Wrap Text
Audited Summary Consolidated Financial Statements For The Year Ended 28 February 2014
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: ZAE000083838
("Capitec" or "the Company" or "the Group")
AUDITED SUMMARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2014
- Headline earnings per share up 15% to 1 752 cents
- Headline earnings up 27% to R2.0 billion
- Final dividend per share: 460 cents
- Return on equity: 23%
- Active clients: 5.4 million
- New jobs created: 762
KEY PERFORMANCE INDICATORS
Change %
2014 2013 2014/2013 2012
PROFITABILITY
Interest income R'm 9 434 7 085 33 4 347
Net loan fee income R'm 841 1 153 (27) 1 471
Net transaction fee income R'm 1 927 1 349 43 836
Interest paid R'm (2 133) (1 663) 28 (1 022)
Other banking income R'm (19) - 14
Income from banking operations R'm 10 050 7 924 27 5 646
Net loan impairment expense R'm (3 976) (2 659) 50 (1 604)
Net banking income R'm 6 074 5 265 15 4 042
Banking operating expenses R'm (3 242) (2 994) 8 (2 486)
Non-banking operations R'm - 7 3
Tax R'm (795) (673) 18 (464)
Preference dividend R'm (20) (21) (5) (19)
Earnings attributable to ordinary shareholders
- Basic R'm 2 017 1 584 27 1 075
- Headline R'm 2 017 1 584 27 1 078
Net transaction fee income to banking operating
expense % 59 45 34
Net transaction fee income to net banking income % 32 26 21
Cost-to-income ratio - banking activities % 32 38 44
Return on ordinary shareholders' equity % 23 27 29
Earnings per share
- Attributable cents 1 752 1 519 15 1 122
- Headline cents 1 752 1 519 15 1 125
- Diluted attributable cents 1 740 1 498 16 1 096
- Diluted headline cents 1 740 1 498 16 1 099
Dividends per share
- Interim cents 203 169 20 125
- Final cents 460 405 14 300
- Total cents 663 574 16 425
Dividend cover X 2.6 2.6 2.6
ASSETS
Net loans and advances R'm 30 053 27 935 8 16 863
Cash and cash equivalents and other
liquid assets R'm 14 423 9 166 57 5 750
Other R'm 1 715 1 246 37 1 009
Total assets R'm 46 191 38 347 20 23 622
LIABILITIES
Deposits R'm 35 449 29 000 22 17 692
Other R'm 760 834 (9) 744
Total liabilities R'm 36 209 29 834 21 18 436
EQUITY
Shareholders' funds R'm 9 982 8 513 17 5 185
Capital adequacy ratio % 39 41 39
Net asset value per ordinary share cents 8 433 7 212 17 4 962
Share price cents 18 375 18 800 (2) 18 500
Market capitalisation Rm 21 186 21 515 (2) 18 367
Number of shares in issue '000 115 298 114 442 1 99 282
Share options
- Number outstanding '000 1 503 2 177 (31) 3 087
- Number outstanding to total shares in issue % 1.3 1.9 3.1
- Average strike price cents 9 465 6 294 50 4 358
- Average time to maturity months 16 15 7 16
OPERATIONS
Branches 629 560 12 507
Employees 9 070 8 308 9 7 194
Active clients '000 5 388 4 677 15 3 706
ATMs
- Own 744 640 16 550
- Partnership 2 174 1 914 14 1 526
- Total 2 918 2 554 14 2 076
POS devices 24 329 19 955 22 16 398
Capital expenditure R'm 549 473 16 381
SALES
Loans
Value of loans advanced R'm 18 214 25 401 (28) 19 393
Number of loans advanced '000 3 034 3 760 (19) 4 648
Average loan amount R 6 003 6 756 (11) 4 172
Repayments R'm 21 862 19 159 14 16 173
Gross loans and advances R'm 33 690 30 658 10 18 408
Loans past due (arrears) R'm 2 174 1 777 22 932
Arrears to gross loans and advances % 6.5 5.8 5.1
Arrears and rescheduled arrears < 6 months R'm 2 921 2 402 22
Arrears and rescheduled arrears < 6 months
to gross loans and advances % 8.7 7.8
Provision for doubtful debts R'm 3 637 2 723 34 1 545
Provision for doubtful debts to
gross loans and advances % 10.8 8.9 8.4
Arrears coverage ratio % 167 153 166
Loan revenue R'm 9 841 7 983 23 5 660
Loan revenue to average gross loans and advances % 30.6 32.5 38.6
Gross loan impairment expense R'm 4 410 2 932 50 1 780
Recoveries R'm 434 273 59 176
Net loan impairment expense R'm 3 976 2 659 50 1 604
Net loan impairment expense to loan revenue % 40.4 33.3 28.3
Net loan impairment expense to average gross
loans and advances % 12.4 10.8 10.9
Deposits
Wholesale R'm 11 663 11 679 - 7 162
Retail call savings R'm 14 617 10 335 41 6 348
Retail fixed savings R'm 8 984 6 844 31 4 015
UNACCUSTOMED MODESTY
After ten years of growing our headline earnings at an exceptional average rate of 49% per year,the growth rate
moderated to 27% this year. Earnings grew to R2 017 million. As a result of new share issues, the headline
earnings per share growth is lower at 42% for the period 2003 to 2013, and 15% for the year to February 2014.
The results were buoyed by positive transaction banking and good control over costs. Net transaction fee income
now covers 59% of operating costs, up from 45% in the previous year. The cost-to-income ratio was down from 38%
last year to 32%.
The lending business was tough with new loan sales decreasing and net loan impairment expense increasing.
A TOUGH YEAR FOR OUR LENDING BUSINESS
Our unsecured credit business is based on the future ability of salary-earners to repay loans. Credit cycles correlate
to the up- and down-turns in the economy and are exacerbated by the fact that many South Africans only gained access
to credit in 2007, with the implementation of the National Credit Act.
This year has seen deterioration in the quality of our loan book as reflected in the performance ratios. Our loan
impairment expense (bad debts plus provisions less recoveries) increased from R2.7 billion last year to R4 billion
this year. The net loan impairment expense to loan revenue increased from 33% in 2013 to 40% this year. The net
loan impairment expense to average gross loans and advances increased from 10.8% in 2013 to 12.4% this year.
An increase in arrears and loan impairment expense was foreseen at the launch of our fixed term credit product in
May 2012 and the pricing of the product took this into consideration. Loans written in 2012 are however performing
worse than expected but on average are still within our original risk appetite. From the early evidence available
we can see that the newer loans are performing in line with expectations and our lower risk appetite. This is a
result of the actions taken to mitigate the deterioration in book quality.
We significantly tightened our credit criteria. Major rule changes were implemented in November 2012 and June 2013.
As a result of these actions, the value of new loans advanced ('loan sales') has declined to R18 billion this year
from R25 billion last year.
Tightening our rules means we approve fewer loans, decrease loan sizes and shorten the repayment terms. During the
2014 financial year we approved 44% of all clients for credit. Of these clients 66% decided to take up our offer
and received a loan.
The number of loans sold decreased 19% to 3 034 154 and the average loan size is now smaller at R6 003 (2013: R6 756).
The average term for loans sold was 37 months against 48 months previously.
All our loans are priced at a fixed interest rate so that a client's monthly repayment amount will remain the same
over the life of the loan. During the year we increased our pricing formula by 2% per year for new loans, to provide
for the current greater repayment uncertainty. Our average pricing remains below that of our competitors.
The lack of maturity in the credit market means that we as lenders cannot place excessive reliance on historical data
although this is the basis of credit granting and provisioning. Many borrowers have never managed significant credit
over an extended period and this adds to repayment uncertainty. For these reasons we have consistently supplemented
our provisioning models with additional provisions based on management's insight into our clients' behaviour, even
when such behaviour had not yet manifested itself statistically. These supplements now turn out to have been necessary
and prudent.
Our provisioning model remains conservative. When we make a new loan, we provide 7% on average against the value of
the loan. When a single loan payment is missed, we classify all the client's loan balances as in arrears and provide
46% against the total balance. At the end of the second and third months the provision is increased to 74% and 88%
respectively. After the third payment has been missed, we consider the loan bad and write it off. Our provisions are
larger than our loans in arrears at 167% of arrears ('arrears coverage ratio').
When a delinquent client undertakes to resume payment in accordance with a new repayment plan, such a client is
reclassified from arrears to current. During the year we created an extra disclosure for such higher-risk clients
for the first six months after rehabilitation. Although we have always maintained higher provisions for these higher-
risk clients, we increased the extra provisions during this year. At year-end this additional provision amounted to
R103 million.
We do not sell retail credit insurance to our clients. We purchase insurance that protects us from credit losses arising
in the unfortunate event that a client dies, or where a client is retrenched. We will therefore not be affected by a
proposal from the National Credit Regulator to cap insurance premiums.
Our fundamental philosophy is to attract those clients who have choices because they can afford credit and wish to repay
it. Access to credit is more than a privilege; its importance is comparable to electricity or garbage removal without
which modern life is inconceivable. It is Capitec Bank's mission to provide all responsible South Africans with easy
access to affordable credit.
NET TRANSACTION FEE INCOME UP BY 43%
Our transactional banking continues its rapid growth. We have 711 000 more active clients than a year ago. Our net
transaction fee income grew by 43% and is now approaching R2 billion. We have more clients using more of our services.
In the latest independent AMPS survey 12.7% of banking clients indicated that they consider us their primary bank.
It is our ambition to continue increasing this market share.
Our client philosophy is to strive for simplicity and transparency, giving clients greater control over their banking.
Our fees are transparent and easy to understand. We don't have different packages which confuse clients or which give
some clients a better deal than others.
ENHANCING SERVICE DELIVERY
We developed and implemented a new front-end banking system during the year. This was a massive and expensive effort,
entailing the training of 6 823 employees. As part of this development we introduced 'side-by-side' consulting, a Capitec
Bank first, where the client and consultant both face the computer screen. The client is treated as a participant in the
process.
Uniquely in banking, all our products are delivered in real-time. New clients who apply and qualify for a loan, receive
the funds before they leave the Capitec Bank branch.
Our commitment to client service is not just talk. In the just released 2013 South African customer satisfaction index
we obtained the highest overall customer satisfaction rating of all South African banks with a score of 81.5%. In
another recent survey by Intellidex, published by the Business Times, Capitec was awarded overall bank of the year.
This includes best online/mobile banking, best notice/fixed deposit, best savings and transaction accounts.
We opened a record 69 branches this year and we now have 629 branches. Our ATM network, including partnership ATMs,
increased 14% to 2 918. During the year the bank handled 60 million ATM transactions, processing an average of two trans-
actions per second.
We created 762 new jobs during the year. Total permanent employees at year-end was 9 070 (2013: 8 308). We appointed
1 895 school leavers and 437 people with post matric qualifications during the year. We promoted 925 employees within the
organisation.
GROWTH OF DEPOSITS
Our clients receive a minimum of 4.40% interest on small balances in their transaction accounts from where it steps
up for value and term invested. Retail deposit funding was R23.6 billion at 28 February 2014, an increase of R6.4 billion
on the prior year. No volatility in balances was experienced during the year.
With the strong growth of retail deposits and a moderate demand for funding, we decided not to retain all wholesale deposits
as they matured but only competitively priced money. We maintain a healthy reserve of longer dated wholesale deposits
to match our assets and liabilities.
Liquid assets increased 57% year on year due to the strong retail deposit growth and slower loan growth, together with
the proceeds from the 2012 rights issue.
Capitec maintained a healthy liquidity position, in line with our conservative policy, throughout the year. We exceed the
Basel liquidity standards. At the end of the year our net stable funding ratio was 132% (2013: 116%) and our liquidity
coverage ratio was 1 689% (2013: 1 534%). Both measures require a 100% minimum.
CAPITAL
Capitec remains well capitalised, with a capital adequacy ratio of 39.0%. Retained earnings are funding the capital needs
for current levels of loan growth. There is a small decline in the percentage since last year, due to applying Basel 3
phase-out rules, mainly to subordinated debt. The return on equity remained at the 23% reported at August 2013. It is
lower than the 27% reported for 2013, due to the rights issue dilution and weaker credit performance. The total annual
dividend increased by 16% from 574 cents per share to 663 cents per share.
REGULATION
The Reserve Bank co-ordinated a banking industry review of ATM and card charges. Changes to ATM charges will be implemented
on 1 April 2014 and do not have a material impact on Capitec. Changes to the card fees, including debit card fees, will
be made public shortly. The changes will reduce future interchange fees, but continued volume growth will offset this.
The regulation on the removal of adverse credit information and information relating to paid-up judgements was published
towards the end of February 2014. Credit bureaux have until 1 April 2014 to remove details relating to adverse credit
information and paid-up judgements. (This action was widely misunderstood as being the removal of all of a consumer's
negative credit information, which is not the case). Even though Capitec has made preparations, there are some outstanding
issues which were raised throughout the credit industry. We are co-operating with all stakeholders to resolve them.
We support the National Credit Regulator's efforts to develop industry affordability guidelines. The guidelines should be
clear, well defined and simple to implement and police. Hand-in-hand with implementation there should be increased activity
to curtail the activities of unregistered or reckless credit providers.
CONTINGENT LIABILITY
In last year's integrated report the board reported that a notice had been received from the National Credit Regulator
alleging contraventions of the National Credit Act. The board reported that it had taken legal advice and believed the
matter would be resolved satisfactorily through due process. The matter was heard by the National Consumer Tribunal on
13 March 2014 and judgement was reserved. As reported previously, due to uncertainties that currently exist, we are unable
to estimate the financial effect of any possible outcome.
A NEW CHIEF EXECUTIVE OFFICER
Riaan Stassen, the major driver of Capitec Bank's success, retired at the end of 2013 after he turned 60. He had led the
company since its inception and remains a non-executive director.
Gerrie Fourie who succeeded Riaan as CEO on 1 January 2014, was the head of operations since inception. He leads a strong
and experienced management team.
PROSPECTS
Our bank is young and we are building a bank to last. Business cycles come and go. We are committed to
providing simple, accessible and affordable banking, delivered with personal service. We have not seen a positive turn
in the economy yet. In the year ahead the retail credit market will remain tough. We will continue to create value while
limiting risk. We see opportunities in transaction banking. Our management team is enthusiastic and will deliver growth
in this part of the business.
DIVIDENDS
The directors declared a gross final dividend of 460 cents per ordinary share on 24 March 2014 for the year ended
28 February 2014, bringing the total dividends for the year to 663 cents per share. There are 115 297 995 ordinary shares
in issue.
The final 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 dividend tax of 15% is 391 cents per share. The distribution is made from income reserves and no
secondary tax on companies (STC) credits were applied against the dividend. Capitec's tax reference number is 9405/376/84/0.
Last day to trade cum dividend Thursday, 10 April 2014
Trading ex- dividend commences Friday, 11 April 2014
Record date Thursday, 17 April 2014
Payment date Tuesday, 22 April 2014
Share certificates may not be dematerialised or rematerialised between Friday, 11 April 2014, and Thursday, 17 April 2014,
both days inclusive.
The chief financial officer's review is available at www.capitecbank.co.za.
SUMMARY CONSOLIDATED BALANCE SHEET
Audited Audited
February February
2014 2013
R'000 R'000
ASSETS
Cash, cash equivalents and money market funds 9 665 611 7 143 092
Investments designated at fair value 4 757 036 2 022 906
Loans and advances to clients 30 052 850 27 934 854
Other receivables 219 596 127 297
Derivative assets 202 816 13 521
Current income tax assets 22 529 -
Interest in associate 1 850 167
Property and equipment 855 251 697 512
Intangible assets 201 319 136 380
Deferred income tax assets 212 108 270 995
Total assets 46 190 966 38 346 724
LIABILITIES
Deposits and bonds at amortised cost 35 448 678 29 000 191
Other liabilities 748 726 759 083
Current income tax liabilities - 46 007
Provisions 11 451 28 449
Total liabilities 36 208 855 29 833 730
EQUITY
Ordinary share capital and premium 5 512 570 5 330 710
Cash flow hedge reserve 80 865 (15 925)
Retained earnings 4 129 707 2 939 240
Share capital and reserves attributable to ordinary shareholders 9 723 142 8 254 025
Non-redeemable, non-cumulative, non-participating preference share
capital and premium 258 969 258 969
Total equity 9 982 111 8 512 994
Total equity and liabilities 46 190 966 38 346 724
SUMMARY CONSOLIDATED INCOME STATEMENT
Audited Audited
Year ended Year ended
February February
2014 2013
R'000 R'000
Interest income 9 432 796 7 084 752
Interest expense (2 132 718) (1 662 513)
Net interest income 7 300 078 5 422 239
Loan fee income 1 306 619 1 496 009
Loan fee expense (465 916) (343 209)
Transaction fee income 2 786 393 2 100 594
Transaction fee expense (859 523) (751 768)
Net fee income 2 767 573 2 501 626
Dividend income 7 9
Net impairment charge on loans and advances to clients (3 976 170) (2 658 923)
Net movement in financial instruments held at fair value
through profit or loss (19 083) (298)
Other income 279 204
Sales - 248 358
Cost of sales - (219 480)
Non-banking income - 28 878
Income from operations 6 072 684 5 293 735
Banking operating expenses (3 241 570) (2 994 008)
Non-banking operating expenses - (22 451)
Operating profit before tax 2 831 114 2 277 276
Share of profit of associate 1 683 167
Income tax expense (795 243) (672 862)
Profit for the year 2 037 554 1 604 581
Earnings per share (cents)
- Basic 1 752 1 519
- Diluted 1 740 1 498
SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
Year ended Year ended
February February
2014 2013
R'000 R'000
Profit for the year 2 037 554 1 604 581
Cash flow hedge recognised during the year 187 644 (33 430)
Cash flow hedge reclassified to profit and loss for the year (53 219) 14 080
Cash flow hedge before tax 134 425 (19 350)
Income tax relating to cash flow hedge (37 635) 5 345
Other comprehensive income for the year net of tax 96 790 (14 005)
Total comprehensive income for the year 2 134 344 1 590 576
RECONCILIATION OF ATTRIBUTABLE EARNINGS TO HEADLINE EARNINGS
Audited Audited
Year ended Year ended
February February
2014 2013
R'000 R'000
Net profit attributable to equity holders 2 037 554 1 604 581
Less preference dividend (20 420) (20 783)
Net profit after tax attributable to ordinary shareholders 2 017 134 1 583 798
Non-headline items:
Loss/(profit) on disposal of property and equipment 80 (358)
Income tax charge property and equipment (23) 100
Loss on scrapping of intangible assets - 19
Income tax charge intangible assets - (5)
Loss on sale of subsidiary - 58
Income tax charge sale of subsidiary - (16)
Headline earnings 2 017 191 1 583 596
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
Year ended Year ended
February February
2014 2013
R'000 R'000
Cash flow from operations 7 339 048 2 752 408
Income taxes paid (829 951) (578 246)
Cash flow from operating activities 6 509 097 2 174 162
Purchase of property and equipment (407 457) (354 706)
Proceeds from disposal of property and equipment 844 4 565
Purchase of intangible assets (141 103) (118 207)
Acquisition of investments at fair value through profit
or loss and money market unit trusts (5 427 767) (2 726 262)
Disposal of investments at fair value through profit
or loss and money market unit trusts 3 374 769 1 199 399
Cash flow from investing activities (2 600 714) (1 995 211)
Dividends paid (718 327) (487 257)
Ordinary shares issued 181 860 2 404 275
Realised loss on settlement of employee
share options less participants' contributions (149 183) (206 572)
Cash flow from financing activities (685 650) 1 710 446
Net increase in cash and cash equivalents 3 222 733 1 889 397
Cash and cash equivalents at the beginning of the year 6 440 600 4 551 203
Cash and cash equivalents at the end of the year 9 663 333 6 440 600
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Audited
Year ended Year ended
February February
2014 2013
R'000 R'000
Equity at the beginning of the year 8 512 994 5 185 350
Total comprehensive income for the year 2 134 344 1 590 576
Ordinary dividend (698 458) (467 460)
Preference dividend (20 420) (20 783)
Employee share option scheme: Value of employee services 8 398 9 037
Shares issued and acquired for employee share options at cost (181 970) (244 422)
Proceeds on settlement of employee share options 32 787 37 850
Tax effect on share options 12 576 18 571
Shares issued 181 970 2 491 915
Share issue expenses (110) (87 640)
Equity at the end of the year 9 982 111 8 512 994
COMMITMENTS
Audited Audited
February February
2014 2013
R'000 R'000
Capital commitments approved by the board
- Contracted for
Property and equipment 26 622 42 645
Intangible assets 8 456 13 119
- Not contracted for
Property and equipment 397 505 524 971
Intangible assets 138 914 169 438
Property and other operating lease commitments
Future aggregate minimum lease payments
- Within one year 257 035 208 888
- From one to five years 740 229 595 037
- After five years 215 552 170 639
Total future cash flows 1 212 816 974 564
Straight-lining accrued (57 201) (46 432)
Future expenses 1 155 615 928 132
CONTINGENT LIABILITY
Details relating to the contingent liability are set out in the commentary to the annual results.
SEGMENT ANALYSIS
Retail banking comprises the group's only operating segment as of 2013. The comparative period included the
wholesale distribution activities of the subsidiary of which a 47% interest was disposed on 31 January 2013.
Transactions between segments were on normal commercial terms and conditions. The remaining 28% interest is
accounted for as an associate in the consolidated group annual financial statements.
Retail banking services offered include savings, transacting and consumer loans to individuals.
There are no clients that account for more than 10% of revenue.
The segment information provided to the executive management committee in 2013 for the reportable segments was
as follows in the previous year:
Wholesale Intra-
Banking Distribution segment Total
R'000 R'000 R'000 R'000
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 on loans and advances to
clients (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)
NOTES
The summary consolidated financial statements are prepared in accordance with the JSE Limited Listings
Requirements for preliminary reports and the requirements of the Companies Act applicable to summary financial
statements. The Listings Requirements require preliminary reports to be prepared in accordance with the framework
concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS),
the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements
as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required
by IAS 34 'Interim Financial Reporting'. The accounting policies applied in the preparation of the consolidated
financial statements from which the summary consolidated financial statements were derived are in terms of IFRS
and are consistent with the accounting policies applied in the preparation of the previous consolidated annual
financial statements 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 deposits and bonds and of loans and advances is R35.6 billion and R32.7 billion respectively
as at 28 February 2014. Investments designated at fair value are valued using the market approach on a level 2 basis.
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 preparation of the summary audited consolidated financial statements was supervised by the chief financial
officer, André du Plessis CA(SA).
INDEPENDENT AUDITOR'S OPINION
These summary consolidated financial statements for the year ended 28 February 2014 have been audited by
PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The auditor also expressed an unmodified
opinion on the annual financial statements from which these summary consolidated financial statements were derived.
A copy of the auditor's report on the summary consolidated financial statements and of the auditor's report on the
annual consolidated financial statements are available for inspection at the company's registered office, together with
the financial statements identified in the respective auditor's reports.
The auditor's report does not necessarily report on all of the information contained in this announcement/financial
results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's
engagement they should obtain a copy of the auditor's report together with the accompanying financial information from
the issuer's registered office.
On behalf of the board
Michiel le Roux
Chairman
Gerrie Fourie
Chief executive officer
Stellenbosch
26 March 2014
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), GM Fourie (CEO)*, AP du Plessis (CFO)*, Ms RJ Huntley, JD McKenzie, Ms NS Mjoli-Mncube,
PJ Mouton, CA Otto, G Pretorius, R Stassen, JP van der Merwe
*Executive
ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of the shareholders of Capitec Bank Holdings Limited will
be held on Friday, 30 May 2014. The detailed notice will be announced on SENS and be made available from 29 April 2014
at: www.capitecbank.co.za/investor-relations/shareholder-centre.
capitecbank.co.za
enquiries@capitecbank.co.za
Date: 26/03/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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