It is Capitec’s second lockdown quarter that the market has chosen to focus on, after a 78% drop in first-half headline earnings to end-August prompted a rally in the bank’s share price last week.

"In our first three months to May there was almost no economic activity," says Capitec CEO Gerrie Fourie, "and we made a R404m loss. But there was enough of a recovery in June, July and August to bring interim earnings up to R650m."

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