| Balance sheet and income statement | 1997/98 | |||
| 1998/99 | 15 months | % | ||
| 15 months | pro forma | increase | ||
| | | | |
| | ||||
| Shareholders' funds | (N$'000) | 122 659 | 87 957 | 39,5 |
| Total assets | (N$'000) | 1 712 201 | 1 560 647 | 9,7 |
| Net income before risk provision | ||||
| and taxation | (N$'000) | 72 584 | 62 756 | 15,7 |
| Net income before taxation | (N$'000) | 56 708 | 41 317 | 37,3 |
| Net income after taxation | (N$'000) | 44 316 | 26 736 | 65,8 |
| Dividend normal | (N$'000) | 9 614 | 5 609 | 71,4 |
| Return on average shareholders' funds | (%) | 33,7 | 25,9 | |
| Return on average total assets | (%) | 2,2 | 1,3 | |
| Expenses to total income | (%) | 53,5 | 53,6 | |
| Capital adequacy | (%) | 14,6 | 11,0 | |
| Net asset value per share | (cents) | 191,4 | 137,2 | |
| Earnings per share | (cents) | 69,1 | 41,7 | |
| Dividends per share | (cents) | 15,0 | 8,8 | |
| Dividend cover | (times) | 4,6 | 4,6 | |
| Number of employees | 364 | 338 | ||
Note:
The bank's financial year end changed from 30 September to 31 December. Consequently, the financial statements 1998/99 cover a 15-month period and are not directly comparable with the previous 12-month financial year. Therefore, the financial results 1997/98 in this section have been pro-rated over the 15 months and are presented on a pro forma basis only.
- Clear benefits of restructured Personal Banking division
- New branch opened in Oshakati
- Dedicated customer service unit launched
- Electronic banking customer base growing strongly