Capitec says full-year profit may jump 27 percent

JSE listed group, Capitec Bank flagged a rise in annual profit of up to 27 percent on Monday, surpassing market expectations and sending its shares higher.

The provider of non-asset backed loans, said headline earnings per shares (EPS) would likely be up 27% at most, above an estimated growth of 21.7% in a Reuters poll of eight analysts.

Headline EPS is South Africa’s main gauge of profit that strips off certain one-off items.

Shares in the company rose 3% to 510.49 rand, erasing earlier losses after dropping to as a low of 478.38 rand.

Capitec Bank, with a lending book around 35 billion rand ($2 billion), makes two-thirds of its revenue from lending activities.

The company will publish its results March 30.

Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

X