Bank Windhoek retains AA+ credit rating with stable outlook

GCR Ratings has affirmed Bank Windhoek Limited’s Namibian long-term national scale issuer rating at AA+(NA) and its short-term issuer rating at A1+(NA), both with a stable outlook. The agency also affirmed the bank’s South African long-term issuer rating at A+(ZA).

The ratings reflect Bank Windhoek’s entrenched market position in Namibia, sound capitalization, and adequate liquidity. As a core subsidiary of Capricorn Group Limited, Bank Windhoek is operationally critical, contributing over 75% of the group’s assets and earnings. The bank reported a Tier 1 capital ratio of 18.6%, a leverage capital ratio of 12%, and a liquidity coverage ratio of 216% for the financial year ended 30 June 2026.

While the bank maintains a strong competitive position and a 31.5% share of Namibia’s lending market, the assessment noted challenges within the wider Capricorn Group. Specifically, the group’s funding profile relies partly on institutional deposits, and there has been weaker financial performance from Botswana-based Bank Gaborone Limited due to pressure from Botswana’s credit cycle.