Operating profit

N$1.3 billion

(2019: N$1.3 billion)

Net asset value per share

1,232 cents

(2019: 1,136 cents)

Profit from continuing operations

N$1.01 billion

(2019: N$1.04 billion)

Dividend per share

50 cps

(2019: 66 cps)

Return on equity


(2019: 16.3%)

Return on equity from continuing operations


(2019: 16.3%)

Capital adequacy ratio


(2019: 14.9%)

Capricorn Group Limited’s short-term Namibian national scale rating has been affirmed at A1+(NA). Its long-term Namibian national scale rating has been revised to AA-(NA), from AA(NA), solely as a result of a criteria change, which reflects structural subordination in the ratings of non-operating holding companies. The outlook is stable.

Bank Windhoek Limited’s long- and short-term Namibian national scale ratings have been affirmed at AA(NA)/ A1+(NA), with a stable outlook.




Capricorn Group is well positioned to weather the COVID-19 storm due to its strong capital and liquidity position, diversified operations, deep local knowledge and strong relationships in the markets where it operates. The Group’s resilience has been illustrated by its results from continued operations, which compare very favourably with financial institutions across southern Africa.

The Group will not be exempt from COVID-19 fallout , with Bank Windhoek being the most impacted by significant interest cuts experienced in Namibia. This resulted in margin compression and an expected increase in impairments as more clients experience a deterioration in their financial position. However, the remaining subsidiaries do not anticipate the same impact and could offset some of the negative outcome for Bank Windhoek.

We take decisive action to address areas of underperformance : we agreed the sale of our loss-making operations in Zambia to Nigeria-based Access Bank Group, subject to the conditions precedent. We also restructured Capricorn Capital and believe that it will positively contribute to the Group’s bottom line going forward.

We have a steady record of new product and service launches. We continue to explore adjacent sectors to grow beyond our interests in banking, asset management, insurance and finance.

Our key focus remains customers and their needs . We are investing in digital offerings and channels without compromising the personal touch and customer intimacy for which we are known.

We are growing scale and have a solid reputa​tion.

  • Bank Windhoek, the Group’s flagship brand, is the largest locally owned bank and the second largest commercial bank in Namibia. It was also the first commercial bank in southern Africa to issue a green bond.

  • Capricorn Asset Management (CAM) is a fully-fledged asset manager offering a wide range of investment products across the risk spectrum to retail and institutional investors alike. CAM is one of the largest asset managers in Namibia with more than N$30 billion of assets under management.

  • The Capricorn Unit Trust Management Company Ltd (“CUTM”), administered by Capricorn Asset Management (Pty) Ltd (“CAM”), has been the market leader in Namibia since 2004 in terms of assets under management in the unit trust sphere.

  • Bank Gaborone is on a growth trajectory in Botswana with a proven capability to regularly launch new products and services leading to significant new customer growth. The bank has increased its market share from 7.0% to 7.5% over the last year.

  • Entrepo Holdings (Pty) Ltd (“Entrepo”) is expanding in the government employee market through a highly efficient, distinct and competitive capability to approve and disburse loans, and to provide credit protection cover.

  • Paratus Group has a presence in six African countries and deliver services to more than 20 countries across Africa.

We are widely recognised for our lasting contributions to communities through social responsibility initiatives and significant support for COVID-19 initiatives this year.

We are stable, reliable and well capitalised. Capricorn Group has two shareholders of reference – the Government Institutions Pension Fund (“GIPF”), the largest institutional investor in Namibia, and CIH, the founding holding company of Bank Windhoek. They ensure stability, liquidity and access to capital. CGR Ratings recognised the Group’s strong competitive position, given the positive diversification in terms of business lines and to a lesser extent geography, a strong risk position, intermediate levels of capitalisation supported by good earnings, and funding and liquidity profile that is in line with peers.

We have a strong ethical culture, entrepreneurial spirit and commitment to transparency. Ethical decision-making is demonstrated by the board and entrenched by governance structures and controls. We have zero tolerance for unethical behaviour and for non-compliance with any regulations or legislation in the jurisdictions where we operate.

Our future growth opportunity is in the convergence of data, financial services and telecommunications, which we can deliver on a regional basis through specialist competencies, strong relationships and positive connections.