By Victor Angula |
Despite the Covid-19 pandemic, banks made huge profits over the last 12 months.
First National Bank of Namibia, also known as FirstRand Namibia, smiled the most to the bank amid the Covid-19 pandemic, reportedly making a profit of about N$564.9 million during the six months ended 31 December 2020.
The bank’s operating profit totalled nearly N$818.5 million (according to a report by one reputable local daily).
Standard Bank Namibia is said to have made a profit after tax of about N$421.2 million for the year ended 30 December 2020. The bank’s net interest income amounted to “nearly N$1.2 billion.”
Letshego Holdings Namibia is said to have made a profit of about N$341.4 million for the year ended 31 December 2020; having made an operating profit before taxation of nearly N$435.5.
These huge profits by banks during the Covid-19 pandemic could be partially ascribed to the opportunities such as the “work from home” practice introduced during the pandemic, through which employers cashed in on savings accrued on account of less operating costs in the “absence” of employees who were working from home.
Meanwhile this “work from home” practice created a lot of inconvenience and losses of time for bank customers who had to endure long waits in lines as a result of employees who were working from home.
(The financial reports of the two other major banks, namely Bank Windhoek and Nedbank Namibia, were not available.)
