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Capitec’s profit growth undented by competition and recession

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Bank expects earnings to increase at least 18%, while some its rivals have suffered setbacks

In the clearest indication yet that the weak economy and new competitors have not yet hit its business, Capitec, the country’s third-largest bank by market capitalisation, said on Friday it expects headline earnings to increase 18%-21% for the year ending February.

In a trading statement ahead of the publication of its full-year results, the bank said it expected headline earnings of between R54.01 and R55.38 per share.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.

Source: News Formal (newsformal.com)

 

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