Capitec CEO scores massive R95 million payday
Capitec has published its annual report for the financial year 2019, showing how much its top directors were paid, following yet another stellar year for the bank.
Group chief executive officer, Gerrie Fourie nearly doubled is take home pay for the year, to R95 million, having received a R56.6 million payout in 2018, thanks mainly to a long-term incentive (LTI), along with a 10% increase in his basic pay package.
His guaranteed pay amounts to R11.65 million, while he scored R78.669 million for LTIs, giving Fourie a daily pay packet of R260,263 a day.
The bank continues to grow its client base (15% over the past year), to 11.4 million. On average, it said that 127,000 clients join the bank each month.
Capitec chief financial officer, Andre du Plessis was also rewarded for the group’s performance, with his complete remuneration package for the year amounting to R64.99 million, up from R41.6 million in 2018. Risk management executive, Nkosana Mashiya, picked up R20 million.
In January, the bank said it experienced its highest single-month uptake, with over 266,000 new clients joining.
In March the group reported its financial statements for the year ended February 2019, showing strong growth in headline earnings:
- Headline earnings per share up 19% to 4 577 cents;
- Headline earnings up 19% to R5.292 billion;
- Total dividend per share up 19% to R17.50;
- Return on equity – 28%;
- Active clients – 11.4 million;
- Active banking app clients – 2.2 million;
- Active funeral policies – more than 360,000.
As a result, the bank rewarded its executives handsomely.
The bank has provided a good return for investors over the past year, as highlighted in the chart below.
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