Capitec Bank: Toughing it out

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Mark N Ingham.
Mark N Ingham.

CAPITEC BANK [JSE:CPI] produced a quality set of numbers for the year to 28 February 2017, growing earnings per share by 17.7% to 3281 cents. Growth slowed from 19.4% in the first half to 16.4% in the second half. The annual dividend of 1250 cents is 18.5% higher. This is achieved in an increasingly tough operating environment.

READ: Capitec earnings rise on record client growth

Growth in transaction fee income and deposits were highlights. Provisioning remains prudent and the balance sheet sound and well capitalised – there is no need for new equity although Capitec will tap the debt capital markets from time to time, where demand for the company’s bonds is strong. Capitec has acquired an interest in online consumer finance company Creamfinance, registered in Cyprus.

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