Capitec adding 160,000 clients every month
Capitec Bank has posted its results for the year ended February 2021.
It declared an increase in headline earnings of 18% to R3,9 billion during the second half of the year.
However, as a result of the impact of Covid on operations during the first six months, annualised basis headline earnings were down by 27% to R4,6 billion.
Capitec says it continued to grow its active client base by an average of 160 000 clients per month - a 14% increase to 15,8 million customers.
The bank declared a final dividend of 1 600 cents per ordinary share, compared to 755c the previous year.
In conversation with Bruce Whitfield, Capitec Bank CEO Gerrie Fourie says, overall, it's been "a good year".
The bank had R4.2 billion set aside for Covid relief in August 2020, and has now set aside R2.9 billion.
It's a story of two halves. The first half was focusing on Covid and trying to understand Covid, making sure that our clients are supported and our staff is safe...Gerrie Fourie, CEO - Capitec Bank
That period of April to June we provided payment breaks of R7.5 billion... With interest refunds (50-100%) for keeping up payments... in total we're going to pay back to our clients in the region of around R400 billion.Gerrie Fourie, CEO - Capitec Bank
From July, we deliberately said at our exco meetings that we need to focus on growth, on providing new products to our clients and making sure that our client experience is 100%.Gerrie Fourie, CEO - Capitec Bank
We've launched six or seven new products and from July on our branches were operating at 100% capacity.Gerrie Fourie, CEO - Capitec Bank
Commenting on nearing the landmark figure of 16 million clients, Fourie says it's the digital client base expansion that really counts.
That has gone up to 8.6 million... Covid has actually helped us to increase that digital client base.Gerrie Fourie, CEO - Capitec Bank
Get more detail by listening to the interview below:
This article first appeared on CapeTalk : Capitec adding 160,000 clients every month
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