INTERVIEW | Capitec CEO on 'quality clients' and moving up the income ranks

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
0:00
play article
Subscribers can listen to this article
Capitec CEO, Gerrie Fourie
Photo: Jaco Marais/Foto24/Gallo Images/Getty Images
Capitec CEO, Gerrie Fourie Photo: Jaco Marais/Foto24/Gallo Images/Getty Images

Twelve years ago, before Capitec took a decision to ramp up its transactional income stream and move more towards higher income-earning borrowers, it would have been on the verge of life support if a disruption like Covid-19 came to the fore.

On Wednesday, Capitec CEO, Gerrie Fourie told investors about how the low-income segment of the bank's customer base had lost their jobs or taken heavy salary cuts. But from a transaction income point of view - fees collected from transaction activities - Capitec did not feel as much heat from this. The bank's net transaction fee income grew by 10% to R3.9 billion, indicating that a subset of its customers still had money to spend.

Support independent journalism
Subscribe to News24 for just R75 per month to read all our investigative and in-depth journalism. You can cancel any time.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
15.12
+0.8%
Rand - Pound
20.50
+1.1%
Rand - Euro
17.15
+0.4%
Rand - Aus dollar
10.86
+1.4%
Rand - Yen
0.13
+0.4%
Gold
1,829.76
-0.5%
Silver
24.21
-1.1%
Palladium
2,107.50
+2.0%
Platinum
1,032.50
-1.0%
Brent Crude
88.38
-0.1%
Top 40
68,186
-2.1%
All Share
74,835
-1.9%
Resource 10
74,924
-3.0%
Industrial 25
94,147
-1.8%
Financial 15
15,076
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot