Namibia: Four Local Banks See Growth in Assets During 2020

The total assets between the four local banks in the country amounted to N$144.9 billion, up from N$137.7 billion the previous year.

Bank Windhoek and FNB remain the two largest banks in Namibia with total assets amounting to N$42.8 billion and N$45.8 billion, respectively, followed by Standard Bank Namibia with N$34.6 billion and Nedbank Namibia at N$21.5 billion.

The total bank assets between the four local banks as a percentage of nominal GDP increased from 65.2% in 2008 to 83.4% in June 2020 indicating the importance of the banking sector in Namibia.

This is according to a recent study by PSG Namibia, which measures assets of the local banks as at 30 June 2020.

In terms of market share, FNB is still the market leader with 31.7% of total assets, followed by Bank Windhoek at 29.6%, Nedbank Namibia, the smallest in terms of assets, kept its market

share stable over the 5 year period, but making the most gains since 2011.

Standard Bank Namibia has lost market share from ten years ago from 28.1% to 23.9% and is now the third biggest bank in terms of assets at June 2019.

Overall, Bank Windhoek has retained the lead as the best bank in Namibia, having performed well in most categories.

More From: Namibia Economist

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