Annual Financial Statements 2020

About Standard Bank Namibia Standard Bank opened its first commercial branch in August 1915 in Lüderitz, making it one of Namibia's oldest companies today. Over the years, our customers and clients have come to rely on us to understand their needs, employ people with strong knowledge of local business conditions and connect borrowers with lenders. This vision created the foundation for the kind of bank it would become and the qualities which customers and clients expect. We are proud to be part of Standard Bank Group, a large financial services organisation rooted in Africa and with operations in 20 countries. From humble beginnings of three branches, today, Standard Bank operates a distribution network of 63 branches and 372 ATMs across Namibia. Our workforce has grown to over 1500 employees and our roots have extended deep into the fabric of Namibian society. Standard Bank is committed to making banking available to all Namibians. To this end, we have evolved and adapted together with our customers and clients, developing a rich heritage while nurturing and protecting our reputation. We uphold high standards of corporate governance, are committed to advancing the principles and practices of sustainable development and are inspired to advance national development objectives. We are commercially and morally bound to serve Namibia and her people in return for the long-term profitable growth we aim to deliver as a leading financial services group in the country. We are committed to moving Namibia forward and driving her growth. Our success and growth over the long term is centered on making a difference in the communities in which we operate. Standard Bank has a strong presence in Namibia. Standard Bank has always lived up to the promise of bringing banking to the nation and we have succeeded in doing so by having a wide network of branches and ATMs in Namibia, comprising: Transactional volumes on our digital platforms Internet Banking PayPulse 882 752 2019: 396 179 3 185 377 о 2019: 2 747 792 Smart App 173 417 2019: 153 409 USSD Branches 63 ATMs 1033 501 372 2019: 797 207 Get Cash Check balances Tander Cadless Withdrawals Mini Statements Contents NO Get Cash STANDARD BANK NAMIBIA LIMITED Check balances Annual financial statements 2020 1 Transfer nosit ments GENER Introduction 2 Corporate governance report 26 Statement of changes in equity 28 Statement of cash flows 8 Board of directors 29 Accounting policy elections and restatements 12 Executive committee 31 Key management assumptions 2019: 61 2018: 60 37 Notes to the annual financial statements Annual financial statements 82 16 Directors' responsibility and approval Annexure A Subsidiary 83 Annexure B - Joint ventures 17 Report of the independent auditor 21 Directors' report 84 Annexure C Risk and capital management 23 Statement of financial position 24 Income statement O 2019: 350 2018: 325 25 Statement of other comprehensive income 104 Annexure D - Emoluments of directors 105 Annexure E- Detailed accounting policies IBC Contact and other details

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