September 27, 2017 / 5:42 AM / 3 months ago

South Africa's Capitec posts 17 pct rise in H1 profit

JOHANNESBURG, Sept 27 (Reuters) - South African lender Capitec Bank on Wednesday reported a 17 percent increase in half-year earnings on steady client number growth.

The lender, which has grown rapidly in the past decade, said headline earnings per share rose to 1,769 cents in the six months to end-August, from 1,517 cents a year ago.

Client numbers increased to 9.2 million, which represents growth of 106,000 per month over the past 12 months, the company said.

Capitec shares have rallied 30 percent this year, helping the bank overtake Nedbank as South Africa’s No.4 lender in terms of market value.

Reporting by TJ Strydom; Editing by Stephen Coates

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