Capitec has reported a 15% increase in headline earnings for the year ending February 2023. Income from operations grew 12% to R30.3 billion, while net income rose marginally by 2% to R24 billion. The bank experienced a significant jump in its client base, reaching 20.1 million customers. Capitec plans to strengthen its business banking capabilities and expand its financial services operations, with Capitec Life becoming a fully licensed insurer in October 2022. The group is currently in the process of migrating clients and expects this to be completed before the end of the 2024 financial year. The group said it will also be expanding its value-added services and digital payment services.
