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South African billionaire Michiel Le Roux gained $1.1 billion from his Capitec Bank stake in 2025 as shares of the leading retail bank climbed sharply on the Johannesburg Stock Exchange, lifting his long-held stake in Africa’s largest retail lender. The gains came during a year when investors returned to South African banking stocks, thanks to steady earnings and a firmer rand.
Le Roux, who co-founded Capitec more than two decades ago, owns an 11.36 percent stake in the bank, equal to about 13.19 million shares. Since the start of the year, the value of that holding has risen by roughly R13.89 billion, or $1.11 billion. The increase reflects a strong run in Capitec’s share price as well as the appreciation of the rand against the U.S. dollar, which boosted returns for investors measuring their gains in dollar terms.
From startup bank to market leader
Capitec Bank was founded in March 2001 by Le Roux, Jannie Mouton and Riaan Stassen with a simple pitch to customers: straightforward banking at a lower cost. What began as a small entrant has grown into a dominant retail bank serving millions of South Africans.
Today, Capitec operates more than 850 branches and about 7,400 ATMs nationwide, a reach that has helped it grow into one of the country’s largest retail banks. That steady expansion has translated into confidence among shareholders just as the bank continues to post solid earnings and defend its market position.
Capitec stock jump rewards investors
In 2025, Capitec shares rose 33.57 percent in rand terms, climbing from R3,136.55 at the start of the year to R4,189.50. The gains were amplified by currency moves. As the rand firmed against the dollar, Capitec’s shares advanced about 50.25 percent in dollar terms, rising from roughly $190.20 in January to about $254.06 later in the year.
The currency shift played a meaningful role in boosting the dollar value of Le Roux’s holding. His stake increased from R41.38 billion, or about $2.21 billion, to R55.27 billion, or roughly $3.32 billion. That change reflects a gain of R13.89 billion, equivalent to around $1.11 billion.
For other investors, the rally delivered similarly strong results. A $100,000 investment in Capitec shares at the start of the year would now be worth about $150,360, a gain of more than $50,000. In a market often shaped by volatility at home and abroad, Capitec’s performance has stood out, reinforcing its place among the most closely watched banking stocks on the JSE.
