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Capitec FY profit rises 18 pct

The bank said its diluted headline earnings per share came in at 3,846 cents in the year ended February compared with 3,270 cents a year earlier.

Picture credit: @CapitecBankSA

JOHANNESBURG - Capitec, South Africa’s fifth-largest lender, reported on Tuesday an 18 percent rise in annual profit, buoyed by transaction and deposit fees.

The bank, which makes the bulk of its profit from selling unsecured loans to low-income clients, said its diluted headline earnings per share came in at 3,846 cents in the year ended February compared with 3,270 cents a year earlier.

Headline EPS, the widely watched profit measure in South Africa, strips out certain one-off items.

The bank has come under pressure in recent months after short seller Viceroy Research released a report slamming its business practices.

Capitec's shares slumped 25 percent in January after Viceroy claimed the bank had overstated its financial assets and incomes. It also described the bank as a "loan shark".

The Capitec share price rebounded after it assured its clients their money was safe. It was also helped by swift reaction from the South African Reserve Bank, which stated that Capitec was solvent and met all prudential requirements.