Skip to content
Capitec Bank, led by Michiel Le Roux, is set to relax its credit standards to attract more customers and meet rising demand for credit, marking a strategic shift in its approach to lending amid South Africa’s economic challenges.
This rise from R4.69 billion ($270.22 million) in the same period last year highlights Capitec Bank’s resilience in a tough global economy.
Le Roux's stake in Capitec Bank has increased by $95.3 million in just two weeks, reflecting significant gains.
This follows a $112.3 million loss between May 20 and June 3.
This ambitious move follows its acquisition of Avafin, a Cyprus-based online lender with operations across Europe and Latin America.
Michiel Le Roux, who owns 11.39 percent of Capitec Bank, or 13,190,043 shares, has seen the value of his stake decrease from $1.6 billion on May 20 to $1.49 billion.
Founded in 2001 by Michiel Le Roux, Jannie Mouton, and Riaan Stassen, Capitec offers transactional banking services along with a suite of loan products
This recent slump compounds a previous loss of $76 million recorded between April 8 and 11, when the market value of his stake in Capitec Bank fell below $1.5 billion.