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Trading Statement
CAPITEC BANK HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1999/025903/06
Ordinary Share Code: CPI ISIN Number: ZAE000035861
Preference Share Code: CPIP ISIN Number: ZAE000083838
(“Capitec” or “the Company”)
TRADING STATEMENT
The COVID-19 pandemic is impacting businesses in South Africa across
the board and generally causing increased distress in the South African
economy. We do not as yet fully understand the ultimate economic
outcome of the pandemic. The national lockdown affected Capitec from
the end of its first month of the 2021 financial year and the impact
continues. The relaxation of the lockdown restrictions enabling
broadened business activity from 1 June 2020 is imperative to
facilitate economic recovery in South Africa.
Over the period of the national lockdown, Capitec transaction volumes
(branch transactions, cash withdrawals and point-of-sale transactions)
number of funeral policies sold and credit sales were lower. Many
clients applied for a payment holiday. It is still early days to
determine the extent, but doubtful debt is expected to increase.
All reasonable measures are being taken to contain expenses.
Capitec’s liquidity and capital positions continue to be very strong.
Capitec’s deposit base increased further and we believe this is due to
clients’ normal spending habits being curtailed due to the national
lockdown.
It is not possible at this stage to provide specific guidance to
shareholders on the results for the 6 months ending on 31 August 2020
(“the interim reporting period”). The potential remedial effect of the
relaxation of the economic restrictions from 1 June 2020, on Capitec’s
interim results, will only become apparent over the second half of the
interim reporting period. Due to the impact of the national lockdown
over the first half of the interim reporting period, however, there is
a reasonable degree of certainty that Capitec’s headline earnings per
share and earnings per share will decline by more than 20% or more than
509 cents and 510 cents respectively, compared to the headline earnings
per share of 2545 cents and earnings per share of 2549 cents for the
six months ended 31 August 2019.
We will provide a more specific guidance range when there is reasonable
certainty of the range of headline earnings and earnings.
The financial information on which this trading statement is based has
not been reviewed and reported on by Capitec’s auditors. The financial
results for the half year ending on 31 August 2020 are expected to be
published on or about 30 September 2020.
By order of the Board
Stellenbosch
29 May 2020
Sponsor
PSG Capital
Date: 29-05-2020 02:28:00
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