Retail bank Capitec going from strength to strength

Capitec announced headline earnings climbed that have 30% to 13.7 billion rand ($740 million) in the year to Feb. 28 from 10.6 billion rand a year earlier.

The bank has proven popular also with investors with its price-to-book ratio at 6, far above other major banks. Capitec’s Mobile Network Operator has been one of the successful value added services.

“Under outgoing Chief Executive Officer Gerrie Fourie, the lender has seen profit increase to a record for four straight years as the company’s focus on low-income depositors and unsecured lending paid off,” reports Bloomberg.

“Under Fourie’s leadership, the company transformed from a challenger bank serving about 5 million customers in 2014 to a financial services company with more than 24.1 million personal and business clients.”