Namibia: Bank Windhoek Clinches Bank of the Year Award

BANK Windhoek was announced as the Bank of the Year by leading Financial Times publication The Banker last week Thursday in London.

The award comes after Bank Windhoek was named the best Namibian bank by the African Business Magazine, moving up seven places from last year.

Africa's top 100 banks are ranked every year by the African Business Magazine, and the winner is picked from among them. The Banker's Bank of the Year awards judge the world's leading financial institutions on their ability to deliver returns, gain strategic advantage, and serve their markets.

"Bank Windhoek was Namibia's best-performing bank in a difficult economic climate. The judges were impressed not only by the bank's strong financial performance, but also by innovative initiatives such as its landmark green bond offering, and its women in business product range," said John Everington, editor of The Banker publication for the Middle East and Africa.

Reacting to the win, Bank Windhoek's managing director Baronice Hans said their success is the result of the dedication, resilience, teamwork and tenacity of both the Bank Windhoek and Capricorn Group teams.

"Customer centricity is fundamental to how we do business. We believe that strong relationships based on ethical principles are the currency of business today, and pride ourselves in being a relationship-driven bank," she noted.

Hans added that the unique and proud heritage, based on the entrepreneurial foresight and pioneering spirit of the founders, is embedded in their culture.

The bank's chief financial officer, James Chapman, said Bank Windhoek proved to be resilient in a tough economic environment during the 2019 financial year.

"We continued to grow revenue through advances growth, but have also improved interest margins by optimising the bank's balance-sheet. In addition, non-interest revenue growth was largely driven by robust earnings from trading and foreign exchange income," he stated.

Chapman added that the introduction of and investment in innovative digital customer solutions has resulted in lower costs to serve delivery channels, and more efficient back office cost structures.

"This is much needed during a period of lower private credit extension, economic stagnation, non-traditional competition, and digital disruption," he said.

Johan Swanepoel, chairperson of Bank Windhoek and the Capricorn Group, expressed pride over the achievements and continued solid performance of Bank Windhoek in very difficult market conditions.

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