Capitec expects earnings to plummet for first half of financial year

Capitec has said earnings per share for the first half of its financial year to end-August could drop by as much as 70% due to higher bad-debt expenses and lower transaction volumes as a result of the coronavirus lockdown.

“We do, however, believe that the results for the second half of the 2021 financial year could return to normal levels. We will provide a more specific guidance range when there is reasonable certainty of the range of headline earnings and earnings,” it said in a statement.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

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