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Bank Gaborone boosts Capricorn

patriot by patriot
March 11, 2021
in Business
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Bank Gaborone boosts Capricorn
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Contributes P4.8 billion in gross loans

But Pula deterioration reduced loans by 4.7%

COVID-19 pandemic overwhelms group

BAKANG TIRO

editors@thepatriot.co.bw

Bank Gaborone has contributed immensely to revenues of its parent company, Capricorn Group increasing gross loans and advances by 2.3% to P4.8 billion during six months ended 31 December 2020.

The group says due to a deterioration of the Botswana Pula, its loans and advances decreased by 4.7% in Namibia Dollar terms with Group, adding that the Entrepo’s book loan grew by 10.6%.

Bank Gaborone, a wholly-owned subsidiary of Capricorn Group, also contributed very significantly towards financial performance of the Group last year, boosting key aspects of the revenues.

Capricorn Group is a diversified holding company operating in Botswana, Namibia and Zambia. The bank’s non-performing loans increased by 15.3% to P291.2 million as compared to P256.6 million posted in 2019; this therefore showing the resilience of the business in boosting group.

During the period under review, the group says asset quality remained their key focus area.

“However, the challenging economic environment, exacerbated by the impact of the pandemic, has had a negative impact on the Group’s total non-performing loans (NPLs), which increased by 12.7% to N$2.2 billion during the current period. The Group’s NPL ratio increased from 4.7% to 5.2%,” said the Group.

In addition, the well diversified Namibian-based company said due to the significant increase in provision for expected credit losses the NPL coverage ratio increased to 53.2% (December 2019: 44.8%).

The group remains well capitalised with a total risk-based capital adequacy ratio of 14.1%, well above the minimum regulatory capital requirement of 10.0% hence encouraging amid Covid-19. The strong capital position will stand the Group in good stead while also navigating the perfect storm brought about by the COVID-19 economic shock which negatively impacted the business.

“Capricorn Group met the challenges of the COVID-19 pandemic head-on. The agility and quick decision-making within the Group allowed it to quickly sense and respond to ever changing challenges. The Group’s profit from continuing operations decreased by N$118.8 million, (20.2%) relative to the pre-COVID comparable period, “said Group narrating virus ordeal.

During this time, the Group managed to provide financial relief to clients and job security to its employees while implementing strategies to ensure the sustainability of the Capricorn Group.

Group’s non-interest income increased by 3.2% year-on-year, despite the difficult operating environment and impact of COVID-19 preventative measures on its financial activities across its markets.

“The Group declared an interim dividend of 22 cents per ordinary share. The interim dividend per share for the period under review is 10% higher than the final dividend per share of 20 cents declared during September 2020,” said the group, noting that its 2021 economic outlook remains fairly bleak.

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  • VACANCIES: BR PropertiesMay 17, 2022
    INTERNSHIP OPPORTUNITY Finance and Administration Closing date: 18th May 2022.
  • BANANA CLUB HOSTS FIRST MAUN EDITIONMay 17, 2022
    The artist-led collective, Banana Emoji Productions in collaboration with the European Union Delegation in Botswana hosted the beloved BANANA CLUB dialogues in Maun on the 14th of May 2022.  The multi-disciplinary creative group is committed to working with artists […]
  • Orange Botswana CEO among Africa’s most inspirational women in leadershipMay 12, 2022
    – Declares House of Rose House of Rose Professional Pte. Ltd (HORP) has announced its 2022 List of Africa’s Most Inspirational Women in Leadership. The list included over 100 inspirational leaders and was curated by House of Rose Professional […]
  • Unions ‘consider’ a Workers PartyMay 12, 2022
    Masisi snubbed trade unions on Workers Day, chose Khawa BOFEPUSU warn Masisi that Khawa could cost him elections Opposition will be top beneficiary of a Workers Party -Analyst BAKANG TIRO editors@thepatriot.co.bw Aggrieved trade union federation, Botswana Federation of Public, […]
  • Munyadzwe breeds, commercialises phane wormMay 12, 2022
    “We have had clients from as far as England, Ethiopia, Nigeria, Ghana and they really like the phane worms. People are talking about snack protein, and we are part of that revolution, food security, healthy sources of protein, going […]
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