Namibia: Bank Windhoek Bags PSG's Nam Best Bank Award Again

INVESTMENT firm PSG Namibia has ranked Bank Windhoek as the best commercial bank in the country in 2020 - for the second consecutive year.

PSG annually reviews banks in Namibia, South Africa, Botswana and Zambia.

The ranking system consisted of six categories: profitability, cost-efficiency, credit risk, advance growth, market share and capital adequacy.

In the Namibian banks' category, Bank Windhoek outperformed the other major financial institutions in five categories.

The financial ratios were based on the most recent financial statement data and all compounded growth numbers over three years, PSG explained in the review.

The review also measured participating banks' overall performance and soundness by identifying their strengths and weaknesses in other metrics, such as liquidity and credit risk policies.

Last year, head of research at PSG Eloise du Plessis told The Namibian that the 2020 review was coloured by the global impact of the Covid-19 pandemic.

The specific response of central banks to reduce interest rates to lower than any point in history also had a major impact on the performance of banks.

The repo rate has been lowered to 3,75% - down 275 basis points since the beginning of last year.

Reacting to the award, Bank Windhoek's managing director, Baronice Hans, said despite the challenging economic environment exacerbated by the Covid-19 pandemic, she is grateful for the trust and confidence showed by customers and staff.

Bank Windhoek is the Capricorn Group flagship brand. It is also the group's biggest contributor to profit after tax, bringing in at least 66% of its consolidated profit.

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