Capitec half-year profit jumps 20% on robust client growth
INTERNATIONAL – South Africa’s Capitec Bank on Thursday reported a 20% jump in half-year profit, underpinned by strong client growth with its customer base hitting more than 12.6 million.
The lender had expected its earnings to jump by up to 21%, in a sharp contrast to its peers, who saw a drop in their earnings at home amid a slowing economy.
Most South African banks have been struggling in 2019, with the economy suffering its worst contraction in a decade and the unemployment rate hitting an 11-year high – after years of already stagnant growth.
Source: iol.co.za
