Wrap Text
Unaudited Financial Results For The Six Months Ended 31 August 2013
CAPITEC BANK HOLDINGS LIMITED
Registration number: 1999/025903/06
Registered bank controlling company
Incorporated in the Republic of South Africa
JSE ordinary share code: CPI ISIN code: ZAE000035861
JSE preference share code: CPIP ISIN code: ZAE000083838
("Capitec" or "the Company" or "the group")
UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2013
- Active clients: 5 million
- Headline earnings up 39% to R971 million
- Headline earnings per share up 20% to 844 cents
- Interim dividend per share up 20% to 203 cents
- Return on equity: 23%
- Cost-to-income ratio: 33%
KEY PERFORMANCE INDICATORS
Six months Six months Year
ended August ended
August 2013/2012 February
2013 2012 % 2013
PROFITABILITY
Interest income R'm 4 616 3 035 52 7 085
Net loan fee income R'm 465 631 (26) 1 153
Interest paid R'm (1 040) (726) 43 (1 663)
Net transaction fee income R'm 899 583 54 1 349
Other banking income R'm - 3
Income from banking operations R'm 4 940 3 526 40 7 924
Net loan impairment expense R'm (1 955) (1 019) 92 (2 659)
Net banking income R'm 2 985 2 507 19 5 265
Banking operating expenses R'm (1 620) (1 485) 9 (2 994)
Non-banking operations R'm 4 7
Tax R'm (384) (316) 22 (673)
Preference dividend R'm (10) (11) (9) (21)
Earnings attributable to ordinary shareholders
Basic R'm 971 700 39 1 584
Headline R'm 971 700 39 1 584
Net transaction fee income to banking operating
expenses % 55 39 45
Net transaction fee income to net banking income % 30 23 26
Cost-to-income ratio banking activities % 33 42 38
Return on ordinary shareholders' equity % 23 28 27
Earnings per share
Attributable cents 844 702 20 1 519
Headline cents 844 702 20 1 519
Diluted attributable cents 838 691 21 1 498
Diluted headline cents 838 691 21 1 498
Dividends per share
Interim cents 203 169 20 169
Final cents 405
Total cents 574
Dividend cover x 2.6
ASSETS
Net loans and advances R'm 29 460 22 823 29 27 935
Cash, cash equivalents and other liquid assets R'm 11 819 8 021 47 9 166
Other R'm 1 579 1 197 32 1 246
Total assets R'm 42 858 32 041 34 38 347
LIABILITIES
Deposits R'm 32 979 25 608 29 29 000
Other R'm 730 803 (9) 834
Total liabilities R'm 33 709 26 411 28 29 834
EQUITY
Shareholders' funds R'm 9 149 5 630 63 8 513
Capital adequacy ratio % 39 38 41
Net asset value per ordinary share cents 7 710 5 351 44 7 212
Share price cents 18 400 20 222 (10) 18 800
Market capitalisation R'm 21 215 20 295 5 21 515
Number of shares in issue '000 115 298 100 363 15 114 442
Share options
Number outstanding '000 1 514 2 269 (33) 2 177
Number outstanding to shares in issue % 1.3 2.3 1.9
Average strike price cents 8 520 6 187 6 294
Average time to maturity months 19 20 15
OPERATIONS
Branches 589 534 10 560
Employees 8 890 7 780 14 8 308
Active clients '000 5 016 4 252 18 4 677
ATMs
Own 671 581 15 640
Partnership 2 173 1 787 22 1 914
Total 2 844 2 368 20 2 554
Capital expenditure R'm 314 296 6 473
SALES
Loans
Value of loans advanced R'm 9 501 12 831 (26) 25 401
Number of loans advanced '000 1 645 1 934 (15) 3 760
Average loan amount R 5 776 6 634 (13) 6 756
Repayments R'm 10 800 9 065 19 19 159
Gross loans and advances R'm 32 644 24 697 32 30 658
Loans past due (arrears) R'm 1 799 1 075 67 1 777
Arrears to gross loans and advances % 5.5 4.4 5.8
Provision for doubtful debts R'm 3 184 1 873 70 2 723
Provision for doubtful debts to gross loans
and advances % 9.8 7.6 8.9
Arrears coverage ratio % 177 174 153
Loan revenue R'm 4 899 3 552 38 7 983
Loan revenue to average gross loans and advances % 15.5 16.5 32.5
Gross loan impairment expense R'm 2 119 1 141 86 2 932
Recoveries R'm 164 122 34 273
Net loan impairment expense R'm 1 955 1 019 92 2 659
Net loan impairment expense to loan revenue % 39.9 28.7 33.3
Net loan impairment expense to average gross
loans and advances % 6.2 4.7 10.8
DEPOSITS
Wholesale deposits R'm 12 495 10 753 16 11 679
Retail call savings R'm 11 885 8 864 34 10 335
Retail fixed savings R'm 8 286 5 646 47 6 844
CLIENT GROWTH
5 million active clients and growing
We have passed the 5 million client mark and continue to grow. 339 000 new clients have chosen to
bank with Capitec over the last six months. Our market share of primary banking clients is now over 10%.
EARNINGS
Earnings up 39%
Capitec's approach of simplicity and transparency continues to deliver sustained growth and performance
despite weaker economic conditions. Our conservatism in funding, credit rules and provisioning has also
stood us in good stead. Our earnings growth remains satisfactory, up 39% to R971 million from R700 million
in August 2012. Strong growth in net transaction fee income to R899 million (up 54% compared to August 2012)
positively offset lower than expected lending income due to slower credit growth and higher bad debt expenses.
Headline earnings per share is up by 20% following the impact of the November 2012 rights issue. If the impact
of dilution from the rights issue is excluded, and an equalisation adjustment is made to factor in the change
in secondary tax on companies ('STC') on the August 2012 results, the increase in earnings per share would have
been 26%.
A slow economy
We are concerned about the fundamentals of the economy. South Africa is operating below potential.
Many sectors are impacted by labour cost pressures, low productivity and inertia as extended strikes and
prolonged bargaining erode the ability of companies to operate sustainably. There are also now more
financial pressures on consumers.
CLIENT SERVICE FIRST
The "Service Project"
The "Service Project", an investment of R201 million, three years in the making, is being rolled out to all
branches. It is our own unique, new-breed banking system and approach to client service. It includes
paperless transacting (by using more secure fingerprint biometric technology), side-by-side consulting and
real-time monitoring of how long it takes to service our clients. 384 of our 589 branches are live on the
new system and we have trained 6 526 staff in the new service platform by the end of August 2013.
We have only just begun to leverage the efficiencies available from this investment.
Better banking hours
Our approach to innovation is not random; we focus on addressing our clients' needs. This is why we have
again taken the lead by extending our service hours in branches to Sundays between 9am and 1pm in most
shopping malls around the country.
TRANSACTION INCOME
Opportunity in a slow economy
Net transaction fee income now covers 55% of operating expenses, up from 45% at February 2013 and
represents 30% of net banking income. A slower economy is not all bad news. Cost pressures will
encourage many consumers to re-consider their banking costs. Capitec continues to offer a highly
competitive banking service, including internet and cellphone banking. Furthermore, we pay our
clients a minimum interest rate of 4.25% on any balance in their transaction and savings accounts.
LENDING INCOME
Credit sales slower than expected
Loan revenue increased from R3.6 billion for the six months ended August 2012 to R4.9 billion for the six
months ended August 2013. Credit sales slowed as expected due to our tightening of our credit criteria in
the second half of the 2013 financial year in anticipation of a weaker credit market. However, despite lower
sales, lending income is benefiting from the annuity effect of loans sold in previous periods as the loan
book is not yet mature. Gross loans and advances grew to R32.6 billion (August 2012: R24.7 billion, February
2013: R30.7 billion). Although the performance and quality of the loan book is within risk appetite, it was
worse than expected. Higher arrears were experienced during the first half of the 2014 financial year due
to the general weakening in the economy. In normal circumstances, due to seasonality, we would have
expected the quality of the book and the resultant percentage of arrears to gross loans and advances on
the longer-term loans to improve markedly. However, the decrease was only to 5.5% for August 2013 from 5.8%
at February 2013. By comparison the arrears to gross loans and advances percentage decreased from 5.1% at
February 2012 to 4.4% at August 2012.
Further tightening of credit criteria
We typically experience some seasonal deterioration in credit quality in the second half of each financial
year. We enhanced the sophistication of our credit technology and now identify and limit exposure
to clients with an unrestrained appetite for credit. In the past such clients were inclined to over-indebt
themselves by pursuing more credit from other service providers after taking up our offer. These clients have
a higher likelihood of defaulting on their Capitec loan. These and other credit-related changes have seen us
approving fewer clients for credit. Importantly, these changes were made in a way that identifies better
value credit transactions. Consequently, loan sales generally have smaller values and are for shorter terms.
Developments in credit regulation
We fully support the initiatives by the National Credit Regulator (NCR) to implement standards around client
affordability assessment. If developed, implemented and policed effectively, these standards will protect both
credit providers and clients, as well as strengthen overall confidence in the South African retail credit market.
A strong regulator is an important feature of any sustainable market and we appreciate those proactive intentions
of the NCR to improve the existing credit legislation in a manner that contributes to overall stability.
Prudent provisions maintained
In line with our prudent provisioning we have included the higher default experience of the past six months
in the underlying drivers of our provisions model. The provision for doubtful debts as a percentage of gross loans
and advances increased from 8.9% at February 2013 to 9.8% at August 2013 (August 2012: 7.6%). The arrears coverage
ratio is 177% at August 2013 compared to 153% at the end of February 2013 (August 2012: 174%). The overall level
of provisions increased 70% year on year and 17% for the six months to August 2013, respectively.
COST STRUCTURE
Cost increases contained
Costs were contained in the six months ended August 2013 with banking operating expenses rising to R1.6 billion, 9%
up compared to August 2012. The cost-to-income ratio declined further to 33% at August 2013, down from 38% for the twelve
months to February 2013 and 42% for the six months ended to August 2012, driven mainly by the 40% increase in income from
banking operations. Cost-efficiency and economies of scale remain strategic objectives of the group. Growth in the number
of branches continues, with 29 new branches opened this period. The economic slowdown will make it more challenging to
meet the higher target of 75 new branches (2013: 55) as developers shelve plans for new shopping malls. The number of ATMs
grew to 2 844.
FUNDING AND LIQUIDITY
Retail deposit funding grew to R20.2 billion
Capitec's liquidity management continues to be in line with its stated conservative liquidity policy. Strong growth
in retail call and fixed savings balances continued. A further R3.0 billion was deposited during the period
increasing retail deposits to R20.2 billion. No volatility in balances was experienced over this period.
Wholesale funding
In May 2013 a successful bond issue of R1.3 billion in terms of the Domestic Medium Term
Note programme was undertaken. Given the strong retail deposit inflows and slower loan growth we are
choosing to roll only the more competitively priced corporate paper transactions.
Liquid assets
Liquid assets (cash, cash equivalents, money market unit trust and national treasury bill investments) increased by
47% year on year and 29% for the six months, respectively. This was due to cash from the rights issue
together with the strong deposit growth, amidst slower loan sales.
CAPITAL
Capital adequacy at 39%
Capitec is well capitalised with a capital adequacy ratio of 39% at August 2013 (41%: February 2013). Return on
equity at 23% is lower than the 27% reported for the 2013 financial year and 28% for the six months to August 2012
due to the rights issue dilution and the slower credit growth. The disclosure in terms of Regulation 43 of the
Banks Act is available on the Capitec Bank website. The interim dividend per share has increased 20% from 169 cents
per share at August 2012 to 203 cents per share at August 2013.
CONTINGENT LIABILITY
There has been no change regarding the status of matters raised by the NCR as previously communicated in our
SENS announcement dated 30 May 2013.
RIAAN STASSEN SET TO RETIRE AS HE TURNS SIXTY
It is with regret that the Board announces that Riaan Stassen, the banks pioneering CEO and one of its founders,
has decided to retire as CEO at the end of December 2013. He turned sixty during the month of August 2013. Riaan will
continue to serve on the Board of the bank as a non-executive director after his retirement. He was the heart of
the management team that established Capitec Bank in 2000.
The Chairman and Board thank Riaan on behalf of all stakeholders for his role as an exceptional leader over the past
13 years and for being an innovator in an industry that is dominated by tradition.
The Board is pleased to announce that Riaan will be succeeded as CEO by Gerrie Fourie on 1 January 2014. Riaan
and Gerrie will co-operate over the next three months to ensure a smooth transition from one CEO to the next.
Gerrie is 49 and has been an executive member of the Capitec Bank management team since its inception in 2000.
He is responsible for Sales and Operations. Gerrie was appointed to the Board on 20 September 2013.
A separate SENS announcement has been made today in this regard.
PROSPECTS
Despite South Africa's medium-term challenges, we remain excited about the future and the opportunities
available to us. Unsecured credit is here to stay and, for most, the need for a low-cost banking solution is a
necessity. Our management approach will remain vigilant, cautious and responsible regarding the management of our
clients' money. We are relentless in our pursuit of service excellence.
INTERIM DIVIDEND
The directors approved an interim ordinary dividend for the six months ended 31 August 2013 of 203 cents per share
on Friday, 20 September 2013. The dividend will be payable on Monday, 21 October 2013. There are 115 297 995 ordinary
shares in issue.
The interim dividend meets the definition of a dividend in terms of the Income Tax Act (Act 58 of 1962).
The dividend amount net of South African dividends tax of 15% is 172.55000 cents per share to those shareholders that
are not exempt from dividends tax. The distribution is made from income reserves and no STC credits were applied against
the dividend. Capitec's tax reference number is 9405/376/84/0.
Last day to trade cum dividend Friday, 11 October 2013
Trading ex-dividend commences Monday, 14 October 2013
Record date Friday, 18 October 2013
Payment date Monday, 21 October 2013
Share certificates may not be dematerialised or rematerialised between Monday, 14 October 2013 and
Friday, 18 October 2013, both days inclusive.
INTERIM CONSOLIDATED BALANCE SHEET
Unaudited Reviewed Six months Audited
August August August February
2013 2012 2013/2012 2013
R'000 R'000 % R'000
ASSETS
Cash, cash equivalents and money
market funds 8 752 709 7 097 122 23 7 143 092
Investments designated at fair value 3 066 485 923 564 232 2 022 906
Loans and advances to clients 29 460 077 22 823 468 29 27 934 854
Inventory 50 524 -
Other receivables 332 747 80 043 316 140 818
Current income tax assets 37 473 61 841 (39)
Interest in associate 1 484 - 167
Property and equipment 793 298 673 052 18 697 512
Intangible assets 200 802 122 182 64 136 380
Deferred income tax assets 213 063 209 093 2 270 995
Total assets 42 858 138 32 040 889 34 38 346 724
LIABILITIES
Loans and deposits at amortised cost 32 979 448 25 607 827 29 29 000 191
Provisions 11 711 16 877 (31) 28 449
Other liabilities 717 965 786 360 (9) 759 083
Current income tax liabilities 161 - 46 007
Total liabilities 33 709 124 26 411 225 28 29 833 730
EQUITY
Ordinary share capital and premium 5 512 570 3 164 676 74 5 330 710
Cash flow hedge reserve 67 128 (23 901) (381) (15 925)
Retained earnings 3 310 347 2 229 920 48 2 939 240
Share capital and reserves attributable to
ordinary shareholders 8 890 045 5 370 695 66 8 254 025
Non-redeemable, non-cumulative,
non-participating preference share capital
and premium 258 969 258 969 258 969
Total equity 9 149 014 5 629 664 63 8 512 994
Total equity and liabilities 42 858 138 32 040 889 34 38 346 724
INTERIM CONSOLIDATED INCOME STATEMENT
Unaudited Reviewed
Six months Six months Audited
ended ended Six months Year ended
August August August February
2013 2012 2013/2012 2013
R'000 R'000 % R'000
Interest income 4 616 442 3 034 829 52 7 084 752
Interest expense (1 039 538) (725 627) 43 (1 662 513)
Net interest income 3 576 904 2 309 202 55 5 422 239
Loan fee income 679 222 782 453 (13) 1 496 009
Loan fee expense (214 186) (151 013) 42 (343 209)
Transaction fee income 1 305 574 917 712 42 2 100 594
Transaction fee expense (406 928) (335 061) 21 (751 768)
Net fee income 1 363 682 1 214 091 12 2 501 626
Dividend income 104 9 9
Net impairment charge on loans and
advances to clients (1 955 379) (1 018 613) 92 (2 658 923)
Net movement in financial instruments
held at fair value through profit and loss (1 827) 2 533 (172) (298)
Other income 980 281 249 204
Sales 136 650 - 248 358
Cost of sales (120 813) - (219 480)
Non-banking income 15 837 - 28 878
Income from operations 2 984 464 2 523 340 18 5 293 735
Banking operating expenses (1 619 963) (1 485 249) 9 (2 994 008)
Non-banking operating expenses (11 742) - (22 451)
Operating profit before tax 1 364 501 1 026 349 33 2 277 276
Share of profit of associate 405 - 167
Income tax expense (384 086) (315 541) 22 (672 862)
Profit for the period 980 820 710 808 38 1 604 581
Earnings per share (cents)
Basic 844 702 20 1 519
Diluted 838 691 21 1 498
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Reviewed
Six months Six months Audited
ended ended Six months Year ended
August August August February
2013 2012 2013/2012 2013
R'000 R'000 % R'000
Profit for the period 980 820 710 808 38 1 604 581
Cash flow hedge recognised during the period 105 130 (34 653) 403 (33 430)
Cash flow hedge reclassified to profit and
loss for the period 10 216 4 227 142 14 080
Cash flow hedge before tax 115 346 (30 426) 479 (19 350)
Income tax relating to cash flow hedge (32 293) 8 445 (482) 5 345
Other comprehensive income for the period
net of tax 83 053 (21 981) 478 (14 005)
Total comprehensive income for the period 1 063 873 688 827 54 1 590 576
Reconciliation of attributable earnings to headline earnings
Unaudited Reviewed
Six months Six months Audited
ended ended Six months Year ended
August August August February
2013 2012 2013/2012 2013
R'000 R'000 % R'000
Net profit after tax 980 820 710 808 38 1 604 581
Preference dividend (10 245) (10 706) (4) (20 783)
Net profit after tax attributable to ordinary
shareholders 970 575 700 102 39 1 583 798
Non-headline items:
(Profit)/loss on disposal of:
Property and equipment 75 (147) (151) (358)
Income tax charge property and equipment (21) 43 149 100
Intangible assets 16 - 19
Income tax charge intangible assets (4) - (5)
Loss on sale of subsidiary - 58
Income tax charge sale of subsidiary - (16)
Headline earnings 970 629 700 010 39 1 583 596
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Reviewed
Six months Six months Audited
ended ended Year ended
August August February
2013 2012 2013
R'000 R'000 R'000
Cash flow from operating activities 3 414 299 2 836 438 2 174 162
Cash flow from investing activities (661 187) (17 404) (1 995 211)
Cash flow from financing activities (445 981) (273 115) 1 710 446
Net increase in cash and cash equivalents 2 307 131 2 545 919 1 889 397
Cash and cash equivalents at the beginning
of the period 6 440 600 4 551 203 4 551 203
Cash and cash equivalents at the end
of the period 8 747 731 7 097 122 6 440 600
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Reviewed
Six months Six months Audited
ended ended Year ended
August August February
2013 2012 2013
R'000 R'000 R'000
Equity at the beginning of the period 8 512 994 5 185 350 5 185 350
Total comprehensive income for the period 1 063 873 688 827 1 590 576
Ordinary dividend (464 565) (297 847) (467 460)
Preference dividend (10 245) (10 706) (20 783)
Employee share option scheme
Value of employee services 6 472 6 936 9 037
Shares issued and acquired for employee
share options at cost (181 969) (238 357) (244 422)
Proceeds on settlement of employee
share options 28 592 34 517 37 850
Tax effect on share options 12 002 22 703 18 571
Shares issued 188 127 238 357 2 491 915
Share issue expenses (6 267) (116) (87 640)
Equity at the end of the period 9 149 014 5 629 664 8 512 994
COMMITMENTS
Unaudited Reviewed Audited
August August February
2013 2012 2013
R'000 R'000 R'000
Capital commitments approved by the board
Contracted for
Property and equipment 52 264 91 437 42 645
Intangible assets 14 826 9 322 13 119
Not contracted for
Property and equipment 325 475 176 660 524 971
Intangible assets 104 394 41 325 169 438
Operating lease commitments
Future aggregate minimum lease payments
Within one year 238 058 192 781 208 888
From one to five years 715 786 544 784 595 037
After five years 220 836 124 184 170 639
Total future cash flows 1 174 680 861 749 974 564
Straight-lining accrued (51 198) (41 461) (46 432)
Future expenses 1 123 482 820 288 928 132
Segment analysis
Capitec reports a single segment Retail banking within the South African economic environment. The
business is widely distributed with no reliance on any major customers. The business sells a single retail
banking product "Global One" which enables clients to transact, save and borrow.
The comparative figures reflect the interest in a subsidiary, which was disposed of on 31 January 2013, and
is now accounted for as an associate. The subsidiary was involved in the wholesale distribution of fast-moving
consumer goods and the revenue it earned arose from the sales of these goods. The segment information, for the
comparative six-month period to 31 August 2012 and the twelve months ended 28 February 2013, provided to the
executive management committee for the reportable segments, was:
Retail Wholesale Intra-
Banking distribution segment Total
R'000 R'000 R'000 R'000
Reviewed six months ended August 2012
Segment revenue 4 735 470 136 650 (186) 4 871 934
Segment earnings after tax 707 882 2 926 710 808
The following items are included in segment
earnings after tax:
Interest income 3 035 015 (186) 3 034 829
Interest expense (725 602) (211) 186 (725 627)
Net fee income 1 214 091 1 214 091
Net impairment charge (1 018 340) (273) (1 018 613)
Depreciation (89 746) (246) (89 992)
Amortisation (22 493) (22 493)
Other operating expenses (1 373 010) (11 496) (1 384 506)
Audited year ended February 2013
Segment revenue 10 681 750 248 358 (182) 10 929 926
Segment earnings after tax 1 601 253 3 328 1 604 581
The following items are included in segment
earnings after tax:
Interest income 7 084 923 11 (182) 7 084 752
Interest expense (1 661 743) (952) 182 (1 662 513)
Net fee income 2 501 626 2 501 626
Net impairment charge (2 658 445) (478) (2 658 923)
Depreciation (195 634) (474) (196 108)
Amortisation (51 070) (51 070)
Other operating expenses (2 747 304) (21 977) (2 769 281)
UNAUDITED INTERIM FINANCIAL STATEMENTS
The condensed consolidated interim financial statements are prepared in accordance with International
Accounting Standard ('IAS') 34 'Interim Financial Reporting', the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee, the requirements of the Companies Act of South Africa (Act No 71 of 2008),
as amended, and the Listings Requirements of the JSE Limited. These condensed consolidated interim financial
statements should be read in conjunction with the annual financial statements for the year ended 28 February 2013,
which were prepared in accordance with International Financial Reporting Standards ('IFRS'). The accounting policies
applied conform to IFRS and are consistent with those applied in the previous year except for IFRS 13 'Fair value
measurement'. The measurement and disclosure requirements of IFRS 13 were applied prospectively from 1 March 2013
as required by the standard. The fair value of loans and deposits and of loans and advances is R33.0 billion and
R32.5 billion respectively as at 31 August 2013. The fair value of all other financial instruments equates their
carrying amount. All other standards, interpretations and amendments to published standards applied for the first
time during the current financial period did not have any significant impact on the financial statements. The group
complies in all material respects with the requirements of the King III Code.
No event, which is material to the financial affairs of the group, has occurred between the reporting date
and the date of approval of the condensed consolidated interim financial statements.
The preparation of the condensed consolidated interim financial statements was supervised by the financial
director, André du Plessis CA(SA).
On behalf of the board.
Michiel le Roux
Chairman
Riaan Stassen
Chief executive officer
Stellenbosch
25 September 2013
Company secretary and registered office
Christian George van Schalkwyk: BComm, LLB, CA(SA),
1 Quantum Street, Techno Park, Stellenbosch 7600, PO Box 12451, Die Boord 7613
Transfer secretaries
Computershare Investor Services (Proprietary) Limited
(Registration number: 2004/003647/07)
Ground Floor, 70 Marshall Street, Johannesburg 2001,
PO Box 61051, Marshalltown 2107
SPONSOR
PSG Capital Proprietary Limited
(Registration number: 2006/015817/07)
DIRECTORS
MS du P le Roux (Chairman), R Stassen (CEO)*, AP du Plessis (CFO)*, GM Fourie*, Ms RJ Huntley, JD McKenzie, Ms NS Mjoli-Mncube,
PJ Mouton, CA Otto, G Pretorius, JP van der Merwe
*Executive
capitecbank.co.za
enquiries@capitecbank.co.za
Date: 25/09/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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