Capricorn Group Limited’s annual results for the year ended 30 June 2025 indicate year-on-year growth of 14.8% in profit after tax, from N$1.74 billion at the end of the 2024 financial year to N$1.99 billion, quickly approaching the N$2 billion mark.
With a final ordinary dividend of 74 cents per share, together with an interim ordinary dividend of 61 cents per share, a total ordinary dividend of 135 cents per share for the 2025 financial year represents an increase of just over 20% year-on-year (2024: 112 cents). In addition, a special dividend of 36 cents per share was declared, bringing the total dividend for the year to 171 cents per share. The final dividend, combined with the special dividend, will result in a dividend payment of 110 cents per share to shareholders on 24 October 2025.
A fully-fledged Namibian financial services group listed on the Namibian Stock Exchange with diversified operations and business interests in Namibia and Botswana, Capricorn Group delivered another strong showing with Return on equity (ROE) up to 18.2% from 17.9% in the previous financial year.
“This year’s achievements are a direct result of the collective effort of everyone in the organisation. Our commitment to improving lives through leadership in financial services by being Connectors of Positive Change has positively impacted many lives this past financial year. Our performance across key indicators demonstrates the strength of our business and the resilience of our teams across our portfolio of businesses,” commented group Chief Executive Officer, David Nuyoma.
Nuyoma emphasised that the group remains focused on working towards a sustainable future and that its strategic choices have positioned it to remain agile, resilient and impactful. He mentioned promising growth signs, particularly in Namibia, with significant energy discoveries and in the renewable energy sector. He noted that Capricorn Group is honoured to participate in conversations about Namibia’s energy future and to back efforts promoting sustainable growth and development. The Group is in a strong position and has sufficient resources to leverage from the opportunities in Namibia and Botswana.
The group yesterday stated that prudent capital allocation, disciplined strategic execution and investment in digital and data capabilities supported growth in core earnings and improved returns to shareholders.
Moreover, Capricorn increased its value by 11.7% to N$5.7 billion compared to the previous financial year. Of the total value of N$5.7 billion, N$1.4 billion is represented by employee remuneration and benefits, N$1.1 billion was paid to suppliers (of which the majority are local suppliers), and N$1.4 billion was contributed to government in the form of direct and indirect taxes. More than N$26.7 million was also invested in communities, as was reported on in the Group’s Social Value Report released on 12 September 2025.
“The financial performance is attributed to excellent results and solid all-round performances across the group’s portfolio of businesses in Namibia and Botswana, which includes the banking subsidiaries, Bank Windhoek and Bank Gaborone, as well as Capricorn Asset Management, Entrepo, Peo Finance and our associates Paratus, Sanlam Allianz Namibia and Santam Namibias” stated, Johan Maass, Capricorn Group Financial Director.
Financial highlights
Capricorn’s net interest income before impairment charges increased by 10.1% to N$3.4 billion (2024: N$3.1 billion). Interest income growth was driven by loan book growth of 3.7% and effective cost-of-funding management, which compensated for the impact of lower interest rates. Non-interest income increased by 13.1%, largely attributable to higher transaction-based fee volumes, especially on digital channels, and strong growth in asset management fees at Capricorn Asset Management, supported by increased assets under management.
Operating expenses increased by 10.8%, which the group attributed to higher variable banking costs linked to greater transaction and trading volumes, as well as increased employee and technology costs. The group’s cost-to-income ratio improved to 49.5% (2024: 50.0%), remaining well below the group’s threshold of 52%.
Capricorn reported that non-performing loans (NPLs) remained stable at 4%, supported by prudent credit risk management. Impairment charges decreased to N$315 million (2024: N$328 million), and the loan loss rate improved to 0.61% (2024: 0.67%), well within industry norms. Gross loans and advances increased by 3.6% to N$52.5 billion, driven by term loans, mortgages, and instalment finance.
Meanwhile, the Group maintained a robust liquidity position, with liquid assets increasing to N$18.7 billion. Liquidity surpluses on minimum regulatory requirements in Namibia and Botswana stood at 182% and 81% respectively. The loan-to-funding ratio increased to 88.8% (2024: 86.3%) but remained below the internal threshold of 90%.
Capricorn ended the year with a strong capital position, with its total risk-based capital adequacy ratio remaining healthy at 18.1%, well above the regulatory minimum of 12.5%. “This positions the group well to absorb potential shocks, while supporting future growth,” the group stated.