Capitec’s profits slump after it tightens lending criteria
The bank says economic conditions are expected to improve in the short term but the full effect of the lockdown will be seen only in the medium term
30 September 2020 - 07:46
Banking group Capitec says a fall-off in loan disbursements and provisions for clients who are unable to pay helped prompt a more than three-quarter fall in profits during its six months to end-August.
Headline earnings fell 78% to R650m in the six months, with the group saying the Covid-19 lockdown contributed R4.2bn of a R6.3bn gross impairment charge, which was more than double the year-earlier period...
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