Capricorn Group grows stakes in Botswana

CAPRICORN GROUP, a wholly owned Namibian bank group, increased its shareholding in Capricorn Investment Holding Botswana from 15,6% to 84,3% in the last financial year.

Capricorn Investment Holdings Botswana is the holding company of Bank Gaborone.

Thinus Prinsloo, Capricorn Group managing director, said at the official opening of Bank Gaborone’s new head office in Gaborone, Botswana, on Thursday night that with the backing and support of Capricorn Group, Bank Gaborone has been able to venture into bigger opportunities and tap into the group’s expertise and specialised resources.

He added that Bank Gaborone has been a star performer in the group this year, posting very solid results for the period ending 30 June 2018, and contributing 6% to the group’s profit after tax, compared to a 4% contribution in 2017.

“A few months ago, Bank Gaborone expanded its footprint in Botswana with the opening of the Kasane branch, and more expansions are planned in the next year. In September 2017, we launched the refreshed brand of Bank Gaborone with a differentiated brand promise of being ‘Connectors of Positive Change’. With the understanding that change should come from the inside, we also launched The Capricorn Way in 2017,” he explained.

Prinsloo said the Capricorn Way is shaping a new culture for the bank and the whole group which encourages exceptional performance, highlighting the importance of balancing economic success with social responsibility and environmental accountability.

“From the early days, Bank Gaborone was successful in establishing itself as a leader in the market in terms of service delivery, and has received many accolades for its service excellence. Relationships were one of the cornerstones on which the bank was built. We always say that we do not bank money, we bank people, and therefore relationships with our customers and other stakeholders will remain a key differentiator on which we will build and grow the bank,” he added.

Gracing the event and officially opening the new Bank Gaborone building, Botswana’s vice president, Slumber Tsogwane, observed that the opening of the new office demonstrates the group’s continued commitment as a partner in the economic and financial development of Botswana.

“This office will provide new facilities and a much improved environment for both its employees and its clientele. I am certain that this investment will be good value for money, resulting in the increased effectiveness of financial services,” he stated.

Tsogwane added that the Botswana government facilitated an environment in which the group’s business can thrive the way that it has, but there are improvements to be made, and this is why public and private partnerships are very important.

He furthermore called for the facilitation of trade and investment between Namibia and Botswana.

Bank Gaborone’s managing director Sybrand Coetzee said the opening of its new office is a start of a new era, signifying new growth.

“I am excited about the opportunities for Bank Gaborone, and the journey that lies ahead. You will undoubtedly play a key role in this journey, and I would like to thank you in advance,” he said to those present.

At the year ended June 2018, Capricorn Group celebrated five years on the Namibian Stock Exchange. Over this period, the group recorded a 96,9% growth in its share price, a compounded annual growth rate in profit after tax of 13,6%, N$1,3 billion paid out in dividends, and a 130% total return per share since the listing in 2013.

During the period under review, Capricorn Group made a profit after tax of N$934,4 million, with Bank Windhoek contributing 86% of the group’s profit after tax, compared to the 83% seen in 2017.

The group even managed to increase its profits during the period under review, after recording a profit of N$917,62 million in 2017.

The group also owns Cavmont Bank in Zambia, which recorded disappointing results.

charmaine@namibian.com.na