Capitec becomes first bank to suspend dividend
Move follows despite impressive results for the year ending February in which headline earnings rose 19%
Capitec shareholders will be the first not to get a dividend as the bank braces for the economic fallout of the lockdown imposed by President Cyril Ramaphosa three weeks ago.
Despite reporting a 19% increase in headline earnings for the year ending February to R6.28bn, the bank will not pay a dividend this year. It is the first bank to do so since the Reserve Bank provided guidance on ways in which banks can preserve capital buffers for the deterioration it expects in the economy in future...