Capitec grows by 1.3 million new customers

Capitec Bank has reported record growth of some 1.3 million new clients for the financial year ending February 2017, bringing their total customer base to 8.6 million. This makes Capitec the third-largest bank in the country by way of active clients, ahead of FNB and behind Absa by only a fraction. Standard Bank holds first place.

Gerrie Fourie (pictured), Capitec Bank CEO, said:

"A core principle in our organisation is to act with the best interests of the client in mind. We opened 76 new branches during the financial year in order to alleviate pressure in high volume areas and to grow the brand footprint in higher-end shopping malls. 301 of the 796 branches trade seven days a week and all branches are open longer trading hours than the industry norm to ensure the highest level of client accessibility."

In its more recent financial statement the bank reported 18 percent growth in headline earnings, to R3.8 billion, while other financial highlights included a 27 percent return on equity, an increase in ATM and branch transactions of 15 percent year-on-year, and a 10 percent increase in gross loans and advances to R45.1 billion. The bank also created 1,629 new job opportunities.