Integrated Report 2017 - NedNamibia Holdings Limited nedbank.com.na - Nedbank Namibia
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nedbank.com.na
Integrated Report 2017
NedNamibia Holdings Limited
An unwavering
commitment to be
Africa’s most admired
financial services Contents
provider.
Group profile 2
Highlights 4
Retail branch network 6
Group structure 7
Migration patterns exemplify efficiency,
Board of directors 8
falling into place over years and working in
Executive committee 12
the best interest of the group. We see patterns
Chairman’s report 16
of efficiency in finance. As a visionary bank we
Managing director’s review 20
recognise that we have a responsibility not only
Chief financial officer’s report 24
to be good with money, but more importantly
Chief risk officer’s report 28
to do good with it. For Namibia and its
Sustainability report 32
people. By seeing money differently in
Group annual financial statements 46
this way, we are confident that we
Corporate governance and ethics review 50
will achieve our vision.
Directors’ responsibility 84
Statutory actuary’s report 85
Independent auditor’s report 88
Report of the directors 90
Company annual financial statements 172
Contact details 180
2017 NEDNAMIBIA HOLDINGS LIMITED 1
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CONTENTS GROUP PROFILE
PAGE
By focusing on what
we can do for society,
we are building a bank that
is future-fit, competitive
and a formidable force
for good.
Deftly woven NedNamibia Holdings Limited is the holding company
into the fabric
for subsidiaries engaged in financial services including
commercial and personal banking, corporate
and specialised finance, personal lending, wealth
management, life assurance, property and asset
finance, foreign exchange and securities trading.
of Namibia.
The group has total assets of N$17,05 billion
(2016: N$16,04 billion).
The principal subsidiary, Nedbank Namibia Limited,
is a registered Namibian bank with assets of
N$16,59 billion (2016: N$15,65 billion). It provides a full
range of domestic and global services to individual,
corporate and international clients through a
widespread branch network, a business centre and
Our relevance today and in the a headoffice in Windhoek. An innovative approach
to providing financial services, coupled with indepth
knowledge of the Namibian market, a commitment
future lies in the value that we to Namibian development, strong support from its
shareholder, and adherence to international best
practice in risk management has enabled the bank
create by generating sustainable to grow.
financial returns while playing a
NedNamibia Life Assurance Company Limited
provides cover for clients, notably for their credit and
overdraft commitments. NedPlan Insurance Brokers
meaningful role in society through Namibia (Proprietary) Limited provides insurance
brokerage services.
active corporate citizenship. NedCapital Namibia, the specialist non-banking
financial services unit within NedNamibia Holdings,
offers specialised finance, syndication and advisory
services to corporates, state-owned enterprises and
empowerment entities.
2 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 3
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HIGHLIGHTS CONTENTS
PAGE 4,78%
Total comprehensive income increased
6,28%
Total assets increased
5,51%
Growth in loans and advances
16,01%
Capital adequacy ratio
9,59%
Net interest income improved
3,22%
Non-interest revenue increased
8,21%
Increase in operating expenses, including
investment in information technology
Banking has changed and a
new pattern has emerged.
Consistently
Traditional branches are giving way to digitally enabled
3 327,7
branches of the future. As a leading bank in Namibia, we
3 160,3
are weaving our own patterns. From Independence Avenue
working
in Windhoek to Dunes Mall in Walvis Bay, our flagship
2 733,0
branches highlight this fresh direction.
2 345,5
to better our
1 922,9
‣ Group maintains growth trajectory despite economic downturn
1 633,2
‣ Further advances on technology and innovation platform
1 388,6
‣
numbers.
Enhanced competitiveness through new services and products
‣ Better strategy execution and intensified employee engagement
‣ Successful brand repositioning at Nedbank Namibia
‣ Wealth and bancassurance unit maintains growth record
‣ Further inroads into corporate market with significant deals
‣ New impetus for small and medium enterprise offering 2011 2012 2013 2014 2015 2016 2017
NET ASSET VALUE PER SHARE (CENTS)
4 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 5
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RETAIL BRANCH NETWORK CONTENTS GROUP STRUCTURE
PAGE
Enduring focus on
being the first choice Nedbank
Group
for banking. Limited
5
1
4 2
8
6 100%
16
7
18
NedNamibia
3
1 Katima Mulilo Holdings
2 Rundu Limited
3 Grootfontein
4 Eenhana
14
5 Oshikango
6 Oshakati
7 Ondangwa
100% 100% 100% 100% 100%
15 8 Outapi Nedbank NedProperties NedPlan Insurance NedNamibia Life NedCapital
9 Windhoek Namibia (Proprietary) Brokers Namibia Assurance Company Namibia (Proprietary)
9 Limited Limited (Proprietary) Limited Limited Limited
11
Business Centre The Grove
12 Hidas Independence Ave Full Spectrum Property Holding Insurance Broker Long-term Specialised Financial
17 Banking Company Insurance Service
Katutura Maerua Mall
Main Branch Prosperita
Wernhil Westlane
Windhoek South
10 Keetmanshoop
11 Swakopmund
100% 25% 100% 50% 50%
CBN Nominees Namclear NedLoans Ten Kaiser Wilhelm Walvis Bay
12 Walvis Bay (Proprietary) (Proprietary) (Proprietary) Strasse (Proprietary) Land Syndicate
Limited Limited Limited Limited (Proprietary) Limited
Dunes Mall Walvis Bay Branch
Kuisebmond Safe Custodian Clearing Service Personal Lending Property Holding Property Holding
13 10
Services Provider Administration
13 Lüderitz
14 Otjiwarongo
15 Okahandja
16 Ongwediva
17 Rehoboth
18 Tsumeb
6 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 7
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CONTENTS BOARD OF DIRECTORS
PAGE
A visionary bank
with innovation.
Striving
towards
responsive, THEO J FRANK (SC)
Chairperson
Independent non-executive director
RICHARD W R BUCHHOLZ
Non-executive director
JAN ADRIAAN DU PLESSIS
Non-executive director
TROPHIMUS T HIWILEPO
Independent non-executive director
responsible
BCom, CA (SA) BCom, BCompt (Hons), CA (SA), BSc (University of the Western Cape, SA)
BA Law, LLB, Dip Bus Man, Certificate Certificate in the Theory of Accountancy,
in Tax Law (University of South Africa) He has 24 years’ experience in banking, HDip in Company Law, Advanced Information technology professional
credit and risk management, both with Management Program (Duke with extensive experience in leading,
Senior counsel and former judge of Nedbank Limited and as a former partner University, USA) managing, planning as well as operational
the High Court of Namibia and was in the Financial Services division of KPMG and technical expertise in information
leadership.
appointed as an ad hoc Judge of Appeal (SA). He has most recently served as Head A seasoned banker with extensive technology and services, infrastructure
to the Namibia Supreme Court with of Risk: Nedbank Limited: Rest of Africa, and experience in financial management and business systems.
effect from 1 March to 31 December 2017. previously at Nedbank Limited as Managing (including specialised and structured
He is the chairperson of both NedNamibia Director of Business Banking, from 2003 to finance products), mergers and
Holdings and Nedbank Namibia and 2005. Mr Buchholz resigned as director of acquisitions as well as corporate banking.
also the chairperson of Free Press of NedNamibia Holdings Limited with effect He is the Managing Executive of the
Namibia (Pty) Ltd. from 27 November 2017. Nedbank Rest of Africa subsidiaries
as from January 2014.
8 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 9
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CONTENTS BOARD OF DIRECTORS
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LIONEL J MATTHEWS LIINA M MUATUNGA RICHARD P NIDDRIE AFRA R SCHIMMING-CHASE PETER C W HIBBIT KARL-STEFAN ALTMANN
Managing Director Independent non-executive director Independent non-executive director Independent non-executive director Independent non-executive director Chief Financial Officer
BCompt (Hons), CA (Nam), CA (SA), NatDip HR Management (Peninsula BCom, BAcc, CA (SA), CA (Nam) LLB, LLM, PGrad Dip International BCom, HDip in Tax (University of the BAcc (Hons), CA (Nam), CA (SA)
Executive MBA (University of Cape Technicon, Cape Town, SA), Masters Law (France), Cert Financial Planner Witwatersrand, SA), CA (SA), Advanced
Town, SA), Executive Business Dip HR Management (Rand Afrikaans Former audit partner of the Namibian CFP® (Member of Financial Planning Management Program (Harvard Karl-Stefan is a member of the
Transformation (Duke University, USA) University, SA), BTech (University of South practice of Ernst & Young with 36 years’ Institute, SA) University, USA) Institute of Chartered Accountants
Africa), MBA (Maastricht, Netherlands), experience as a Chartered Accountant. both in SA and Namibia. He covered
Former Chief Executive Officer of EDP (UCT Graduate Business School, SA), Richard is also a director of the Namibian Afra is the consultant and owner of Held numerous senior positions during his appointments as an Audit Manager
Old Mutual Investment Group (Namibia) SMP (GIBS, University of Pretoria, SA) Stock Exchange and chairman of its Chase & Associates CC; Financial Planning 32 years’ career as a Chartered Accountant, with Deloitte & Touche, Financial
and the director of banking supervision audit committee. & Coaching Practice. She is a partner and amongst others Audit partner at Pim Manager and Senior Financial Manager
at the Bank of Namibia. Mr Matthews General Manager at Mpact Corrugated certified facilitator in the FranklinCovey Goldby (now Deloitte & Touche), General at Nedbank Namibia, was Head of
was appointed as Managing Director (Pty) Ltd with extensive experience in suite of products as well as a customer Manager Finance and Accounting at Finance at ABSA Namibia and was
of NedNamibia Holdings and Nedbank human resources management, training service expert, seasoned public speaker The SA Permanent Building Society, responsible for short-term assignments
Namibia in November 2013. He has and development, industrial relations, and dynamic facilitator. Divisional Director Management Services in Tanzania and Zambia. Karl-Stefan
more than 20 years’ experience in performance management, operational at Nedbank, Financial Director at Imperial was appointed as Chief Financial
finance, banking, investments and management and labour law. Bank, Group Financial Director of Regent Officer of NedNamibia Holdings and
strategic planning. Insurance and Group Financial Director Nedbank Namibia on 1 May 2014.
of Associated Motor Holdings ('AMH'), As from January 2016 to date of this
the latter two being part of the Imperial report, the Treasury function of Nedbank
Group. He retired from the accounting Namibia also reported to him.
profession at the end of 2014.
10 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 11
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CONTENTS EXECUTIVE COMMITTEE
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Driven
GERNOT DE KLERK
Head: Marketing and Communications (co-opted EXCO member)
Gernot joined Nedbank Namibia in 2007 as manager: communications
and sponsorships and was appointed to his current post in December 2015.
to succeed
Before entering corporate communications, he was manager of the Afrikaans
radio service at the Namibian Broadcasting Corporation. He joined the NBC
in 1995 as an assistant producer. He studied at the University of Stellenbosch
and the University of Warwick (England) and has attended development
programmes in Namibia and South Africa. He is a member of the bank’s social
every day.
investment committee and of the Go Green Committee and vice-chairman of
the Rehoboth Development Forum, a community-based organisation aiming
to improve the standard of living in the southern town.
LIONEL MATTHEWS BERTUS MATTHEE
Managing director Executive: Retail (retired on 31 March 2018)
Lionel, who was appointed managing director of NedNamibia Holdings With 40 years’ experience in the banking industry, Bertus drives the overall
and Nedbank Namibia from 1 November 2013, is a chartered accountant by sales campaign in the Retail division. He has vast experience in every facet
profession, with a B Compt (Hons), CA (Nam), CA (SA), an executive MBA of the retail banking business, having started in a junior clerical position at
from the Graduate School of Business at the University of Cape Town and an Nedbank Namibia more than 30 years ago. His positions in the bank have
Executive Business Transformation Programme from Duke University (USA). included branch controller, branch manager, regional manager and operations
He has more than 21 years’ experience in finance, banking, investments and manager. His responsibilities span the entire branch network, Retail, Business
strategic planning, and has held various executive roles. These include CEO of and Private Banking, External Sales, Conformance, NedPlan, Card issuing,
Old Mutual Investment Group (Namibia), director for banking supervision at Personal Loans and SME divisions in Nedbank Namibia.
the Bank of Namibia and financial director at Namibian Breweries Ltd.
KARL-STEFAN ALTMANN RICHARD MEEKS
Chief Financial Officer Chief Operating Officer
A graduate of Stellenbosch University and honours graduate in accounting Richard, who joined Nedbank Namibia as chief operating officer in May 2015,
from the University of South Africa, Karl-Stefan is a member of both the SA began his banking career at the Bank of Credit and Commerce International
Institute of Chartered Accountants and the Institute of Chartered Accountants in London in 1988. He immigrated to South Africa in 1990 and joined Standard
of Namibia. His career in banking began after a five-year spell as an audit Bank where he served in various management roles in retail and commercial
manager with Deloitte & Touche, whose clients included Nedbank Namibia. banking operations before being assigned to Standard Bank Namibia in 2004
It has covered appointments as financial manager and senior financial as head of operations. In 2009 he was appointed as project director for the
manager at Nedbank Namibia and head of finance at ABSA Namibia as localisation of Standard Bank Namibia’s core banking system and delivery
well as short-term assignments in Tanzania and Zambia. of a full-service banking solution. He was reappointed as head of operations
in 2013, serving as a member of Standard Bank Namibia’s exco. As chief
operating officer of Nedbank Namibia, he is responsible for an effective
support structure across information technology, operations and product
and wealth management.
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CONTENTS EXECUTIVE COMMITTEE
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ELAINE SCHLECHTER SILKE VAN DER MERWE
Executive: Wealth Management/Bancassurance Executive: Strategy and Human Capital
Elaine, who was appointed to her current position in December 2015, A graduate of the University of Stellenbosch (BA, MBA) and the University
joined the group in 2006 as senior manager: bancassurance and as chief of South Africa (BA Hons), Silke began her working career in Germany.
operating officer of NedNamibia Life Assurance Company Limited and has After returning to Namibia, she spent more than a decade in journalism and
led the growth of the life company and the group’s broking business. In her marketing and communication services before working as a project manager
29-year career in the banking and insurance sector, 19 of which have been for an initiative of the Namibia Employers’ Federation and GIZ, the German
at senior management level, she has gained extensive experience in short- international development company. She then focused on strategy and business
term insurance and life assurance broking, assurance underwriting and in the consulting before joining Bank Windhoek Holdings where she became head of
banking sector. She studied at the University of Stellenbosch, the University corporate strategy and sustainability in 2014. She was appointed as head of
of South Africa and the International Academy of Retail Banking in London. strategy and transformation at Nedbank Namibia at the start of 2016 and
She is an executive member of the Life Assurance Association of Namibia. as executive: strategy and human capital in March 2016.
ANNETTE STAFFORD-EVANS STEPHEN VAN RHYN
Executive: Credit and Market Risk Chief Information Officer (resigned on 31 March 2018)
Following her appointment in September 2007 as Head: Credit of Nedbank A graduate of management programmes at the University of Stellenbosch
Namibia, Annette was confirmed as a member of the executive committee Business School, the University of South Africa and the Management College
when she became chief risk officer on 1 November 2013. She was appointed as of South Africa, Stephen has 22 years’ experience developing and executing
executive: credit and market risk with effect from 2016. Annette is a chartered strategies in alignment with corporate objectives. He has overall responsibility
accountant CA (SA) and CA (Nam). She also holds post-graduate qualifications for the shared services environment of Nedbank Namibia. This includes
as a certified risk analyst ('CRA'), registered with the International Academy of electronic business, information technology, centralised banking operations,
Business and Financial Management ('IABFM'). internal support, contact centre and customer support, local core banking and
infrastructure – technical support. Key responsibilities include optimisation of
the core banking system for Nedbank Namibia. He was previously an executive
at First National Bank of Namibia Holdings Ltd where he was successively chief
information officer, head of information technology and manager: information
technology business development.
DR EDWARD TURNER ADVOCATE SUMARI VON KUNOW
Executive: Corporate Investment Banking Chief Risk Officer (resigned on 16 December 2017)
Edward is a chartered accountant – CA (SA) and CA (Nam) – and has 19 years’ Sumari has extensive experience as a legal practitioner, having practised at
experience in commercial banking, life insurance, auditing, tax and accounting. renowned legal firms in Stellenbosch, South Africa, and Namibia since 2003.
Before joining Nedbank Namibia in 2016, Edward held the position of managing An LLB and BA(law) graduate of the University of Stellenbosch, she passed the
partner at PKF (Namibia), registered accountants and auditors, and other qualifying examinations for legal practitioners in Namibia in 2005. In addition
positions as audit partner and audit manager in South Africa. Edward worked she has completed a range of courses in compliance management, anti-money
at BoE Bank from 1999 until 2002 where he gained extensive experience in laundering and board governance. Her first position at Nedbank Namibia was
commercial/corporate banking. He is a graduate of the University of Stellenbosch as compliance officer in 2005. She joined the Society of Advocates in Namibia
– he holds a doctorate in theology – and the University of South Africa where he in 2010 and in 2012 was appointed as head: compliance at Standard Bank
gained a B Compt (Hons). Before his move into business, and while studying Namibia. She rejoined Nedbank Namibia in April 2013 as head: legal and was
theology, he was a lecturer, researcher, and pastor. appointed as executive: legal, governance and compliance in March 2014 before
becoming chief risk officer with effect from 2016.
14 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 15
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CONTENTS CHAIRMAN’S REPORT
PAGE
Optimally
refining our
purpose.
Namibia ended 2017 with hints of
green shoots emerging in a sluggish
economy labouring under a bleak
growth outlook clouded by regional
political uncertainty and upheavals.
The year saw a downgrading – the
first since the introduction of ratings
12 years ago – of the country’s
sovereign credit rating in the wake
of concerns over imbalances of public
finances, weak institutional capacity
and liquidity vulnerabilities.
16 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 17RETURN TO
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Per capita income stalled, gains in job numbers were reversed The progress made on this growth path as an enabler of A milestone for the group was its compliance with a banking APPRECIATION
in some sectors, private sector credit extension slowed (with a sustainable socioeconomic transformation and the detail of institutions determination for localisation of core banking The group has been able to significantly increase its client
brake in both the household and corporate sectors on mortgage the group’s financial performance and risk management are systems. The group has effectively implemented local base in 2017. We thank our supporters, old and new, for
and instalment credit) and the annual inflation rate stood set out in the following reviews by the managing director, the accountability, responsibility and oversight and also assumed entrusting their business to us. Securing and maintaining
at 5,2% during December 2017. The level of private sector chief financial officer and the chief risk officer. technical and operational functionality and support in respect support of clients was key to group performance and on
indebtedness remained high, with the ratio of household debt of its core banking and peripheral systems. behalf of the board, I thank management and staff for their
to disposable income estimated at being more than 100%. While confronted by increased risk in 2017, particularly in the efforts in a challenging year. We also continued to enjoy
information technology, compliance and operational arenas, Embracing regulatory compliance and sustainable practices constructive engagement with the regulatory authorities
With the domestic economy under pressure, market the group built on its strong risk culture through best-practice that enable a stable financial services system is but one and the considerable contributions of our suppliers and
confidence at a low and liquidity diminished, Government enterprisewide risk management. The board’s risk and capital cornerstone of group efforts to deliver value to our broad business partners and of many community-minded
acted to curb expenditure and aimed, in time, to reduce the management committee continued to act as an expert monitor stakeholder base. Our efforts to make a difference through Namibians in guiding initiatives for sustainable development.
growth of total public debt from a projected peak of 44,2% of the group’s risk universe. The risks within this universe and our corporate social investment activities and positively I am particularly appreciative of the contribution of my
of gross domestic product to a threshold of within 35%. their materiality were reassessed, reviewed and challenged transform economies and society through our businesses and fellow directors and thank them for sharing their wisdom
regularly by the board and management. The board was our lending are more comprehensively described in a following and insight.
The containment of Government expenditure, a dominant satisfied with the resilience through this latest of economic review of how we seek to build Namibia.
factor in the economy, slowed economic activity and a cut in cycles of the framework underpinning group risk management.
the repo rate to 6,75% by the Bank of Namibia did little to LOOKING AHEAD
revive domestic demand and investment, with the retail and Nedbank Namibia provided information for a regulatory In line with the group’s business growth and in recognising
wholesale and construction sectors particularly affected. investigation of serious trade-based money laundering ('TBML') the need to manage the complexity of all business functions
and exchange control compliance cases. Risks such as these, in a more demanding environment, plans are being drawn for
Nonetheless, in his Budget Review in November, the Minister together with the rise in terrorism, geo-political tensions, a new headoffice building in Windhoek that will consolidate
of Finance pointed to some green shoots. He indicated that, cybercrime, mobile phone banking and increasing numbers of operations currently spread across six different locations. THEO FRANK
after a prolonged period of contraction because of subdued non-traditional entrants into the financial services and banking This will be an investment that will reflect our confidence in Chairperson
commodity prices, particularly for uranium, production sphere continued to drive the trend in compliance towards the future of Namibia and provide further tangible proof,
constraints in the diamond sector and severe drought increased regulation, increased investment in information notably by creating job opportunities and a great place
conditions in agriculture, primary industries had eased into technology security, enhancement of localised capacity for in which to work and bank, of the group’s commitment to
growth, with exports regaining momentum. The tourism client support and heightened capital reserve requirements. delivering value to clients, staff and our society at large.
and financial intermediation sectors were relatively robust,
he said. Increased Namibian ownership of our group, in line with the It is also a signal that the group is now well set to convert the
aspirations of the Namibia Financial Sector Strategy and the green shoots materialising from its technology and innovation
It was against this backdrop that the group maintained its Financial Sector Charter which advocates for a degree of platform in 2017 and to achieve further meaningful growth in
position as a strong and profitable business, delivering value localisation of the financial sector, continued to receive the anticipated recovery phase after the worst performance for
to all our stakeholders and produced profit growth in 2017. attention within our parent group which in turn is part of a sub-Saharan Africa economies in two decades. With moderately
That growth though was below expectation – a reflection managed separation by the ultimate parent, Old Mutual plc. brighter prospects for the region in 2018, real GDP growth in
of the tough conditions in the Namibian market. Expectations at the Bank of Namibia ('BoN') are that existing Namibia is projected at 1.4%, well ahead of that foreseen for
banking institutions will increase local shareholding, by either neighbouring South Africa and Angola. Although significant
The group found its own green shoots in strategies to listing on the Namibia Stock Exchange or through private regional risks and uncertainties still linger, the group looks
reposition Nedbank Namibia as an innovative bank using placements or a combination of both within the next two years. forward to continuing its upward path.
its financial expertise to do good for individuals, families,
businesses and society, and from a growth focus at Consultations with the Bank of Namibia and the industry
NedNamibia Life Assurance Company through product continue on provisions of the proposed Banking Institutions
development and the introduction of new products. Amendment Act. BoN requested comments on certain key
provisions related to restriction of foreign shareholders,
These green shoots have materialised on a digital journey recovery plans, minimum capital funds, exposures to holding
initiated from a stable core banking system, enabling the companies, affiliates and subsidiaries and restriction on
introduction of valued-added services and form further dividends in certain circumstances.
inroads in the corporate and investment banking market.
The board was encouraged to note the vigour and culture Meanwhile, following submission to the Prime Minister of
of innovation emerging in the repositioning. a report of Namibians’ views on the National Equitable
Economic Empowerment Bill ('NEEEB'), which provides for
The rapidly changing face of banking and financial services the establishment of an Economic Empowerment Advisory
in the digital era demands, in turn, a change in mindsets and Council and Commission to redress the social, economic and
behaviour by personnel to deliver consistently positive client educational imbalances in Namibia, it has been indicated that
experiences. Management and staff are to be commended for Government has invited further proposals on how to address
their achievements in adapting to change and dealing with the income gap in Namibia.
increased operational risks.
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Ongoing
commitment
to being
relevant.
Further progress on our technology
and innovation platform, anchored by
a stable core banking system, enhanced
competitiveness through new services
and products, and a successful brand
repositioning at Nedbank Namibia
helped the group maintain a growth
trajectory in the face of a challenging
economic environment.
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The progress made, coupled with better strategy execution, Following the national launch of its offering for small and medium The employee engagement programme, known as the and facing increasing trends in cyber and financial crime.
a sound management information system and intensified ('SME') enterprises, a dedicated service offering to SMEs was 90-day Challenge, provided an opportunity for staff to New levy structures for all financial markets introduced by
employee engagement, enabled the group to counter the created through the SME hub in Windhoek, supported by the better understand the repositioned Nedbank brand the Namibian Financial Institutions Supervisory Authority
effects of the downturn and to keep sight of our 2020 goals. appointment of an SME banker to each branch. and to build team spirit. in November will ultimately have an impact on clients in the
These are to achieve N$500 million in earnings, 20% return financial services sector. We will also have to deal with the
on equity, 20% market share and an efficiency ratio of 55%. In the larger business segment, the Corporate and Investment To provide more impactful training and ensure training Basel 3 framework on banks’ capital adequacy, stress testing
Banking ('CIB') unit made further gains through a focus on strategies meet workforce demands, we launched Nedlearn, and market liquidity risk. We are now, however, a highly visible,
The brand repositioning at Nedbank Namibia, built on a property finance in collaboration with counterparts in an e-learning platform. This gives staff the opportunity to learn well-funded and agile group and well placed to make further
call to ‘to see money differently’ from ‘money experts who South Africa. at their own convenience and pace and enables teams from strides in growing our transactional banking and our presence
do good for individuals, families, businesses and society’, various locations to collaborate on problem-solving challenges. in corporate and investment banking where we have a strong
was a key strategic initiative in a ‘Banking Reloaded’ drive Following drawdowns on the N$500 million facility for The Nedlearn offers 16 training modules as well as the bank’s pipeline of business.
to become a better transactional bank. That drive was Dunes Mall and N$250 million facility for the Am-Weinberg induction programme.
boosted by the launch of the feature-rich Nedbank Gold development in Windhoek, our CIB unit was appointed as APPRECIATION
account, which cut across client segments and rapidly lead arranger for the Ongos Valley property development In addition to Nedlearn, a training hub was established in A solid team effort has brought significant advances in the
established itself as a most wanted current account in in Windhoek. The first phase of the project is valued at Northern Namibia to contain travel and accommodation group’s business. For their contributions to the milestones we
Namibia. The demand for the Gold account helped the N$3,7 billion. The development will provide housing for 15 000 expenses. In leadership development, 15 staffmembers have achieved in moving towards our 2020 goals, I thank all
bank achieve its transactional banking target for 2017. families and is expected to create 10 000 job opportunities. graduated from the management development programme run our group employees. We have shown that we can continue
Our CIB unit also secured N$156 million financing for in collaboration with the University of Stellenbosch. To ensure to up our game and that has been recognised by our growing
In addition to the introduction of value-added services expansion of the Eros Manor retirement village in Windhoek bankers make sound lending decisions, credit consumer and client base whose support we greatly appreciate. I thank
to internet banking capabilities, a new website provided and N$98 million financing for a large cold storage facility in business consumer lending courses were launched. the shareholder, board and my fellow executives for their
increased functionality, including the ability to apply online Walvis Bay. It also won the tender to finance the acquisition of commitment and support to mould and implement our
for Nedbank products and Nedbank accounts. A debit order a larger tug at Walvis Bay as part of the N$3,5 billion harbour Exco Plus, a group of younger talent, was established to review strategy and working tirelessly to achieve our stated
switching service was also introduced, making switching expansion by the Namibian Ports Authority. strategy and find new opportunities and innovative solutions. strategic objectives.
over to Nedbank Namibia extremely easy.
A credit facility agreement of N$235 million was concluded In surveys, staff gave high ratings for opportunities to learn
Following the launch of what is an exceptional mobile with Agence Française de Développement ('AFD'), France’s and grow at work and for levels of engagement and of ethical
banking app, the bank forged relationships to improve mobile bilateral development finance institution. Nedbank Namibia behaviour. Among priority focus areas emerging from these
payment facilities in Namibia. One such relationship, with plans to use the credit line to finance small-scale projects for surveys were low ratings for efforts to retain the best people
mobile platform PayToday, allows users to share payments renewable energy, energy efficiency and sustainable and for giving equal opportunity to all employees. Nonetheless,
with friends, by splitting a bill for example, and pay directly resources development. staff turnover, while to an extent prompted by better
to their mobile numbers, regardless of which bank they use. opportunities, still remained within industry norms.
The PayToday app is free for anyone to download and is NedNamibia Life did, however, enjoy exceptional year-on-year
powered by Nedbank Namibia technology. Nedbank also premium growth for its funeral products (albeit from a low base) LOOKING AHEAD LIONEL MATTHEWS
became the first Namibian bank to provide direct mobile which were introduced to external markets beyond Nedbank. In continuing our journey of transforming into a truly digital Managing Director
payments to businesses via the PayToday platform. New sales channels were created with the appointment of bank, we will focus strongly on our client experience – which
external sales agents and notwithstanding the anaemic in turn demands intensified efforts to build our team of
To ensure the experience of clients visiting branches reflect economy there was growth in sales of other life money experts who thrive in a great place to work and who
Nedbank’s new technology, products and brand, the flagship company products. do things even more efficiently. We have expanded our credit
branch on Independence Avenue in Windhoek was revamped representation across Namibia and clients are seeing the
and a new branch was opened in The Dunes Mall in Walvis The Nedplan brokerage turned in a sound financial performance benefits in turnaround times. We also have representation
Bay. More branch revamps are being done to provide a thanks to improved cross selling in financial planning. The focus in every branch of Nedbank Namibia for bancassurance
modern client experience. in financial planning was on a sound overall client value and financial planning and bankers for small and medium
proposition rather than on product, and there was a major enterprises. In 2018 we will decentralise our finance function
While Retail and Business Banking benefitted from drive on estate planning services. The broker distribution to support our business units and to contribute to better
client gains through the Banking Reloaded campaign and network, now comprising 15 life and 14 short-term insurance client service. We will continue to investigate opportunities
transactional growth, the core area of vehicle asset finance brokers, achieved representation in all major retail branches to innovate and will bring added mobile banking convenience
was severely affected by the downturn. There was also of Nedbank Namibia. to clients in the new year.
reduced growth in home loans, but the Nedloans unit, offering
personal loans, delivered a pleasing result. Given the weak Beyond the introduction of new products and services and The year ahead will again present a difficult operating
economy and increased pressure on consumers’ disposable new business gains, the group’s growth in a difficult year environment in a market that is becoming more and more
income, we were acutely diligent in assessments for both was achieved through greater employee engagement and competitive with new entrants as well as more regulated
vehicle and home loans. innovations in training.
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Seeking to
realise every
opportunity.
Overall growth in the Namibian
economy remained weak in 2017,
although there was a welcome
uptick in the fortunes of the mining
and agriculture sectors. Real growth
in Namibian gross domestic product
of (0,6)%, compared unfavourably with
an expected 1,3% for the South African
economy and 1,5% for Angola.
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Inflation slowed from a peak of 8,2% in January to an average Market liquidity levels did show some signs of recovery in Credit Loss Ratio There was a solid increase in deposits by clients in the corporate
of 6,2% for the year, a level corresponding to inflation levels in Q2 2017 after the significant drop in September 2016 to much market, and overall deposits increased by 4,9% to N$14,1 billion.
2017 0,52%
2016. There was a drop to 5,4% in the inflation rate in August, lower than normal seasonal levels. This was indicative of a The total liquid asset buffer in place throughout the year
the month in which the Bank of Namibia ('BoN') decided to market dynamic out of the ordinary. The shortage is specific 0,39% was maintained well ahead of the regulatory position given
2016
cut the repo rate by 25 basis points to 6,75%. The rate cut did to the Namibia market and linked to the Government’s own potential liquidity challenges at year end and overall slow
little to stimulate demand in the remaining months of the weakened liquidity position as debt levels reached a ceiling, 2015 0,58% growth in loans and advances. At 31 December 2017 this total
year. Annual growth in private sector credit extension dropped refinancing debt became more difficult and there was pressure buffer amounted to N$2,24 billion.
to an average of 5,1% from 8,9% in 2016. That was primarily on reserves. This negatively impacted the banking sector 2014 0,06%
due to the reduced growth in credit advanced to both the liquidity as funding with banks through asset managers with The capital adequacy ratio of 16,01% exceeded our internal
household and corporate sectors, particularly in the form of government-related portfolios was gradually withdrawn, and 2013 0,19% target range of 12% and compared to 14,96% at the end of
mortgage and instalment credit. Along with a sharp reduction SOEs withdrew excess funds. These funds have been slow in 2016. While we have sufficient capital in place for our rapid
in vehicle sales and a slowdown in the investment property flowing back into the banking sector. The increasing shortage Non-interest revenue growth strategy towards 2020, our current return on average
market, business was cautious in its approach to investment of liquidity was also evident through wholesale funding costs The surge in new transactional banking accounts, first noted in equity after taxation is negatively affected. This amounted
and showed a reluctance to commit to capital expenditure. that increased consistently and term funding costs in Namibia the second half of 2016, continued throughout 2017 on the back to 13,3% (2016: 14,6%).
exceeding that of South Africa. of a repositioning of the Nedbank Namibia brand and focused
In a highly competitive environment Nedbank Namibia optimised marketing campaign. This response to further innovations on THE YEAR AHEAD
its technology platform and gained ground as an innovative The industry’s liquidity position showed further improvement in the bank’s technology platform along with new products and With solid results despite the economic downturn,
bank at the forefront of finding solutions for consumers and Q3 when measured against the high level of BoN repos that were services in bancassurance and wealth management helped the group has maintained momentum in moving towards
business, with significant deals in the corporate market and new in place during Q1. This resulted in a drop in market funding rates, boost non-interest revenue to N$334,2 million, an increase the 2020 goals of N$500 million in earnings, 20% return on
impetus in the market for small and medium enterprises. Group indicative of some liquidity returning to the market. of 3,22%. The group is well positioned to tackle the challenge equity, 20% market share and an efficiency ratio of 55%.
Finance supported the growth by delivering greatly enhanced of growing non-interest revenue in 2018. The group is well capitalised and funded and its progress
management information, with the ability to provide detailed Further downgrades of South African debt, political shocks in the technology arena along with strategies for growth in
analyses of net-interest revenue and operating expenditure as and reduction in emerging market risk appetite could have a Non-Interest Revenue to Total Income retail, business and corporate banking and in bancassurance
well as detailed segmented reporting by product, branch, region significant negative impact on the rand exchange rate and result and wealth management has positioned it to gain further
2017 31,50%
and relationship manager as well as summarised in forced rate hikes. impetus in 2018.
dashboards for executives. 2016 32,30%
The average yields on new loans and advances have stabilised, APPRECIATION
Treasury operations were enhanced with the implementation with prime decreasing by 25 basis points in August 2017. 2015 37,00% The support and encouragement of all our stakeholders in 2017
of an internationally renowned trading system which helps Further increases in advances yields could be challenging given is sincerely appreciated. The collaborative role of our suppliers in
traders manage their positions and risk. increased competition in the market and the slow advances 2014 40,30% implementing systems enhancements was vital in enabling our
growth in the market as a whole. finance teams to contribute effectively to group progress.
With the optimisation of the technology platform and execution 2013 41,80% I salute our teams for their hard work and ongoing commitment.
of business unit strategies, year-on-year market share growth Over the long run, margins are likely to only increase to levels
topped 13% and a strong liquidity position was maintained of main Namibian competitors, once the funding mix is aligned Operating expenses
in a market which saw Government competing with banks to that of competitors, through reducing dependence on more Growth in operating expenses was contained to 8,21% despite
for funding. expensive wholesale funding in favour of a higher level of retail increased marketing expenditure and greater investment
funding in proportions similar to competitors. in staff and their development and in the technology and
With contributions from the main subsidiaries, Nedbank Namibia innovation platform. Expenses represented 58,9% of total KARL-STEFAN ALTMANN
and NedNamibia Life Assurance Company, total comprehensive Margin analysis income compared with 58,0% in 2016. The targeted efficiency Chief Financial Officer
income grew by 4,78% to N$318 million for the financial year. ratio for 2020 is 55%.
6,34%
2017 3,99%
EPS (over five years) 10,33% Cost-to-Income Ratio (over five years)
5,82% 2017 58,90%
2016 4,02%
2017 429,81 9,84% 2016 58,00%
Funding costs
2016 5,09%
426,42 Average margin 2015 57,50%
2015 3,98%
9,07%
2015 388,46 Yielding assets 2014 58,80%
4,47%
2014 347,70 2014 4,04%
8,51% 2013 62,20%
2013 283,70 3,92%
EPS (in cents)
2013 4,21%
STATEMENT OF FINANCIAL POSITION
8,13%
In line with the marked decline in private sector credit extension
in the weak economic environment, loans and advances to
STATEMENT OF COMPREHENSIVE INCOME Impairments clients grew by 5,5% to N$11,84 billion. This growth compared
Interest income The impairment charge at Nedbank Namibia was N$60,6 million well to the average private sector credit extension of 5,1%.
Net interest income improved by 9,59% to N$747,9 million (2016: N$41,1 million). The credit loss ratio of 0,52% was higher
(2016: N$682,4 million). This was behind budget as a result than the 0,39% recorded in 2016 and reflected the pressure
of the weak growth in loans and advances to N$11,8 billion on consumers. The ratio was ahead of competitors’ positions
(2016: N$11,2 billion) and funding cost increasing faster and intervention by senior management on the status of client
than expected. accounts was heightened.
26 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 27RETURN TO
CONTENTS CHIEF RISK OFFICER’S REPORT
PAGE
Promoting
a worldclass
risk-aware
culture.
The group promotes a risk-aware culture
that creates a recognition and understanding
among all employees of the value of risk
identification, measurement, management,
monitoring and reporting as part of their
daily business activities. The major risks
facing the group in 2017 centred, as in 2016,
on the areas of information technology,
compliance and operations. Added to these
were the threats of cyber and financial crime,
outsourcing third-party risk and business
continuity planning.
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The focus on the combating of financial crime, amid Trade-based money laundering ('TBML') and exchange A market conduct regulatory project which aims to ensure We will continue to invest in risk data aggregation and
ever-increasing regulatory pressure, led to the appointment control compliance risks materialised in the Namibian that defined standards (including Treating Customers Fairly) reporting systems with the flexibility to integrate multiple
of further personnel for anti-money laundering ('AML'), economy in 2017 and the regulator investigated a number meet international best practices is under way and a detailed data sources and strong data governance features.
combating financing of terrorism ('CFT'), proliferation of serious cases for which Nedbank Namibia provided implementation plan is being prepared. All staff and directors
and sanctions compliance risk management. information. To mitigate TBML risks the Financial Intelligence filed annual declarations of outside interests and conflicts of The risk fraternity now needs people with quantitative and
Centre issued a revised directive to strengthen controls on interests as required by the board-approved code of conduct analytical skills, but also creativity, technology acumen and
Ongoing enhancement of the core banking system and cross-border remittances. The FIC then conducted a review and ethics. There were also 100% submissions by directors and industry knowledge. We continue to strive to build teams
AML technology, with improvement of data quality assisted of the bank’s AML controls in March 2017 raising issues staff to the ethics office of personal account trading policy that are responsive and anticipatory – able to catch issues
with the management of the AML, CFT and sanctions which are being remediated as part of a Nedbank Group acknowledgements and declarations. early and respond to increasingly ad hoc requirements from
compliance programme. A comprehensive combined audit and AML remediation programme. Coupled with this, the FIC regulators and the business – and so excel in modern banking
management assurance programme has been scheduled for issued related guidance and training to local banks, based All security systems throughout the group were reviewed risk management.
2018 to review the implementation of the enhancements of on deficiencies noted. during the year, resulting where necessary in replacements,
risk management technology and automation of processes. upgrades or installation of new equipment. A full infrastructure
As a result of increased sanctions and anti-money laundering risk evaluation was conducted during annual branch visits.
For outsourcing/third-party risk and business continuity compliance pressure, the bank has seen an increase in de-risking Health and safety training conducted during the year saw all
planning, ongoing projects are envisaged for finalisation from high-risk client relationships. 110 delegates pass.
in 2018, which will allow for adherence to Nedbank Group
minimum requirements, regulatory requirements and To further mitigate TBML and exchange control compliance THE YEAR AHEAD ANNETTE STAFFORD-EVANS
improved risk mitigation. risks the bank embarked on a review of its trade finance The enhancement of risk technology will form the basis Acting Chief Risk Officer
business operations. This was designed to address of the enterprisewide risk management strategy in 2018.
To deal with the risk of strategic objectives being inhibited systems development issues that would enable the bank Investigations into the current risk management system are
or delayed by inadequate and/or system-inappropriate to effectively implement its risk-based AML and exchange aimed at assessing its functionality and capability against
IT investment, development, implementation and support, control compliance controls. The project, which is ongoing, risk strategy, policies and framework requirements, to set the
there was close collaboration and engagement with the aims to also ensure the bank’s client and transactional data platform from which the group is able to meet ever increasing
Nedbank Group to accelerate our group’s digital journey. is adequate to ensure compliance and to enrich data for risk management standards.
improved transaction monitoring.
In Treasury operations, significant manual processes gave way The initiative will enable:
to an internationally accepted and automated solution which Despite an increasingly stressed socioeconomic environment ▸ standardised risk reporting across all management,
helps traders to trade and manage positions and risk. and greater investigative support required by law enforcement operational and risk committees;
authorities from the forensic services function, incidents ▸ automated and integrated risk reporting (including
The group addressed risk relating to execution and delivery of of internal fraud and theft investigated by function and governance, risk and compliance);
group strategy and its 2020 goals and after careful consideration operational losses remained low. This evidences a robust ▸ coordinated risk reporting cycles so that current
of prevailing economic circumstances, a revised and refreshed operational control environment. NedNamibia Holdings information about risks and issues is incorporated into
strategy execution plan was approved by the board. consolidated gross operational losses remained within all business plans and daily operations; and
prescribed thresholds in the Basel framework on banks’ ▸ use of analytics to optimise the risk dashboards and
To counter the increasing risk of illegal cyber activities being capital adequacy, stress testing and market liquidity risk. improve current and forward looking decisionmaking.
used against the group’s computer systems, computer Events related to the Basel category ‘execution, delivery and
networks and internet, which might lead to operational losses process management’ remained the primary cause for internal The group recognises that it must respond to the forces of
and reputational damage, the group invested in upskilling of losses in terms of frequency and severity. change by taking a more fluid, progressive approach to risk
business information security officers as part of its robust, management. To strengthen the risk function we will continue
worldclass cybercrime risk framework. In addition to the FIC review, the Namibian Financial to invest in harnessing smart technology, rising to meet
Institutions Supervisory Authority ('NAMFISA') performed a coordination challenges and building new layers of talent.
Continued remediation of Namibian Financial Intelligence targeted risk review of AML, CFT and sanctions compliance at The smart technologies and new processes are required to
Act requirements was balanced with the requirements of the NedNamibia Life Assurance Company. Shortcomings similar improve the interaction between our risk teams and business,
Nedbank Group and the South African Financial Intelligence to the FIC 2017 review will be remediated under the AML regulators and external stakeholders. Risk management is also
Centre Act which were recently amended to promote a risk- remediation programme. fast moving towards robotic process automation, artificial
based approach. Accounts where identification of clients is intelligence and a wide range of data-driven technologies to
outstanding, outdated or incomplete continue to be restricted. The South African Reserve Bank per the Office of the Registrar speed up our operations and improve measurement, modelling,
Significant focus continued on the implementation of of Banks visited Nedbank Namibia and discussed with the analysis, integration, predictions and anomaly detection.
procedures to ensure upfront sanctions screening and client managing director and executive management, operations,
risk profiling and improvements in transactions monitoring. operating environment, strategy and developments at the bank.
30 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 31RETURN TO
CONTENTS SUSTAINABILITY REPORT
PAGE
Creating value
for our clients
and society
at large.
Nedbank staff volunteers planted trees for the 90-day Challenge
As a diversified financial services provider,
we play an important role in facilitating
economic growth. We use our expertise
to gather and direct capital to where it is
needed for the benefit of our clients and
other stakeholders and to enable a thriving
and stable society.
Nedbank Cycle Challenge MTB race
32 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 33RETURN TO
CONTENTS SUSTAINABILITY REPORT
Recent staff graduates of the management development programme
PAGE
Developing
our staff.
‘We’re steering Nedbank to becoming the employer and bank of choice as
part of our overall strategic objectives. Exco Plus is a manifestation of that.’
– Christopher Chipeio, chairperson of Exco Plus
We depend on the people of our group to achieve our ‣ Fifteen staffmembers graduated from the management
goals and to create value. Along with competitive development programme ('MDP') run in collaboration with
remuneration for challenging and rewarding work, and the University of Stellenbosch. Two senior staffmembers
effective performance management and recognition, a attended a leadership course offered by the Nedbank
cornerstone of our approach is the development of our Group. We continued to identify candidates for the senior
staff to further their careers and to improve our services management programme ('SMP') of the Nedbank Group
and products. which attracts 3 000 potential candidates from operations
across Southern Africa.
‣ In 2017, staff costs, including benefits, increased 9,9% ‣ We established Exco Plus, a junior executive committee.
to N$305,2 million, underpinned by an average salary This supports our aim of creating a high performance
increase of 7%. culture, which encourages innovation and contribution on
‣ Our staff turnover was within the industry norm. This was various levels and values the voice of the next generation
supported by survey findings that staff felt their work was that is willing to be daring in its approach in an already
important and gave them personal accomplishment in a challenging environment. As a team of younger talent,
conducive environment where they had the opportunity to Exco Plus addresses projects that will benefit the group
learn and grow. in fulfilling our overall strategy.
‣ We placed fifth in the Deloitte Best Company to Work
for survey. This survey benchmarks us an employer in Engaging with our staff is central to our understanding and
the Namibian market and gives insights to where we responding to their needs and concerns, and improving their
can improve. working environment experience. Regular communication also
‣ Our training spend amounted to N$6,5 million. takes place to provide staff with strategic direction and to
‣ We adopted training strategies to meet workforce demand keep them informed about group activities.
and established a training hub in the north of our country.
Lionel Matthews, our managing director, engaging with staff
‣ We launched an e-learning platform called Nedlearn. This In 2017, specific employee engagements included:
attracted high levels of participation from staff for many of ‣ The 90-day Challenge, to support the repositioning of the
the 16 modules on the platform, as they took advantage of Nedbank brand and the bank’s transformational journey.
the autonomy to learn at their own convenience and pace. During the rollout of the campaign to ‘see money differently’,
The highest participation was for courses on corruption a team of change agents promoted discussions to ensure
awareness and cyber security awareness. Besides enabling understanding of the rebranding and employees’ role as
teams from various geographical locations to collaborate on money experts who do good in improving client experience.
problem-solving challenges in real time, Nedlearn brought ‣ Roadshows by the managing director and Exco members.
instant connectivity to subject matter experts, regardless ‣ Results presentations and briefings on the managed
of their location. separation of the Nedbank Group from its parent, Old
‣ There was increased participation in our management Mutual plc.
development programmes aimed at equipping supervisory, ‣ Staff surveys to assess the state of the culture of our
middle and senior managers with the knowledge, leadership organisation and staff attitudes.
and change management skills to function effectively in a ‣ Regular electronic and printed newsletters.
demanding corporate environment. ‣ Staff recognition functions with awards for top achievers.
34 2017 INTEGRATED REPORT 2017 NEDNAMIBIA HOLDINGS LIMITED 35You can also read
