Capitec

Capitec is a JSE-listed retail bank that provides personal and business banking, delivered via digital channels and supported by a nationwide branch and ATM network.

“…South African equity markets ended the year strongly, delivering a 62% return in US dollar terms, driven primarily by a rally in precious metals. Financials also performed well, returning 27%, with banks gaining 29%, outperforming life insurers at 22%, while the short-term insurance sector lagged with a 12% return. Although bank earnings growth remained broadly in line with expectations, the sector experienced a meaningful re-rating, supported by declining South African bond yields following an improved sovereign credit rating from S&P Global Ratings.”