The Bank of Namibia’s financial performance showcased increased robustness in 2023 due to higher interest rates and average investment balances, with operating profit soaring by 57.5 percent, from N$651 million in 2022 to N$1.0 billion in 2023.
In this regard, the amount designated for distribution increased by 24 percent year-on-year, from N$772.6 million in 2022 to N$956.9 million in 2023.
“The Bank will distribute a dividend of N$511.5 million (2022: N$413.7 million) to the government for 2023. An allocation of N$100 million was made to the Development Fund Reserve for development purposes and N$10 million to the Training Fund Reserve,” the Bank said at the launch of its Annual Report for the 2023 financial year.
During 2023, the bank marked a significant milestone as it completed the second year of its three-year strategic plan (2022–2024).
“The Bank stayed true to the Strategic Plan, which continued to set the direction and clear priorities to align departments towards a common goal, which, in turn, clarifies and simplifies decision-making. By the end of 2023, the bank had made noteworthy progress, completing 68 percent of the comprehensive three-year plan and meeting 93 percent of the specific goals set for 2023.
“The substantial progress made can be credited not only to the clear goals aligned with the Strategic Plan’s objectives but also to the explicit definition of strategic outcomes. This was evident in the unwavering commitment of each department to the bank’s strategy and its intended impact,” further stated the bank.