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SA’s most affordable bank rakes in profits, adds 902 000 clients in 6 months

29 September 2015 6:49 PM

Ultra-low fees and deposit rates dwarfing bigger competitors has seen this once tiny bank’s market share grow to almost 20%.

Capitec Bank – South Africa’s cheapest, according to Solidarity’s Bank Charges Report – released results today which shows it is still gaining market share.

It reported a 25% increase in profits – adding 902 000 clients - for the first half of the year.

Capitec Bank now has 6.7 million clients of which about three million use it as their main bank.

According to Capitec Bank CEO Gerrie Fourie, they are adding up to 80 000 clients each month, many who are in middle- to high-income brackets.

Capitec Bank shares are up roughly 42% so far this year, despite the weakness of the All-Share index.

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

Scroll down for quotes from the audio below.


29 September 2015 6:49 PM