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    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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Capitec FY profit rises 26% as client numbers increase

bycitibusinessnews
March 30, 2016
in Africa, Southern Africa
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Capitec Bank, a South African provider of unsecured loans, said profit in the year through February climbed 26 percent as loan and transaction fee income rose and the bank added more than 1 million new active clients.

Net income rose to R3.2 billion ($211 million) from R2.5 billion a year earlier, the lender, based in Stellenbosch near Cape Town, said in a statement on Wednesday. Basic earnings per share increased to R27.79, beating the R26.96 median of 12 analysts’ estimates compiled by Bloomberg. The bank declared a final dividend per share of R6.80 a share.

The lender provides loans not backed by assets to low-income earners and offers consumer banking services. As the South African economy slows amid rising inflation and interest rates, Capitec has focused on boosting customer transactions and increasing fee income while expanding its presence in the country and luring more clients.

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“We expect difficult economic conditions to persist,” Capitec said in the statement. “We see this as an opportunity to gain more clients as they look for value.”

–

Credit: Money Web

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