Capitec said on Friday that bank earnings would be more than R3.3 billion, representing an increase of 292 percent compared to the R841 million reported in the previous period to the end of August last year. Photo: File
Capitec said on Friday that bank earnings would be more than R3.3 billion, representing an increase of 292 percent compared to the R841 million reported in the previous period to the end of August last year. Photo: File

Capitec’s interim bank earnings expected to surge more than 200%

By Edward West Time of article published Jun 21, 2021

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CAPITEC said on Friday that bank earnings would be more than R3.3 billion, representing an increase of 292 percent compared to the R841 million reported in the previous period to the end of August last year.

The group also flagged a surge in headline earnings and earnings a share for the half year to the end of August 2021 compared to a year earlier as the group recovered from tight restrictions to curb the spread of the Covid-19 pandemic.

Capitec said it expected a jump of at least 500 percent in headline earnings a share for the half year ended August 2020 to be more than 3 372 cents a share compared to a year earlier.

The group said earnings per share would be more than 3 372c, representing an increase of at least 528 percent compared to the 537c per share reported in the previous period to the end of August last year.

“An increase of 528 percent in earnings per share for the current six-month period represents compound growth of 15 percent compared to the six months ended August 31, 2019,” said Capitec.

Capitec said the previous six-month period ended August 2020 was severely impacted by the advent of the Covid-19 pandemic and tight lockdown restrictions.

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