Capitec CEO Gerrie Fourie downplays 80% rise in impairments
Total net credit impairment charges on gross loans and advances jumped to R6.33bn from R3.51bn
Capitec CEO Gerrie Fourie has downplayed an 80% rise in impairment charges disclosed in the bank’s latest annual results, putting it down to the “normalisation” of provisioning in a postpandemic world reeling from higher rates and inflation.
Shares of SA’s biggest retail bank by customer numbers slumped on Tuesday after it said total net credit impairment charges on gross loans and advances jumped to R6.33bn in the year to end-February 2023. That is nearly double the R3.51bn reported the previous year and offset the 12% growth in income from operations, which rose to R30.31bn, from R26.96bn the previous year...
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