DURBAN - Capitec has published their financial results for the six months ending August 31, 2018 and the bank has seen a huge boost in profit as well as hitting more than 10 million customers.
According to the results, the bank posted a 20% growth in headline earnings to R2,46 billion and headline earnings per share increased by 20% to R21,28.
Capitec's net transaction fee income (non-lending) also increased from R2,4 billion to R3,1 billion on the back of a rise in staff, branches and in IT infrastructure costs.
There has also been a 25% increase in transaction growth and the bank has pointed out that they have 10,5 million active clients.
The South African bank said that strong client growth is one of the key drivers of its performance'
Capitec said that they are continuously improving to ensure that customers get the best service and are able to control their money.
According to the bank, they have brought in 109 000 additional active clients every month.
There has been growth in the number of self-service banking transactions which increased by 27%.
Capitec was established in 2001 and they were listed on the JSE in 2002. According to their website, they have 826 branches and more than 13 333 employees.
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- BUSINESS REPORT ONLINE