During the financial year ended
The group's impairment charge, occurred as the result of the pandemic and tough economic environment, increased year-on-year to N$559.7 million (2019: N$214.8 million). The impairment charge is 1.79% (2019: 0.72%) of gross advances. The increased pressure on customers due to Covid-19 also impacted the group's impairments.
Despite this mostly negative charges,
Oscar Capelao,
Considering the repo rate and prime rate reduction during the reporting period of 275 basis points, the Group's net interest income remained flat at N$2 013.4 million (2019: N$2 012.2 million), while its interest expense decreased by 0.4% and interest income decreased by 0.2%.
"As we deal with the spiralling effects of this pandemic, we continue to focus on what we as a group can do to remain strong, resilient and well-positioned to support our employees, clients, customers and communities across
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