expertise in risk management and internal financial control. in general meeting • determination of overall policies and processes to ensure the The board regularly considers board members individually and integrity of the company’s management of risk and internal collectively to ensure the board remains strategically, control. demographically and operationally appropriate. PROJECT EXCO ALCO HRC RMC CC IFC NPC TBC EXCO Access to information and resources Delegation of authority The board retains effective control through a well-developed Executive management and the board interact regularly. This is governance structure that provides a framework for delegation. encouraged and the executive committee attends all board Board committees facilitate the discharge of board EXCO: Executive committee HRC: High risk committee IFC: Internal financial control committee meetings. Directors have unrestricted access to management ALCO: Asset and liquidity management RMC: Risk management committee NPC: New product approval committee responsibilities and provide in-depth focus on specific areas. The and company information, as well as the resources to carry out committee CC: Credit committee TBC: Tender board committee board reviews the mandate of each committee at least annually. their roles and responsibilities. This includes external legal advice at the company’s expense. The board delegates authority to the chief executive and executive directors to manage the business and affairs of the company. The executive committee assists the chief executive when the board is not in session, subject to statutory parameters and the board’s limits on the delegation of authority to the chief Governance framework Board and directors executive. The company secretary monitors board-delegated Codes, regulations and compliance The board of directors is the company’s highest decision-making authorities. body and is ultimately responsible for governance. The company Complying with all applicable legislation, regulations, standards has a unitary board structure and the roles of chairman and chief and codes is integral to the company’s culture. The board Board meetings executive are separate. The chairman is an independent delegates responsibility for compliance
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