The group has battled with higher bad debt provisions and pressure on transaction volumes amid the Covid-19 pandemic
Banking group Capitec has warned of up to an 82% fall in first-half profits as it grapples withThe group had warned of a more than 70% fall in profits in July, saying at the time its credit impairments were 145% higher than expected, and had increased R3.3bn since the end of February.
In an updated trading statement on Monday, Capitec said it expected headline earnings per share to fall between 78% and 82% in its six months to end-August, from 2,545c in the prior comparative period. Headline earnings is a widely used profit measure in SA, stripping out certain one-off items to give a better indication of underlying performance.
In morning trade on Monday, Capitec’s share was down 1.10% to R860.42, having fallen 40.5% so far in 2020.
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