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SBN-Availability of Annual Financial Statements
The Standard Bank of Namibia Limited
Incorporated in the Republic of Namibia
Registration number: 78/01799
(“The Company”)
Bond Code: SBN01 ISIN: ZAG000152927
AVAILABILITY OF THE STANDARD BANK OF NAMIBIA LIMITED ANNUAL
FINANCIAL STATEMENTS
As per the JSE Debt Listings Requirements, the Annual Financial
Statements for The Standard Bank of Namibia Limited have been
made available on the Company’s website:
https://www.standardbank.com.na/namibia/personal/about-us/investor-relations
The Company further wishes to advise that their audit reports
were unqualified and that there were the following restatements
of the previous year’s annual financial statements.
During the preparation of the company’s 2021 annual
financial statement, the company noted the following
restatement relating to the company’s previously
published results.
1. During 2021, it was identified that when treasury bills
were sold to, consumer and high net worth clients, the title
of the instrument was not updated to reflect the names of the
respective clients. Therefore, ownership of the instrument
didn’t transfer. The contractual rights to receive cash flows
and the contractual obligation to pay these cash flows to the
client remained with the company. This requires the treasury
bill asset and liabilities to be disclosed separately and not
netted off as was the practice in prior years. The error has
been corrected by restating the comparatives in the statement
of financial position and statement of cash flows. The
correction of this error amount to a reclassification in the
statement of financial position and statement of cash flow.
The restatement has no impact on the reported profit for the
year, earnings per share or net cash flows used in operating
activities. The related interest income and interest expense
are netted off in trading revenue in line with our accounting
policy as detailed in the annual financial statements. The
related notes were restated as required.
2. It was also identified during the current year that staff
loans offered to employees at interest rates below the market
rates were not fair valued upon initial recognition. The error
has been corrected by restating the comparative figures of the
company’s annual financial statements. The correction of this
error amounts to a reclassification in the statement of
financial position and income statement. The restatement has
no impact on profit for the year, earnings per share or net
cash flows used in operating activities. The related notes
were restated as required.
3. The deferred tax assets and deferred tax liability were
offset in the current year for Standard Bank Namibia Limited
with comparatives restated as this subsidiary meets the
requirements to offset in terms of IAS 12 'Income Taxes'. The
subsidiary has a legally enforceable right to offset current
tax assets and current tax liabilities and the deferred tax
assets and the deferred tax liabilities relating to income
taxes levied by the Namibian tax authority on the subsidiary,
only.
Johannesburg
29 April 2022
Debt Sponsor
The Standard Bank of South Africa Limited
Date: 29-04-2022 03:48:00
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