{"id":40044,"date":"2023-02-24T17:48:24","date_gmt":"2023-02-24T17:48:24","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results"},"modified":"2023-02-24T18:05:55","modified_gmt":"2023-02-24T18:05:55","slug":"capricorn-achieves-solid-after-tax-results","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results","title":{"rendered":"Capricorn achieves solid after-tax results"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Capricorn Group Limited achieved solid results with profit after tax for the six months ended 31 December 2022, increasing by 20.3%, compared to the prior period. The annualised return on equity also increased to 16.6% (December 2021: 14.9%).<\/p>\n

\u201cThe group\u2019s strong performance is due to a better operating environment with dedicated and committed staff, with Bank Windhoek and Bank Gaborone reporting marked improvement in their results, compared to the previous Covid-19 affected period,\u201d said Thinus Prinsloo, group CEO.<\/p>\n

Capricorn Group Limited is a Namibian financial services group, listed on the Namibian Stock Exchange, with diversified operations and business interests in Namibia and Botswana.<\/p>\n

According to Prinsloo, the group expects further economic recovery and improved economic conditions within its operating regions in the medium to long term.<\/p>\n

\u201cCovid-19 has \u2018edged\u2019 closer to endemic status, while the severity of the initial economic fall-out from global geo-political tensions, spawned by the war in Ukraine, has reduced. The significant pressures from increased energy and food costs, high inflation and high-interest rates will continue to have a negative impact for the foreseeable future,\u201d added Prinsloo.<\/p>\n

The group created a value of N$2.15 billion during the six months ended 31 December 2022, which was shared by its main stakeholders: N$644 million to employees, N$411.1 million to government, N$206 million to ordinary shareholders, N$311.8 million to suppliers, N$8.6 million to Capricorn Foundation and N$564.8 million on value retained for future expansion.<\/p>\n

Group financial performance highlights Net interest income increased by 14.9% year-on-year, aided by year-on-year increases in the repo rate in Namibia and Botswana of 300 basis points and 151 basis points, respectively.<\/p>\n

Bank Windhoek managed its cost of funding effectively, which resulted in a 54-basis point improvement in the net interest margin to 4.88%. However, Bank Gaborone\u2019s net interest margin declined from 3.5% to 3.1% due to a sharp increase in the cost of funding in a market with low levels of liquidity.<\/p>\n

Furthermore, impairment charges decreased by 14.9% in credit impairment charges. Impairment charges for the six months ended 31 December 2022 of N$154.9 million are still well above the pre-Covid charges of N$54.3 million for the same period in 2019, illustrating the ongoing pandemic impact. The group continues to hold prudent provisions for expected credit losses.<\/p>\n

Non-interest income also increased by N$103.1 million (12.3%), mainly attributable to a 23.3% increase in transaction-based fees, driven by increased transaction volumes, specifically using digital channels, particularly EasyWallet, digital fund transfers, ATM withdrawals and point-of-sale transactions.<\/p>\n

Asset management fees from Capricorn Asset Management increased by 11.3% year-on-year in line with expectations. Operating expenses increased by 16.1% (N$165.3 million) year-on-year from a low base environment, attributable to Covid-related economic restrictions in the comparative period.<\/p>\n

The year-on-year increase is mainly due to operational banking expenses, which increased by N$52.6 million (46.8%); staff costs increased by N$67.9 million (11.9%), mainly driven by the filling of vacancies and annual increases. The remainder of expenses increased by N$44.8 million, accounting for 4.4% of the year-on-year growth.<\/p>\n

Income from associates increased by 34.6% year-on-year, following a significant reduction in the volume and value of life insurance claims received by Sanlam Life, relative to the comparative period, which was impacted by the Covid-19 third wave in Namibia during the months of July and August 2021.<\/p>\n

Capricorn Group retained a healthy liquidity position as at 31 December 2022 as the Group\u2019s liquid assets increased by 8.7% (N$1.1 billion) year-on-year. Liquid assets exceeded minimum regulatory requirements in Namibia and Botswana by 139% and 119%, respectively, as at 31 December 2022.<\/p>\n

Gross loans and advances increased by N$1.4 billion year-on-year, mainly driven by mortgage loan growth of N$460.8 million (2.4%), commercial loan growth of N$453.6 million (4.2%) and article finance growth of N$388.0 million (10.8%).<\/p>\n

Asset quality remained a key focus area for the Group. Despite the challenging economic environment, the Group\u2019s total non-performing loans (NPLs) decreased to N$2.38 billion (June 2022: 2.44 billion) as the group continues to manage credit risk on a pro-active basis.<\/p>\n

This decreased the NPL ratio from 5.8% to 5.3% over the six months ended 31 December 2022. The NPL ratio remains below the industry average in Namibia.<\/p>\n

It further enhanced its already-robust capital position with a total risk-based capital adequacy ratio of 16.6% as at 31 December 2022 (June 2022: 15.8%).<\/p>\n

The Group declared an interim dividend of 39 cents per ordinary share. The interim dividend per share for the period under review is 21.9% higher than the interim dividend per share of 32 cents declared in the comparative period.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Capricorn Group Limited achieved solid results with profit after tax for the six months ended 31 December 2022, increasing by 20.3%, compared to the prior period. The annualised return on equity also increased to 16.6% (December 2021: 14.9%). \u201cThe group\u2019s strong performance is due to a better operating environment with dedicated and […]<\/p>\n","protected":false},"author":84,"featured_media":40043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-40044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nCapricorn achieves solid after-tax results - Namibia<\/title>\n<meta name=\"description\" content=\"Capricorn Group Limited achieved solid results with profit after tax for the six months ended 31 December 2022, increasi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capricorn achieves solid after-tax results\" \/>\n<meta property=\"og:description\" content=\"Capricorn Group Limited achieved solid results with profit after tax for the six months ended 31 December 2022, increasi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-24T17:48:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-24T18:05:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1677248313.25.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"488\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Capricorn achieves solid after-tax results\",\"datePublished\":\"2023-02-24T17:48:24+00:00\",\"dateModified\":\"2023-02-24T18:05:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results\"},\"wordCount\":718,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1677248313.25.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/capricorn-achieves-solid-after-tax-results\",\"name\":\"Capricorn achieves solid after-tax results - 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