THE Capricon Group, which acquired Zambia’s Cavmont Bank, has reportedly delivered a positive half-year results despite difficult economic conditions in its trading environments of Namibia and Zambia,
However, these results were short-lived as the Namibian financial services group’s full-year operating profits were significantly impacted by the COVID-19 pandemic, specifically during the last quarter of the financial year.
Financial Director of the Group Jaco Esterhuyse, however said that Cavmont Bank has been left out of the operations results report because the of losses that the Bank recorded during the past three years.
“Following three years of losses reported by the Bank in deteriorating market conditions in Zambia, Capricorn Group accepted the offer by Access Bank Zambia to acquire Cavmont Bank. Agreements for the sale and subsequent merger of the two banks have been concluded subject to the requisite regulatory approvals,” he said.
The Capricorn Group still started the 2020 financial year with confidence and even delivered positive half-year results.
This resulted in full-year profit after tax contracted by 15.6 percent to N$856.4 million while the group’s profit after tax from continuing operations, excluding its Zambian banking operation, amounted to N$1.01 billion, which is 2.2 percent lower than the prior year.
Capricorn Group Limited, which has diversified operations and business interests in Namibia, Botswana and Zambia and is listed on the Namibian Stock Exchange, last week released its annual financial results for the period ending 30 June 2020.