CHAMWE KAIRA
The Capricorn Group’s profit after tax, earnings per share and headline earnings per share for the interim period ended 31 December 2024 is expected to be materially higher by between 25% and 35% compared to what was reported in the prior period, the company said.
Capricorn said the interim financial results for the period ending 31 December 2024 are expected to be published on or about 27 February 2025.
During the financial results for 2024, the group recorded a pleasing 12% increase in operating profits and an improved return on equity of 17.9%.
Capricorn was pleased with the performance of all its subsidiaries, especially considering the difficult operating environment. For Bank Windhoek and Bank Gaborone, income growth was supported by higher net interest margins and good momentum in other non-interest income due to an increase in transactional activity attributable to the banks’ digital transformation drive.
During 2024, Capricorn’s flagship, Bank Windhoek’s net profit after tax grew 14.4% to N$1.25 billion (2023: N$1.09 billion).
The bank enjoyed significant growth across all its key segments, particularly Selekt Platinum, Capricorn Private Wealth and SME.
The Corporate Institutional Banking team also secured important deals in the mining and retail sector. In the business banking segment, the bank appointed agricultural and mining experts to grow its exposure to these industries.
During 2024, the bank’s capital and liquidity position remains sound, with liquidity ratios well above regulatory requirements. The bank continued to grow local cheap funding sources, including current and savings deposits, while not increasing foreign funding sources.
Bank Windhoek is the local market leader in loans and advances, ending the year with a 35.5% market share.
“It is considered a dominant player in the Namibian banking industry. While this will limit growth opportunities, the bank will maintain market share by providing superior customer service and enhancing its offerings,” Capricorn said.
