SBN HOLDINGS LIMITED Annual Report 2022
110
NOTES TO THE ANNUAL FINANCIAL STATEMENTS continued
35.
35.1
35.2
Related party disclosures
Parent
SBN Holdings Limited is a subsidiary of Standard Bank Group Limited.
Subsidiaries
Refer to note 7.1 and Annexure A for further
disclosure on investments in subsidiaries.
35.3
Key management personnel
Key management personnel has been defined as directors of the group companies and executive management of SBN
Holdings Limited. Non-executive directors are included in the definition of key management personnel as required by IFRS.
The definition of key management includes the close members of family of key management personnel and any entity over
which key management exercises control or joint control. Close members of family are those family members who may be
expected to influence, or be influenced by, that person in their dealings with SBN Holdings Limited. They may include the
individual's domestic partner and children, the children of the person's domestic partner, and dependents of the individual or
the individual's domestic partner.
GROUP
COMPANY
2022
N$'000
2021
N$'000
2022
N$'000
2021
N$'000
Key management compensation
Salaries and other short-term benefits
Post-employment benefits
34 613
35 574
69
IFRS 2 value of share options and rights expensed
1 612
3 220
36 225
38 863
The transactions below are entered into in the normal
course of business.
Loans and advances¹
Loans outstanding at beginning of the year
Change in key management structure
23 531
30 120
(3523)
Net loans (repaid)/granted during the year
3 748
(3 066)
Loans outstanding at end of the year
27 279
23 531
Deposit and current accounts²
Deposits outstanding at beginning of the year
Change in key management structure
Net deposits received/(withdrawn) during the year
Deposits outstanding at end of the year
4 752
2 493
(791)
(3 034)
3 050
1 718
4 752
1 Loans include mortgage loans, vehicle and asset finance and credit cards. All loans and advances in respect of loans granted to key management in the
current or prior year follow the normal ECL processes of the group and company. No impairments have been recognised in the current or prior year. The
mortgage loans and vehicle and asset finance are secured by the underlying assets. All other loans are unsecured.
2 Deposits include cheque, current and savings accounts.
Interest received on loans and advances, and interest paid on deposit and current accounts is in the ordinary course of
business, except for staff loans which are charged at preferential rates.
35.
35.4
35.5
35.6
Related party disclosures continued
(Purchase)/rendering of services
SBN HOLDINGS LIMITED
Annual report 2022
111
GROUP
2022
N$'000
2021
N$'000
Relationship
Type
The Standard Bank of South Africa
Limited (SBSA)
Fellow subsidiary
Royalty fees
(77 377)
(73 354)
SBSA
Fellow subsidiary
Information technology
(90 631)
(47 926)
SBSA
Fellow subsidiary
License fees
(17 217)
(61 258)
SBSA
Fellow subsidiary
Other services
5 103
(3 749)
SBSA
Fellow subsidiary
Training
(886)
(181 008)
(619)
(186 906)
Commissions and dividends received/(paid)
GROUP
COMPANY
Relationship
Type
2022
N$'000
2021
N$'000
2022
N$'000
2021
N$'000
SBSA
SBSA
SBSA
Purros Investments
Standard Bank
Fellow subsidiary
Fellow subsidiary
Parent company
Employee share
trust
Namibia
Subsidiary
Commission paid
Commission
received
Dividends paid
Dividends paid
Dividends
received
(12 442)
(15156)
465
(136 966)
23
(189 287)
(21 892)
(136 966)
(189 287)
57 504
136 917
Stanfin (Namibia)
Dividends
(Pty) Ltd
Subsidiary
received
1 102
Standard Insurance
Brokers (Namibia)
(Pty) Ltd
Subsidiary
Dividends
received
(148 943)
(226 312)
7 645
(70 715)
100 000
47 630
Interest income/(expense)
SBSA
SBSA
35.7
Trading income
SBSA
GROUP
2022
Relationship
Type
N$'000
2021
N$'000
Fellow subsidiary
Fellow subsidiary
Interest income
86 691
32 427
Interest expense
(55 771)
(37 049)
30 920
(4 622)
GROUP
Relationship
Type
2022
N$'000
2021
N$'000
Fellow subsidiary
Trading income
107 641
188 397
107 641
188 397View entire presentation