Huge jump in profit for Capitec – which counts over a third of South Africans as customers

Capitec has recorded an increase in its profits, despite being the latest bank to see an increase in credit impairments.

However, the net credit impairment charge on gross loans and advances increased by 37% to R8.4 billion . “Due to the impact of the negative economic conditions after February 2022, when the war in Ukraine began, we started tightening credit granting criteria in June 2022 and continued to do so for the remainder of the 2023 financial year.”

Headline earnings for the six months ended H2 2024 grew by 25% to R5.9 billion, compared to R4.7 billion for the six months ended H1 2024.

Source: Loan Digest (loandigest.net)

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