Capitec’s impairments almost double even as earnings rise 15%

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Nederland Laatste Nieuws,Nederland Headlines

Group’s total net credit impairment charges on gross loans and advances surge by 80%

Capitec’s impairments almost doubled in its latest financial results even though profit continued to double at the lender that now banks about a third of SA’s population.

SA’s largest retail bank by customer numbers reported an 80% surge in total net credit impairment charges on its gross loans and advances, which climbed to R6.33bn in the year to end-February 2023, up from R3.51bn the previous year. That offset the 12% growth in income from operations, which rose to R30.31bn, up from R26.96bn the previous year...

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This is definitely driven by IFRS 9 and the methodology approach in the application application of the standard. Without even looking their financial statements, you can just pick up that the huge driver of deferred tax asset is definitely going to be impairment instruments

Nederland Laatste Nieuws, Nederland Headlines