Capitec Bank Holdings said it will pay a dividend that beats analysts’ estimates after profit at South Africa’s biggest bank by clients jumped to a record for a fifth straight year.
Headline earnings climbed 23% to R16.8 billion ($1 billion) in the year to February 28 from R13.7 billion a year earlier. That compared with the median estimate of R16.87 billion, according to eight analysts surveyed by Bloomberg.
The company proposed a final dividend of R53.60 per share, bringing the total payout to R79.80 for the year, surpassing a consensus estimate of R78.93.
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The results are the first under the new Chief Executive Officer, Graham Lee, who took the role on July 19. Former CEO Gerrie Fourie oversaw four years of record profit as the lender’s focus on low-income depositors and unsecured lending paid off. Lee is steering the company through intensifying competition as rivals, including Nedbank Group and new lender OM Bank, seek to tap the low-income market.
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