Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Namibia
  4. NAMIBIAN STOCK EXCHANGE
  5. FirstRand Namibia Limited
  6. News
  7. Summary
    FNB   NA0003475176

FIRSTRAND NAMIBIA LIMITED

(FNB)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

FirstRand Namibia : Professional Farming Most Likely Funded - Capelao

09/21/2021 | 10:06am EST

WHY is it that students from the most fertile regions study administration and not farming? This is one of the fundamental questions FirstRand Namibia's chief financial officer, Oscar Capelao, said Namibians need to answer.

"We need to ensure that the agriculture sector is professional, to attract funding," he said.

According to Capelao, when the sector is formalised, even the banking sector would back the agricultural sector which has not featured much in their prominently funded sectors.

In an exclusive interview with The Namibian last Friday, Capelao said agriculture is one of the most vital sectors of the Namibian economy, which has the potential to return the economy to a certain level of positive growth.

"One would see that in a good year for agriculture, unemployment drops, and in a bad year, it increases," he said.

He added that the fishing sector is equally important, and the return of good prices for minerals provides further possibilities for the country to bounce back economically.

Despite its importance, the agriculture sector does not feature much in FirstRand's total loans and advances book, which through their flagship, FNB banking, has only extended N$1,5 billion towards agriculture. This is just 4,8% of their total N$31 billion loan book.

Other banks are also absent in the sector. According to the Bank of Namibia, in 2020 commercial banks only funded the agriculture sector with N$4,2 billion - just 4% of the total N$104 billion of the consolidated loan book.

A quick scan of emerging farmers in Namibia reveals that they are mainly those farming without education or expertise, which could explain why banks are reluctant to lend to them.

Early last year, African Development Bank president Akinwumi Adesina spoke to African students about the important role they have to play in the continent's economic development, especially in terms of agriculture.

It is reported that only 2% of Africa's students specialise in agriculture, even though the sector contributes 32% of Africa's gross domestic product.

"Agricultural transformation will need dedicated people with the right knowledge and skills," Adesina said at the time.

FirstRand recently released their 2021 financial statements, posting a N$1 billion profit, which Capelao said was due to several factors and not simply because of a low credit loss allowed this year.

The group, which includes FNB, Outsurance Namibia, RMB Investments and Ashburton Investments, alongside other companies, reported operating income of N$3,6 billion. Operating profit was at N$1,5 billion.

Capealo said despite the low interest rate environment, digital banking channels pushed volumes in the year ending June 2021, with banking application volumes up by 107%.

He said the pandemic has accelerated the adoption of digital banking in Namibia.

Capelao is hopeful of a recovery, especially with the vaccine dividend driving global recovery.

"Vaccinated tourists are more likely to travel as the economies open up, and we also can again export to other countries. All is not lost, growing vaccination levels will pull us out of this one," he said.

Email: [email protected]

Twitter: @Lasarus_A

Copyright The Namibian. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

Stocks mentioned in the article
ChangeLast1st jan.
FIRSTRAND LIMITED -0.83% 61.21 End-of-day quote.0.67%
FIRSTRAND NAMIBIA LIMITED -0.03% 29.49 End-of-day quote.-0.03%
All news about FIRSTRAND NAMIBIA LIMITED
2021FIRSTRAND NAMIBIA : Professional Farming Most Likely Funded - Capelao
AQ
2021Firstrand Namibia Limited Reports Earnings Results for the Half Year Ended December 31,..
CI
2020Firstrand Namibia Limited Reports Earnings Results for the Full Year Ended June 30, 202..
CI
2020Firstrand Namibia Limited Reports Earnings Results for the Half Year Ended December 31,..
CI
2019Firstrand Namibia Limited Reports Earnings Results for the Half Year Ended December 31,..
CI
2017FNB Namibia Holdings Limited completed the acquisition of EBank from Pointbreak, Monica..
CI
2017FNB Namibia Holdings Limited completed the acquisition of Pointbreak from Monica Geingo..
CI
2016FNB Namibia Holdings Limited agreed to acquire EBank from Pointbreak, Monica Geingos, M..
CI
2016FNB Namibia Holdings Limited agreed to acquire Pointbreak from Monica Geingos and other..
CI
More news
Financials
Sales 2022 2 018 M 133 M 133 M
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 7,29%
Capitalization 7 725 M 506 M 510 M
Capi. / Sales 2022 3,83x
Capi. / Sales 2023 3,65x
Nbr of Employees 2 085
Free-Float 97,6%
Chart FIRSTRAND NAMIBIA LIMITED
Duration : Period :
FirstRand Namibia Limited Technical Analysis Chart | FNB | NA0003475176 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 29,48 NAD
Average target price 29,32 NAD
Spread / Average Target -0,54%
Managers and Directors
Conrad Dempsey Chief Executive Officer & Executive Director
Oscar Lionel Pereira Capelao Chief Financial Officer & Executive Director
Inge Ingenesia Zaamwani-Kamwi Chairman
Tachiona Gawaxab Senior Manager-Information Technology Operations
Christiaan Lilongeni Ranga Haikali Independent Non-Executive Director