A branch of Capitec Bank in Cape Town. File picture: Candice Chaplin A branch of Capitec Bank in Cape Town. File picture: Candice Chaplin
Johannesburg - Capitec Bank, a South African provider of unsecured loans and low-cost accounts, said fiscal first-half profit rose 19 percent after attracting more clients and opening new branches.
Net income in the six months through August climbed to R1.75 billion ($129 million), from R1.47 billion a year earlier, the lender, based in Stellenbosch near Cape Town, said in a statement on Tuesday.
Earnings per share excluding one-time items also increased 19 percent to R15.17, while the company increased its dividend 20 percent to R4.50 per share. It added 31 new outlets and almost 650 000 customers over the period.
“The slowdown in South Africa’s economic growth will continue to place pressure on consumers,” Capitec said in the statement. “We will maintain our conservative approach to credit in the current conditions.”
BLOOMBERG