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Capricorn Group revenue growth now exceeding pre-pandemic levels

Capricorn Group revenue growth now exceeding pre-pandemic levels

Capricorn Group Limited experienced positive momentum, with revenue growth now exceeding pre-pandemic levels, indicating that the Group has moved past the recovery phase into the growth phase, according to its annual financial results for the year ended 30 June 2023.

With the release of the results, Thinus Prinsloo, Group Chief Executive in a statement, emphasised that the Group remains focused on working towards a sustainable future for the Group and its stakeholders.

“As responsible corporate leaders, we must challenge our relevance to stakeholders and continuously re-evaluate how we make an impact. I am pleased that our commitment to improving lives through leadership in financial services by being Connectors of Positive Change has impacted many lives positively this past financial year, resulting in value creation of note for all our stakeholders,” he said.

Capricorn Group’s profit after tax increased by 28.7% to N$1.47 billion on the back of improved net interest margins, reduced credit impairment losses, strong growth in non-interest income, and efficient operations.

This positive financial performance enabled the Group to create value for all its stakeholders, contributing to the socio-economic development of Namibia and Botswana.

The Group increased its value by N$728 million to N$4.4 billion compared to the previous financial year. Of the total value created, 26.4% is represented by staff remuneration and benefits, 18.3% was paid to suppliers, and 22.6%, which amounts to N$1 billion, was contributed to the government in the form of direct and indirect taxes.

Capricorn Group Chief Financial Officer Johan Maass said, “The increased injection into the economies of the countries in which we operate can largely be attributed to the satisfactory growth of the banking subsidiaries as the banking sector continued its recovery post-COVID-19, an improvement in net-interest income largely due to the endowment effect of higher interest rates, a growing loan book and prudent cost of funding management. We have also experienced lower credit impairment charges on the back of an improving operating environment and prudent and proactive credit risk management.”

He also indicated that further economic recovery would occur. “We expect further economic recovery and improved operating conditions in our region in the medium to long term. Namibia and Botswana have exciting prospects, some linked to natural resources and others to developing industries, including agriculture, logistics, manufacturing, and tourism,” he concluded.

The four main pillars of the Group’s business are earnings quality, credit quality, liquidity, and capital depth. The performance of the Group is evaluated on these four pillars.

“I also thank our loyal clients, partners, and suppliers for the value they add to our business and, consequently, the value we can create for all our stakeholders. Thank you for contributing to the socio-economic development of Namibia and Botswana. Let us continue together to make a difference in the development of our country,” concluded Thinus Prinsloo.

The 2023 Integrated Annual Report of Capricorn Group and reporting suites, including the Annual Financial Statements, Risk Report, Governance Report, and Social Value Reports can be viewed or downloaded at

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