The world is changing fast and to keep up you need local knowledge with global context.
Capitec warned that its shareholders should brace for an earnings loss of at least 70% in a trading update for its half-year ending August 31. The bank blamed the impact of Covid-19 on its customers for the poor interim results at a time when its share price already had plummeted 40% this year. – Derek Alberts
Capitec: Update of Trading Statement
Shareholders are referred to the trading statement published on 3 July 2020 in which the Company advised that there was a reasonable degree of certainty, that given the Covid-19 pandemic, headline earnings per share and earnings per share would decline by more than 70% compared to the headline earnings and earnings per share for the 6 months ended on 31 August 2019.
The board now wishes to advise that a reasonable degree of certainty exists that for the half year ended 31 August 2020:
- headline earnings per share will be between 559.90 cents and 458.10 cents per share, representing a decrease of between 78% and 82% compared to the 2545 cents per share reported in the previous period ended 31 August 2019; and
- earnings per share will be between 560.78 cents and 458.82 cents per share, representing a decrease of between 78% and 82% compared to the 2549 cents per share reported in the previous period ended 31 August 2019.
The financial information on which this trading statement is based has not been reviewed and reported on by Capitec’s joint auditors. The financial results for the half year ended on 31 August 2020 are expected to be published on 30 September 2020.
Capitec’s interim results presentation will be livestreamed on 30 September 2020 at 8am SAST. The link to the livestreaming event will be published on the Company’s website at www.capitecbank.co.za/investor-relations/financial-results/ and results announcement on the Stock Exchange News Service (SENS).
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.