Investors in SA’s most expensively priced bank may be set for a long period of minimal returns as bad debts leap 80%.
The market took a
Gerrie Fourie: There are lots of opportunities among SMEs with a turnover of up to R30m. Picture: Freddy Mavundaa 21% increase in its loan book to R12.1bn means the unit is ahead of competitor Sasfin’s R9.4bn. It was the insurance unit that saved the day with a 32% jump in profit to R3.3bn in the 12 months to end-February. The bank received its life insurance licence last year, having previously sold insurance products through a cell captive arrangement. Now Capitec can get the full benefit of this unit’s profits through sales at its branches.“Our existing distribution network creates the opportunity for increased sales,” says Fourie. “We have 10,000 ‘agents’ that can sell [insurance].
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