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South African lender Capitec expects 16-19 pct profit jump
March 6, 2017 / 1:28 PM / 9 months ago

South African lender Capitec expects 16-19 pct profit jump

JOHANNESBURG, March 6 (Reuters) - South Africa’s Capitec Bank expects to post full-year profit up by as much as 19 percent, in line with analyst expectations, the fast-growing lender said on Monday.

Capitec, which specialises in unsecured lending, said that headline earnings per share (EPS) for the year to Feb. 28 will be between 3,233 cents and 3,317 cents, an increase of between 16 percent and 19 percent on the previous year.

Analysts expect Capitec to report a 16.6 percent rise in headline EPS -- which strips out certain one-off items and is the main profit-measure in South Africa -- to 3,242 cents, Thomson Reuters Smart Estimates show.

Shares in Capitec have climbed by 300 percent since 2014 as the lender has attracted about 100,000 new customers a month.

The shares were up 0.6 percent at 736 rand by 1259 GMT on Monday, against a 0.1 percent decline for the Johannesburg Stock Exchange’s benchmark Top-40 index.

Reporting by TJ Strydom; Editing by David Goodman

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