Operating profit

N$1.51 billion

(2021: N$1.29 billion)

Profit after tax

N$1.15 billion

(2021: N$983.0 million)

Net asset value per share

1,427 cents

(2021: 1,294 cents)

Capital adequacy ratio


(2021: 15.0%)

Dividend per share

72 cents

(2021: 60 cents)

Return on equity (“ROE”)


(2021: 13.5%)

Earnings per share

204.9  cents

(2021: 170.7 cents)

Headline earnings per share

205.4 cents

(2021: 173.4 cents)

Price to book ratio*


(2021: 1.0)

Price earnings ratio*


(2021: 7.6)

Dividend yield*


(2021: 4.6%)

Cost-to-income ratio


(2021: 51.7%)



The diversified nature of our Group, strong capital and liquidity position, continued resilience in challenging economic conditions and targeted growth ambitions underpin our compelling investor proposition.

We were able to preserve and grow value despite the economic conditions, based on:

A successful diversification strategy: We are a mature, diversified financial services group with exposure to banking, asset management, microlending, insurance and telecommunications. Diversification increases our revenue streams while spreading our risks. We are geographically diversified and plan to use our footprint in Botswana to expand our offering, gain market share and increase return on equity.

A strategic and responsive investment approach: Our investment philosophy has stood the test of COVID-19. We always diversify, never speculate, and continuously monitor and evaluate actual performance. We see every investment opportunity as unique, fully understand the characteristics of an investment and clearly define and​ quantify all the associated risk factors.

The quality of our operations: Our subsidiaries represent well-known and respected brands with loyal customer bases. All our subsidiaries performed well and continued to build market share during the financial year.

In 2022, Capricorn Group won the “Leading Financial Investment Firm in Namibia 2021" category at the Global Brand Awards held by Global Brands Magazine, an international publication headquartered in the United Kingdom. This is a significant achievement considering that although the roots of our Group have run deep in Namibia for 40 years, the Capricorn Group brand is only five years old.

An enhanced customer experience: We lead strategic projects to drive digital transformation, business development and trade finance. Our investment into #gobeyond, our digital transformation programme, is already yielding improved customer convenience, security and cost savings.

We are stable, reliable and well capitalised: Our two shareholders of reference, the GIPF, the largest institutional investor in Namibia, and Capricorn Investment Holdings (“CIH"), the founding holding company of Bank Windhoek, ensure stability, liquidity and access to capital. We have adequate capital to pursue our growth ambitions.

We have a strong ethical culture, entrepreneurial spirit and commitment to transparency: Ethical decision-making is demonstrated by the board and entrenched by governance structures and controls. We have zero tolerance for unethical behaviour and non-compliance with core legislation and regulations.