Capitec expects big earnings jump

Banking group Capitec says it expects a big jump in earning for the year ended 28 February 2019.

Headline earnings per share will be between 4,514 cents and 4,630 cents per share, representing an increase of between 17% and 20% compared to the 3,858 cents per share reported in the prior year, it said.

Earnings per share will be between 4,510 cents and 4,626 cents per share, representing an increase of between 17% and 20% compared to the 3,855 cents per share reported in the prior year.

Capitec and other traditional banks will follow increasing competition from the three digital banks entering the market in 2019, including Bank Zero, Tyme and Discovery Bank.

Capitec published its new banking fees for the 2019/20 year, which came into effect from 1 March.

The group said that with its 2019 fees, it’s paving the way for digital banking by further lowering digital bank fees in 2019.

“Capitec clients can bank on our app, internet banking and USSD for less from anywhere, anytime,” it said.


Read: South Africa’s cheapest bank accounts: Capitec vs the rest

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Capitec expects big earnings jump