DBN reports healthy growth for past year The Development Bank of Namibia (DBN) has announced its annual results for the 2015/2016 financial year, which show that it managed to grow loans and advances to N$3.8 billion.Assets grew to N$4.59 billion.
The 2015/2016 results deviate from the norm in covering a 15-month period, with the standard 12-month reporting period to be resumed next year.
Loans and advances stood at N$2.3 billion in 2014, with the growth this year attributed mainly to an increased scope and larger amounts approved per project.
The DBN''s assets stood at N$2.92 billion in 2014, making the last year''s figure 57.2% more than that.
“During the period, the bank, in consultation with the shareholder (government), revised its lending and investment focus and ceased providing direct finance for small and medium enterprises, to focus on provision of finance for infrastructure and to enterprises with an annual turnover of above N$10 million, as well as business projects valued at greater than N$10 million,” the bank said in a statement issued yesterday.
Commenting on this shift in strategic focus, DBN CEO Martin Inkumbi said it was prompted mainly by the mandate of the recently established SME Bank, to provide finance to smaller enterprises, as well as other specialist funds which have broadened the “finance ecosystem of commercial lending activities” aimed at SMEs.