Capitec boss Gerrie Fourie’s total remuneration has been increased by 4 million to R65.7 million in the 2024 financial year.
The banking group announced in its 2024 annual report that Fourie’s total remuneration is R65.7 million, up from 62 million in 2023 and down from R92 million in 2022.
The total remuneration consists of a guaranteed salary of R16 million and other benefits.
The banking group’s top four executives received a total of R78.6 million in salaries.
During the period under review, Capitec’s headline earnings increased to R10.6 billion from the restated headline earnings of R9.2 billion for the 2023 financial year. Headline earnings for the 6 months ended February 2024 (H2 2024) grew by 25% to R5.9 billion compared to the headline earnings of R4.7 billion for the 6 months ended August 2023 (H1 2024).
Capitec added that the diversification of its Retail bank driven by the introduction of new products yielded positive results in 2024.
Retail bank active clients grew to 22 million versus 19.9 million in 2023), 11.2 million of whom use the banking app.
Fully banked clients, who perform more transactions and therefore contribute more to income, increased to 7.8 million from 6.9 million in 2023. The number of clients using our value-added services (VAS) grew by 17% to 9.8 million, contributing to an increase in income from VAS.
Also read: Capitec Buys Controlling Interest In Avafin, A Global Online Consumer Group, For €26.3 Million
Capitec announced today that it has taken control of a global online consumer group Avafin.
The Prudential Authority of the SA Reserve Bank has approved a transaction for Capitec to increase its shareholding in Avafin Holding Limited (Avafin), an international online consumer lending group, from 40.66% to 97.69% at a purchase price of €26.3 million.
In March 2017, Capitec acquired an initial 40% interest in Cream Finance Holding Limited (renamed Avafin), domiciled in Cyprus.
The acquisition of a minority interest in Avafin in 2017 provided Capitec with the opportunity to gain experience in the international online consumer credit market, management of operations and risk in foreign markets and international diversification of Capitec’s income sources.
Gerrie Fourie, Chief Executive Officer at Capitec, says that Capitec is continually assessing growth opportunities, both domestically and internationally.
