Operating profit

N$1.93 billion

(2022: N$1.51 billion)

Profit after tax

N$1.47 billion

(2022: N$1.15 billion)

Net asset value per share

1,632 cents

(2022: 1,427 cents)

Capital adequacy ratio


(2022: 15.8%)

Dividend per share

100 cents

(2022: 72 cents)

Return on equity (“ROE”)


(2022: 15.0%)

Earnings per share

270.1  cents

(2022: 204.9 cents)

Headline earnings per share

278.5 cents

(2022: 205.4 cents)

Price to book ratio*


(2022: 0.9)

Price earnings ratio*


(2022: 6.5)

Dividend yield*


(2022: 5.4%)

Cost-to-income ratio


(2022: 51.1%)




Capricorn Group is well-positioned for future growth and quality earnings thanks to its strong capital and liquidity position, diversified operations, deep local knowledge and strong relationships.

A mature, diversified financial services group: We have exposure to banking, asset management, microlending, insurance and telecommunications. This broadens our revenue streams while reducing our risks. We have operations in two countries and plan to expand our activities in Botswana to grow our offering, gain market share and increase our ROE.

A strategic and responsive investment approach: Our investment philosophy is responsible and responsive to operating conditions. We always diversify, never speculate, and continuously monitor and evaluate actual performance. Every investment opportunity is unique, and we take time to understand the features of an investment and clearly define and quantify its risk factors.

High quality operations: Our subsidiaries are well-known and respected brands with loyal customer bases. All our subsidiaries had a successful financial year.

A focus on improving customer experience: We are driving digital transformation to improve our customer experience. Our investment into the #gobeyond digital transformation programme has resulted in an enhanced customer experience and operational efficiencies for the Group. Our investment into future-fit IT architecture will allow our banks to be digitally enabled.

We are stable, reliable and well-capitalised: Capricorn Group has two shareholders of reference – the Government Institutions Pension Fund (“GIPF"), the largest institutional investor in Namibia, and Capricorn Investment Holdings (“CIH"), the founding holding company of Bank Windhoek. They ensure stability, liquidity and access to capital.

We have a strong ethical culture 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 or failure to abide by fundamental laws and regulations in the countries where we conduct business.​