Capricorn Group posts N$1.15 billion profit
The Capricorn Group delivered strong results through the solid performances of all its subsidiaries, with profit after tax increasing by 16.6% to N$1.15 billion.
The group’s financial results for the year ended 30 June 2022 show net interest income before impairments increased by 3.6% to N$2.34 billion (2021: N$2.26 billion).
Bank Windhoek’s net interest income increased by 7.4% in 2022 due to year-on-year growth of 7.6% in interest-earning assets, while Bank Gaborone experienced a 7.6% decline in net interest income.
Non-interest income increased by 13.1% to N$1.67 billion (2021: N$1.48 billion). Bank Windhoek increased its non-interest income by 10.3% and Bank Gaborone’s non-interest income grew 33.3% to BWP106.2 million.
“The Group delivered strong results, despite the economic pressures exacerbated by rising inflation on the back of increased global oil and food prices. Our region, fortunately, witnessed increased economic activity as COVID-19-related restrictions were eased,” said Johan Maass, Group Chief Financial Officer.
Meanwhile, the group declared a final dividend of 40 cents per ordinary share which will be paid to shareholders on 26 October 2022.
“Despite difficult conditions, Capricorn Group delivered strong shareholder returns. We will maintain this position by building on the strength of our diversified operations and revenue streams while investing in our digital customer experience,” said Maass.