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Capricorn Group Limited, a proudly Namibian financial services group listed on the Namibian Stock Exchange with diversified operations and business interests in Namibia and Botswana, released its annual financial results for the year ended 30 June 2025 today.
Capricorn Group delivered another strong financial performance with year-on-year growth of 14.8% in profit after tax to N$1.99 billion (2024: N$1.74 billion). Return on equity (“ROE") increased to 18.2% from the 17.9% reported in the previous financial year. Prudent capital allocation, disciplined strategic execution and investment in digital and data capabilities supported growth in core earnings and improved returns to shareholders.
David Nuyoma, Group CEO, emphasised in the release of the results that the Group remains focused on working towards a sustainable future for the Group and its stakeholders. He stated, "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."
The positive financial performance of the Group for the period ending 30 June 2025 enabled the Group to create value for all our stakeholders, contributing to the socio-economic development of Namibia and Botswana. The Group increased its value created 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 the 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 which was released on 12 September 2025.
Johan Maass, Capricorn Group Financial Director, said, “The financial performance are 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 Namibia."
The Group's performance is presented below in terms of earnings quality, credit quality, liquidity, and capital depth, the four main pillars of the Group's business.
Group Financial Performance Highlights
Net interest income
The Group'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.
Growing non-interest income
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.
Managing operating expenses
Operating expenses increased by 10.8%, mainly due 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%.
Protecting asset quality
The Group's non-performing loans (NPLs) remained stable at 4.0%, 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.
Ensuring adequate liquidity
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%.
Strong Capital Position
The Group ended the year with a strong capital position. The total risk-based capital adequacy ratio remained healthy at 18.1%, well above the regulatory minimum of 12.5%, ensuring continued financial resilience. This positions the Group well to absorb potential shocks, while supporting future growth.
Final dividend
The Group declared a final ordinary dividend of 74 cents per share. Together with the interim ordinary dividend of 61 cents per share, this represents a total ordinary dividend of 135 cents per share for the 2025 financial year, a 20.5% increase 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. Including the special dividend, the total dividend for the year amounts to 171 cents per share. As a result, the dividend payout ratio increased to 44.5% (2024: 33.4%), reflecting the Group's sound financial performance and prudent capital management. The Group continues to balance offering attractive returns for shareholders with retaining capital to drive growth and diversification.
David Nuyoma, Capricorn Group CEO, emphasised that the Group's strategic choices have positioned the Group 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 the opportunities in Namibia and Botswana.
“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. Capricorn Group remains focused on making a positive difference in the development of the countries in which we operate," concluded David Nuyoma.
