ANNUAL RESULTS: Capitec leads the bank pack with stellar earnings and nearly 190,000 new clients per month

Gerrie Fourie, Capitec’s chief executive officer, says management saw the challenges of the last year as an opportunity for adaptation.

“When it comes to the skill set we are looking for, I would say candidates who are strong in maths, accounting and IT. We already have about 80 engineers and about 30 to 40 of the 1,000 new positions mentioned will be engineers with a focus on data science, technology and coding,” Fourie says. Capitec enhanced payment solutions such as Scan to Pay which allows clients to scan any major QR code in SA and pay from the app. It also introduced an innovation called Pay Me, which generates a personalised QR code for every client on their app or WhatsApp, allowing them to receive immediate payments from other Capitec clients at no cost.

“First, pre-Covid 19, the South African Reserve Bank dropped rates by 2.75% and rates have now gone up by 0.5%. The expectation for the rest of the year is a maximum increase of 1% more, so then you have a 1.5% increase compared with a drop of 2.75%.

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Capitec earnings soar as shift to digital fuels client growthBanking group Capitec on Tuesday (12 April), reported an 84% increase in headline earnings per share for the year ended February 2022, to R73, with active clients were up 14% to 18.1 million, boosted by continued momentum in digital banking.
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Market Watcher: Don’t make long-term decisions based on short-term riskChantal Marx of FNB Wealth and Investments on the impact of the KZN floods on business and the ports, commodity prices, US inflation and Capitec's results.
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