Capitec Bank profits up 18% (clients up 15% to 9.9m, now SA’s 2nd biggest bank)

Capitec Bank on Tuesday reported an 18% rise in headline earnings to R4.5 billion for the year ended on 28 February 2018.

Net income is up 17%, with a dividend of R1.47 per share.

The bank says its great results were boosted by client growth and fee income.

Capitec Bank now has 9.9 million clients – 15% more than a year before - making it the country’s second-largest bank.

Net transaction fee income (i.e. non-lending income) increased from R3.9 billion to R5.1 billion.

The Money Show’s Bruce Whitfield interviewed Capitec Bank CEO Gerrie Fourie.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

They [Viceroy] have been quiet for the last few weeks… We’ve spent a tremendous amount of time communicating… we double checked, and triple checked…

Gerrie Fourie, Capitec Bank

They [Viceroy] allege that rescheduling is part of our sales… it is not…

Gerrie Fourie, Capitec Bank

No [when asked if Capitec Bank has altered, in any way, how it does business because of the Viceroy report].

Gerrie Fourie, Capitec Bank

…Our [arrears] coverage ratio is just over 200%... That means if you are R100 in arrears, we’ve got R200 in reserve… We are conservative.

Gerrie Fourie, Capitec Bank

Retail deposits grow at about R800 million month-on-month… People trust the brand…

Gerrie Fourie, Capitec Bank

We planned for .25 [basis points cut in interest rates]…

Gerrie Fourie, Capitec Bank

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