Capitec reveals big customer gain

Capitec Bank says that it grew active client numbers by 418,000 over the past six months, beginning February, to 5.8 million.

In reporting its financial results for the interim period ended August 2014, Capitec said that growth in the number of clients in the past six-months exceeded the growth in the two prior six-month periods.

In March, the group said that it has added 711,000 active clients for the year ended February 2014.

Capitec is below Nedbank on the list of SA’s largest banks by customer numbers. Nedbank reported in August that it had grown its retail customers to 6.65 million, just below FNB, who has a retail customer base of just more than 7 million.

Standard Bank and Absa lead the pack with approximately 11 million and 9 million customers, respectively.

“We consider clients who make regular deposits (mostly their salaries) into their Capitec Bank accounts a key client category. These clients amounted to 2.5 million at August 2014 (August 2013: 1.9 million, February 2014: 2.2 million),” Capitec said.

Capitec said that its mobile app, which it launched in July, had recorded 90,500 activations in a month and a half.

The bank said that it opened 18 new branches and installed 290 additional ATMs over the last six months. “Our focus is on increasing our presence in shopping malls,” it said.

Capitec’s ATM network is at 3,208 machines, from 2,844 in 2013.

The bank, which also specialises in micro lending, said that headline earnings grew 21% to R1.173 billion, with headline earnings per share up 21% to 1 018 cents.

Income from lending rose 13% to R5.2 billion, but write offs increased 28% to R2.1 billion.

The bank’s directors declared a gross interim dividend of 246 cents per ordinary share.

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Capitec reveals big customer gain