Transactions - we facilitate payments

Loans, credit and deposits - we provide credit, loans and savings or investment products

Asset management – we invest and manage assets on behalf of customers

Advisory– we provide investment banking and advisory services

Bancassurance– we provide short and long-term insurance products

Foreign exchange and trade finance - we provide currency access to global markets



Specialised finance

Foreign exchange and trade finance


Wealth management

Asset management

Unit trust management


Property development and evaluation




Customer waiting time

Losses due to internal errors


Our dynamic business model creates and preserves value while staying true to our purpose.




We have long-standing and new customers across diversified segments in Namibia and Botswana 

We contract with a range of reliable suppliers 

 Customer loyalty: Bank Windhoek is the largest locally owned bank and the second largest commercial bank in Namibia 

Bank Windhoek has a 35.2% market share, and Bank Gaborone has a 7.5% market share in loans and advances 

The Foundation and Changemaker initiatives contribute to communities in need 

 The Capricorn brand is recognised in the region​

  • We increased our social and relationship capital investment through the Foundation to support stakeholders in need
  • We progressed our sustainability strategy and developed a multi-year sustainability integration programme to be rolled out across the Group


More people are banking and insured

We make positive community impacts through the Foundation and Changemaker platform

The number of transactions increased

Our Net Promoter Score increased to 45%

Bank Windhoek​ received more awards

  • A  wider variety of products and services will be linked to the Capricorn Group brand and underlying entities ​
  • Products and services will be simplified and easy to access
  • Less waiting time for customers and better customer experiences
  • More competitive offerings 
  • New clients in new markets/segments
  • New partnerships across banking and digital
  • Shifts in priorities and CSR based on stakeholder feedback and responses




1,930 permanent employees

N$14.9 million training investment to upskill employees

  • Financial risk, IT and data skills will be difficult to fill and expensive in the short to medium term.


Employee turnover annualised at 8.56% 

Absenteeism at 3.02%

Mirror survey results from 93% participation rate, engagement score of 86% and a fully engaged score of 56%

1,690 employees received training

90 bew jobs created

  • Higher skills levels in data and digital
  • One team culture across subsidiaries
  • More diversified, inclusive and equity-representative teams
  • Improved employee engagement based on the Mirror survey




Over 240 years collective board member experience

We have a Risk Culture and 16 principal risks, each with a risk owner

We drive ethics awareness and behaviour through the Group Code of Ethics and Conduct Policy, The Capricorn Way and Suppliers Code of Conduct

  • We completed phase 1 of the #gobeyond programme and are planning the next stage of our digital transformation roadmap
  • We have maintained our investments in cyber resilience


New capabilities launched via bank and MyCapricorn apps

Non-performing loans (“NPLs”) mitigated through effective and proactive processes

Limited losses due to financial crime

  • More customer data available for analysis and insights 
  • We invest in digital transformation to create the bank of future
  • King IV™ is fully embedded in all subsidiaries




Retained income of N$7.5 billion (2022: N$6.5 billion) 

Total assets of N$63.4 billion (2022: N$60.4 billion)

Total loans and advances of N$45.4 billion (2022: N$43.2 billion) 

Total deposits of N$45.8 billion (2022: N$43.6 billion) 

CAM AUM of N$38.6 billion (2022: N$32.1 billion)

  • Liquidity in Namibia has improved considerably in 2023, supporting the availability of capital for growth projects. Liquidity in Botswana will remain constrained in the short to medium term


Value created for all stakeholders (see value added statement) and dividends paid

Cost to income ratio down to 50.8% 

Return on equity of 17.6% (2022: 15.0%)

Capricorn Group remains well capitalised 

Business development plans are progressing

  • More diversified income streams with less exposure to interest rates
  • Scale achieved in Botswana will have a positive cost impact based on transaction volumes
  • Strong growth from new ventures making a material contribution to operating profit 
  • Available and optimised capital and funding




67 branches/agencies, 183 ATMs (including self-service ATMs), 4,285 merchants and 5,590 POS devices 24-hour customer contact centre

IT systems and business continuity facilities 

Digital banking, apps and other platforms

  • We are rolling out a new branch design to create a ‘branch of the future’ network.


Capricorn Group’s footprint increased

Lower levels of cash in branches as more customers use digital banking

  • Expanded digital footprint and capabilities
  • Scalable digital offerings/platforms




Environmental and Social Management System Water, energy and paper

  • Climate impacts from physical and transition risks and infrastructure quality might become a business constraint in the medium to long term. 
  • When we invest in a new building or renovate an existing one, we aim to improve our energy and water efficiencies
  • Bank Windhoek’s green and sustainability bonds positioned the bank as a leader in sustainability finance. This is a growth area over the short, medium and long term.


We deployed N$182 million in funding for sustainable development projects and renewable energy through the Bank Windhoek sustainability bond

  • Operational efficiency will optimise resource use
  • Bank Windhoek will remain a leader in sustainable financing