Capitec resumes dividends as Covid-19 gives digital banking a push
13 April 2021 - 08:00
Capitec, SA’s biggest digital bank by customers, has joined peers Standard Bank and FirstRand in resuming dividend payments this reporting season, expressing confidence in its future profitability after Covid-19 delivered a bump for online banking channels.
The pandemic has hit the profitability of all SA banks, forcing them to tighten lending criteria and raise provisions for bad debts. Capitec has not been immune to this, but said on Tuesday it grew transaction fee income in its year to end-February as customers went online. Its active digital customer base grew by 28% to 8.6-million...
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