CHAMWE KAIRA
Nedbank Group managing executive for Africa regions, Terence Sibiya, has said Nedbank is eyeing ‘sweet spots’ in Namibia’s emerging oil industry.
Sibiya said during a media session that while oil majors like Total Energy have their own overseas financiers to develop the oil projects, the ‘sweet spots’ that the Nedbank is eyeing are infrastructure funding for roads, ports infrastructure and related infrastructure.
Sibiya said the group is waiting for a final investment decision by the oil companies before considering which projects to fund.
He said the group views Namibia and Mozambique as important players in its growth plans.
Sibiya also disclosed that Namibia contributed significantly to the group’s headline earnings. He further stated that Nedbank Namibia has grown its digital channels significantly.
Managing director of Nedbank Namibia, Martha Murorua said Nedbank Namibia was also eyeing funding projects in agriculture including beef production.
Meanwhile, Nedbank Group’s results for the six months to 30 June 2026, reflecting year on year headline earnings at N$8.4 billion outperformed the bank’s expectations at the start of the year.
Headline earnings were supported by stronger net interest income and non-interest revenue growth, very disciplined expense management, offset by a higher impairment charge and no further associate income from Ecobank Transnational Incorporated (ETI) following the disposal of Nedbank’s investment.
When excluding the ETI base effect, diluted headline earnings per share (DHEPS) growth was very strong at 15%, reflecting a strong underlying operational performance.
Return on equity (ROE) was 15% across the bank’s business (H1 2025: 15.2%), also ahead of expectations. Balance sheet metrics remained strong, supporting the declaration of an interim dividend of 1 052 cents per share.
“In 2025, we took bold steps to become more client-centred, unlock growth and diversify earnings,” said Jason Quinn, Nedbank chief executive.
“SA’s operating environment remained mixed in the first half of 2026, with stronger than expected GDP growth in Q1 2026 contrasting rising inflation, higher interest rates and continued affordability pressure on households,” added Quinn.
“However, we are encouraged by an improving economic outlook, supported by a more credible fiscal path, structural reforms and recent credit rating upgrades, while South Africa’s investment appeal remains intact despite global uncertainty.”
In Nedbank Africa Regions (NAR): SADC, strategic execution supported revenue growth and operational efficiency.
Advances grew by 21%, while NIR increased by 12% on the back of strong client activity and higher commission and fee income.
