BANK WINDHOEK LIMITED - Publication Of Bank Windhoeks Interim Results For The Six Months Ended 31 December 2021

Publication Of Bank Windhoek’s Interim Results For The Six Months Ended 31 December 2021

BANK WINDHOEK LIMITED
(Incorporated in the Republic of Namibia)
Stock Code: BWZJ23
ISIN Code: ZAG000155508
Stock Code: BWZJ24
ISIN Code: ZAG000175183
Stock Code: BWZJ25
ISIN Code: ZAG000182064
(“Bank Windhoek”)

PUBLICATION OF BANK WINDHOEK’S INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

Noteholders are hereby advised that the 2022 interim results for Bank Windhoek are available
on the Company’s website https://www.bankwindhoek.com.na/Pages/Reports.aspx and may
be requested and obtained in person, at no charge, at the registered office of Bank Windhoek
during office hours.

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

The prior interim figures were restated in the 31 December 2021 consolidated interim 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 December 2020 condensed consolidated interim 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 condensed consolidated interim
financial statements 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 financial statement line items for the prior period as follows:

                                        31 Dec 2020        Restatement           Restated
                                          (N$’000)           (N$’000)         31 Dec 2020
                                                                               V (N$’000)
 Consolidated interim statement
 of comprehensive income
 (extract)
 Interest and similar income              1,513,804             73,206          1,587,010

 Credit impairment losses                 (124,197)            (73,206)         (197,403)

 Impact on Profit before income                                                       Nil
 tax
 Consolidated interim statement
 of financial position (extract)
 Loans and advances to                   33,831,040                -           33,831,040
 customers
 Gross loans and advances                34,698,513              73,206        34,771,719
 Total impairment                         (867,473)            (73,206)         (940,679)

 Impact on equity                                                                     Nil


24 February 2022

Debt Sponsor
PSG Capital

Date: 24-02-2022 03:00:00
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