Massive plunge in NedNamibia’s profit
Jo-Maré Duddy - NedNamibia Holdings’ net profit for the six months ended 30 June 2020 took a massive hit, tumbling by 64% compared to the same half-year in 2019.
The local commercial bank released its latest financial results this morning, reporting a net profit of only N$55.3 million.
“Overall the Namibian economic environment remained under pressure during the first half of the year. The slow economy and the outbreak of Covid-19 has impacted the banking industry negatively as the first half of 2020 represented a lower level of consumer appetite for credit, particularly for home loans and vehicle financing,” the group said.
“At group level, NedNamibia Holdings declared and paid a dividend of N$132 million out of prior year profits to Nedbank Group Limited during the first half of 2020,” it said.
Read the full report tomorrow in Market Watch.
The local commercial bank released its latest financial results this morning, reporting a net profit of only N$55.3 million.
“Overall the Namibian economic environment remained under pressure during the first half of the year. The slow economy and the outbreak of Covid-19 has impacted the banking industry negatively as the first half of 2020 represented a lower level of consumer appetite for credit, particularly for home loans and vehicle financing,” the group said.
“At group level, NedNamibia Holdings declared and paid a dividend of N$132 million out of prior year profits to Nedbank Group Limited during the first half of 2020,” it said.
Read the full report tomorrow in Market Watch.
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