Capitec Bank full-year profits skyrocket by 19% despite the recession
Capitec Bank increased its profits by 19% in the year to 29 February.
Its headline earnings per share came in at 5428 cents (up from 4557 cents).
The bank will not pay a dividend amid the Covid-19 outbreak, heeding a call by the South African Reserve Bank (Sarb) to preserve capital for lending.
The fast-growing bank usually doles out 40% of its profits to shareholders.
The Money Show’s Bruce Whitfield interviewed Gerrie Fourie, CEO at Capitec Bank.
The history [reported results] is gone… given the magnitude of this [Covid-19] … Our customers are vulnerable… we are concerned…Gerrie Fourie, CEO - Capitec Bank
We have 1200 people working from home…Gerrie Fourie, CEO - Capitec Bank
For more detail, listen to the interview in the audio below.
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