The rise and rise of the country's third largest bank continues with the bank posting an 18% increase in profits which rose from R3,2 billion to R3,8 billion for the year ending February, the bank announced on Tuesday.
Capitec CEO Gerrie Fourie attributed the growth to the bank's sustained strategy of keeping its banking model simple and providing services at an affordable price.
"This resonates with most South Africans and is what sets us apart, especially in the current tough economic climate, giving clients a sense of value and allowing them to feel in control of their money," he said.
"Through strong marketing communications, a focus on client service and positive word of mouth, the Capitec brand has grown in stature, with South Africans from all walks of life accepting Capitec as their first choice bank."
Fourie's sentiment was earlier this year backed up by data compiled by consumer research group Nielsen, that found that the bank was the preferred and most-used primary bank among South African consumers.
Building on this, data from the SA Customer Satisfaction Index released at the beginning of the month revealed that Capitec – for a fifth consecutive year – is the bank that South Africans are most satisfied with.
The bank declared a final gross dividend of R8 per ordinary share, bringing the total dividend for the year to R12,50 per share.
Two areas Capitec has always been criticised over is low accessibility to branches and ATMs in more affluent suburbs and accessibility to credit cards, but these are areas Fourie says the bank has worked at addressing, opening 76 new branches.