Which SA banks have gained and lost the most customers in the last year

Financial group FirstRand has published its full year results for the 12 months ended June 2017, revealing how many new clients its retail bank, FNB, has gained in the past year.

According to FirstRand, FNB lifted its earnings by 8% domestically with profit before tax increasing by 22% in the premium segment and by 15% in the business segment. The bank’s consumer segment reported a 6% decline.

Customer numbers increased 4% from 7.48 million in June 2016 to 7.8 million in June 2017, it said – an addition of 350,000 more customers from FY2016.

This puts the bank in last place, tied with Nedbank, among the big five banking groups in terms of customers.

In reporting its interim results to June 2017, Nedbank also pinned a figure of 7.8 million retail clients across its operations – though only 7.53 million of these are in South Africa.

In August, Capitec reported that it had added over 400,000 customers between its full year (ended February) and June 2017, taking the bank to nine million customers – comfortably ahead of Absa – making it the second largest bank in the country by this measure.

According to Capitec CEO Gerrie Fourie, the bank is adding between 150,000 and 200,000 new customers a month – most of which are coming from South Africa’s other banks.

A recent poll by BusinessTech, asking which bank readers would most likely switch to if given the option, Capitec came out on top, taking 44% of 10,000 votes.

Standard Bank remains the largest in terms of customer numbers. The bank does not report its customer growth figures directly, instead referring to percentage growth in ‘chosen segments’. In full year 2016, the group reported 2% growth in the retail sector.

However, Standard Bank does report on is its number of accounts (including credit, current, savings, uCount and other accounts).

At full year 2016 Standard Bank reported having just over 10.7 million of these accounts (excluding uCount, which is a rewards programme). In the interim, at June 2017, this had dropped to 10.6 million accounts, a loss of 300,000 accounts year-on-year (from 10.9 million in interim 2016).

The table below shows where the banks stand in terms of reported customer numbers (and accounts for Standard Bank).

Latest retail customer numbers

Bank June 2016 December 2016 June 2017 Y/Y change
Standard Bank (Accounts)* 10.9 million 10.7 million 10.6 million -300 000
Capitec 7.9 million 8.3 million 9.0 million +1 100 000
Absa Bank 8.9 million 8.8 million 8.65 million -250 000
FNB 7.4 million 7.7 million 7.8 million +350 000
Nedbank 7.7 million 7.4 million 7.8 million +100 000

* Excluding uCount


Read: 3 things that irritate us the most about banking in South Africa

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