Business News 30.3.2016 09:22 am

Capitec sees best year yet for client numbers

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Active clients were up by more than a million at 7.3 million.

South Africa’s Capitec Bank has declared its year to the end of February its best yet for client growth numbers.

Added to this was the firms 26 percent improvement in headline earnings per share on top of headline earnings that also came in 26 percent better.

A statement from the bank said active clients were up by more than a million at 7.3 million and primary bank clients – meaning clients who make regular deposits, mainly salaries – had increased by 582 000 to 3.3 million.

Capitec said the rapid growth in client numbers “ensures that we will continue investing heavily in people, branches and ATMs”.

Headline earnings per share came in at 2 787 cents, up from 2 209 last year, on headline earnings of R3.2 billion, up from R2.5 billion. The total dividend for the year, 1 055 cents per share, was 26 percent up on last year.

The statement added that difficult economic conditions were expected to persist, but this was not necessarily entirely a bad thing for the bank that says it continues to strive for simplicity and transparency.

“We see this as an opportunity to gain more clients as they look for value and better service from their bank.”

 

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