INVESTORS have been told to buy Bank Windhoek Holdings shares. On Friday, Bank Windhoek financial results showed that profit for the six months ended 31 December reached N$456 million, an increase of 26,4% year-on-year.
“We maintain our buy recommendation on Bank Windhoek Holdings, and reiterate our expectation for a positive earnings surprise in the full year results,” said analyst Rowland Brown of IJG Securities.
Brown said the results are very much in line with IJG Security forecasts for the year, and given that the second half of the financial year often offers marginally better results than the first.
“We are well positioned to see a positive surprise in the full year results,” said Brown.
The Bank Windhoek Holdings public offer price was N$8,75 before listing in June 2013. By midday yesterday, shares were trading at N$16,99 per share according to a tracker on the bank’s website.
The bank’s non-interest income increased by 21,7% to N$481,4 million, from N$395.7 million the previous year.
The increase was mainly due to strong growth in income from trading activities, which included income earned from the kwanza trading activities. Non-interest income now makes up 40,9% of total operating income, from 40,2% in the preceding year.
The company announced an interim dividend of 30 cents per share, up 25% from the interim dividend of the first half of 2015.
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