Q&A: CEO says Capitec has done better than expected in six months to August
Gerrie Fourie shares his thoughts and is encouraged by his bank being ‘the biggest digital bank in SA’
01 October 2020 - 19:57
In an earnings report that laid bare the impact of the pandemic-induced distress on household finances, Capitec this week reported a 78% plunge to R650m in half-year earnings and set aside R4.3bn to cover potential losses from future skipped consumer loan repayments.
The company, which has traditionally attracted budget-savvy low- to middle-class banking clients with no-frills bank accounts, joins rivals FirstRand, Absa, Nedbank and Standard Bank in stowing away billions of rand to prepare for a wave of bad debts. ..
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