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MyMoney Online

Capitec Bank full-year profits skyrocket by 19% despite the recession

14 April 2020 7:12 PM

The Money Show’s Bruce Whitfield interviews Gerrie Fourie, CEO at Capitec Bank.

Capitec Bank increased its profits by 19% in the year to 29 February.

Picture credit: @CapitecBankSA

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.


14 April 2020 7:12 PM

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