To bring the bank’s reporting period in line with those of its major shareholders, the financial year end has changed from 30 September to 31 December. As such, the figures as per 30 June 1999, as well as the corresponding figures per 30 June 1998, cover the nine months ended at that date.

As per 30 June 1999, total assets had grown by 1,2% to N$1 522,1 million and shareholders’ funds stood at N$112,9 million. Net income before taxation increased by 31,3% to N$32,2 million. Following the decrease in the corporate tax rate, deferred taxation has been provided for at a rate of 35% to account for the rate at which future timing differences are expected to reverse. This tax rate adjustment has resulted in an additional taxation relief to the income statement of N$4,3 million. A tax rate of 40% has been applied to the current taxable income. As the necessary deferred tax rate adjustment has been fully accounted for as per 30 June 1999, net income after taxation is expected to grow less strongly during the second half of the financial year.