Capitec Bank reports 23 percent rise in full year profit
Capitec Bank reported a 23 percent increase in annual profit to 16.8 billion rand as interest income grew. The lender raised its final dividend to 53.60 rand.
South Africa lender CAPITEC BANK HOLDINGS LTD has reported a 23% increase in its full-year profit, driven by double-digit growth in interest income as customers increased their borrowing levels. The bank announced that headline earnings, a primary measure of profitability in the country, rose to 16.8 billion rand ($1.02 billion) for the fiscal year ending February 28, up from 13.7 billion rand in the previous year.
In response to the strong financial performance, the bank declared a final dividend of 53.60 rand per share, compared to 44.25 rand per share in the prior year. This growth underscores the bank's ability to capitalize on heightened credit demand among its client base, which significantly bolstered interest-related revenue streams throughout the reporting period.
