Capricorn Group and its flagship brand, Bank Windhoek, scored big in the prestigious PSG Wealth Namibia Banking Review Report for 2024.
This esteemed recognition was presented earlier on Thursday in Windhoek by Brian van Rensburg, Director of PSG Wealth, and accepted by Capricorn Group CEO David Nuyoma.
The award, part of PSG's 12th Annual Banking Review, is based on a comprehensive evaluation of the Namibian banking institutions, including FirstRand Namibia, Standard Bank Namibia, and Nedbank Namibia. PSG Wealth Namibia, a leading financial services group in Namibia, is renowned for its rigorous analysis and objective assessment of banking institutions.
The review evaluates key performance metrics such as profitability, cost efficiency, credit risk management, and capital adequacy. Capricorn Group distinguished itself through exceptional financial performance, sustainable growth strategies, and adept navigation of the dynamic banking environment. Key highlights included strong net interest margins, a healthy cost-to-income ratio, and a robust return on equity.
This recognition reflects not only Capricorn Group's financial achievements but also the commitment to operational excellence and stakeholder value creation. A significant factor of the success is the dedication of the Group's leading subsidiary, Bank Windhoek, whose substantial contributions have been instrumental in securing this accolade.
"This award is a testament to the unwavering support of our loyal customers and the relentless efforts of our employees. Together, as Connectors of Positive Change, we continue to elevate the Namibian financial landscape. I also extend my appreciation to our subsidiaries, particularly Bank Windhoek, for their exemplary contributions, which have been integral to our success," Group CEO Nuyoma commented while receiving the award.
According to the report, Capricorn Group excelled in profitability and credit risk categories, which are the highest-weighted factors in PSG's assessment. Capricorn Group also reported the highest growth in non-interest revenue (NIR), the largest market share in advances, and the lowest credit risk, as measured by non-performing loans and amounts written off as a percentage of average gross advances.
The report further highlighted the Namibian banking sector's stability, noting that Capricorn Group has consistently demonstrated resilience and adaptability amid economic challenges, including inflationary pressures and a tightening monetary policy environment.
