Capitec grows earnings by 15% in full-year profits
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GUEST – Gerrie Fourie – Capitec CEO
South Africa’s largest lender by clients, Capitec, has posted a 15% rise in full-year profits after the bank dished out more loans during the reporting period. The lender released its financial results for the year ending February 2023 on Tuesday, showing headline earnings of R9.7 billion, up from R8. 4 billion in its 2022 financial year.
The bank was one of the only lenders among its peers which saw a double-digit increase in loans and advances extended to its clients. Its credit book showed that gross loans and advances to clients jumped 16% to R97.8 billion, compared to R84.1 billion during the prior year.
South Africa’s largest lender by clients, Capitec, has posted a 15% rise in full-year profits after the bank dished out more loans during the reporting period. The lender released its financial results for the year ending February 2023 on Tuesday, showing headline earnings of R9.7 billion, up from R8. 4 billion in its 2022 financial year.
The bank was one of the only lenders among its peers which saw a double-digit increase in loans and advances extended to its clients. Its credit book showed that gross loans and advances to clients jumped 16% to R97.8 billion, compared to R84.1 billion during the prior year.
