BANK WINDHOEK LIMITED - Publication Of Annual Financial Statements For The Year Ended 30 June 2021

Publication Of Annual Financial Statements For The Year Ended 30 June 2021

Bank Windhoek Limited
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ21
ISIN Code: ZAG000140286

BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ23
ISIN Code: ZAG000155508

BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ24
ISIN Code: ZAG000175183

(“the Company”)

PUBLICATION OF ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2021

Noteholders are hereby advised that the annual financial statements of the
Company for the year ended 30 June 2021, including the unqualified audit
reports of PricewaterhouseCoopers, the registered auditors of the Company,
are available on the Company’s website at:
https://www.bankwindhoek.com.na/Pages/Reports.aspx or may be requested and obtained
in person, at no charge, at the registered office of the Company during
office hours.

Restatement of interest recognised on IFRS 9 stage 3 loans and advances

The prior year figures were restated in the 30 June 2021 annual financial
statements:

IFRS 9 requires that for financial assets in stage 3, entities should
recognise interest income on the net carrying amount (gross loans less
impairment). Additional interest recognised on the loans and advances will
be included in the impairment test which will result in an increase in
impairment charge line item.

In the 2020 annual financial statements, the interest on the loans and
advances and corresponding increase in the impairment unwind on expected
credit losses for stage 3 were not recognised as the impact on the net
profit before tax was zero.

A third statement of financial position is not presented in the Annual
Report as the restatement only impacts the loans and advances and no other
line item on the statement of financial position.

The interest recognised and impairment charge were corrected by restating
each of the affected annual financial statement line items for the prior
period as follows:
                               30 June 2020   Restatement       Restated
                                   (N$’000)      (N$’000)   30 June 2020
                                                                (N$’000)
Consolidated statement of
comprehensive income
(extract)
Interest and similar income       3,764,296        96,482      3,860,778

Credit impairment losses          (207,090)      (96,482)      (303,572)

Impact on Profit before                                              Nil
income tax

Consolidated statement of
financial position (extract)
Loans and advances to            32,691,865             -     32,691,865
customers
   Gross loans and advances      33,361,731        96,482     33,458,213
   Total impairment               (669,866)      (96,482)      (766,348)

Impact on equity                                                     Nil


16 September 2021

Debt Sponsor
PSG Capital

Date: 16-09-2021 03:05:00
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