JOHANNESBURG, March 28 South Africa's Capitec
Bank reported an 18 percent rise in full-year profit on
Tuesday as the lender continues its push into transactional
Capitec, which grants loans not supported by assets, said it
gained 1.3 million active clients, brining its total to 8.6
million customers, over the past year as feeble growth in
Africa's most advanced economy forced thrifty South Africans to
The lender posted diluted headline earnings per share of
3,270 cents for the year to end-February, compared with 2,787
cents a year earlier.
"Despite weak economic conditions, there was strong
year-on-year growth in net transaction fee income," Capitec said
in a statement.
Capitec's transaction fee income climbed 30 percent to 3.9
billion rand ($304.57 million), but interest income remains the
lender's largest source of revenue, increasing 11 percent to
14.9 billion rand.
The bank, which in 15 years grew from a startup to touch a
market value of 93 billion rand, last week said it had bought a
40 percent stake in Latvia's Creamfinance, its first acquisition
outside its home market.
"We continue to grow our client numbers, branches and ATM
network. This will provide us with the opportunity to offer new
financial services in the future," the bank added.
($1 = 12.8049 rand)
(Reporting by TJ Strydom; Editing by Sunil Nair)