SA’s most affordable bank rakes in profits, adds 902 000 clients in 6 months

Capitec Bank – South Africa’s cheapest, according to Solidarity’s Bank Charges Report – released results today which shows it is still gaining market share.

It reported a 25% increase in profits – adding 902 000 clients - for the first half of the year.

Capitec Bank now has 6.7 million clients of which about three million use it as their main bank.

According to Capitec Bank CEO Gerrie Fourie, they are adding up to 80 000 clients each month, many who are in middle- to high-income brackets.

Capitec Bank shares are up roughly 42% so far this year, despite the weakness of the All-Share index.

The Money Show’s Bruce Whitfield interviewed Capitec Bank CEO Gerrie Fourie.

Scroll down for quotes from the audio below.

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : SA’s most affordable bank rakes in profits, adds 902 000 clients in 6 months


Recommended

by NEWSROOM AI
Read More
Working abroad? New rules are coming! You're probably breaking the existing ones

Working abroad? New rules are coming! You're probably breaking the existing ones

Bruce Whitfield interviews Warren Ingram, a Personal Financial Advisor and Executive Director at Galileo Capital.

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

The Money Show’s Bruce Whitfield interviews Marais, a quantum biology researcher with dreams to live on Mars.

FNB tops South African youth market, but Capitec Bank making huge inroads

FNB tops South African youth market, but Capitec Bank making huge inroads

FNB rules the roost, but only just. The future looks bright for Capitec Bank, which tops Absa, Standard Bank and Nedbank.

Capitec Bank is the best in South Africa by far, say customers. Here’s why…

Capitec Bank is the best in South Africa by far, say customers. Here’s why…

It’s South Africa's cheapest bank and offers great interest rates. It also has the best service of all, according to customers.

Capitec Bank is growing fast and earnings are booming

Capitec Bank is growing fast and earnings are booming

About 100 000 clients join each month and, as a result, earnings are booming. We interview CEO Gerrie Fourie…

Meet Jannie Mouton, the "Richard Branson of Stellenbosch"

Meet Jannie Mouton, the "Richard Branson of Stellenbosch"

The founder of PSG Financial Services and Capitec Bank is rocking the boat from Stellenbosch to the rest of Africa.

Popular articles
Wife killer Jason Rohde described as 'upstanding man' at sentencing proceedings

Wife killer Jason Rohde described as 'upstanding man' at sentencing proceedings

Last November, Rohde was found guilty of killing his spouse Susan Rohde at the Spier Wine Estate in July 2016.

Traffic congestion: Capetonians spending 75% more time in vehicles

Traffic congestion: Capetonians spending 75% more time in vehicles

Cape Town has the worst congestion levels in the whole of South Africa.

DStv subscription price hikes for 2019

DStv subscription price hikes for 2019

MultiChoice will increase the prices of certain DStv packages from 1 April.

'Bring back skilled engineers to Eskom' - Solidarity

'Bring back skilled engineers to Eskom' - Solidarity

Trade Union Solidarity says it supports Pravin Gordhan's idea that technicians who used to work for Eskom should be brought back.

We don't disguise or hide speed cameras - CoCT

We don't disguise or hide speed cameras - CoCT

The City of CT's JP Smith explains that traffic officers are prohibited from using concealed netting and other deceptive tactics.

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.