Latest news with #R1.9bn
TimesLIVE
6 days ago
- Business
- TimesLIVE
KZN municipality to give poor 10,000 litres of free water a month
Poor households in the iLembe district municipality on the KwaZulu-Natal north coast will get 10,000 litres of water for free per month, while the rich will have to pay 13% more. At a media briefing in KwaDukuza on Wednesday after passing a budget of R1.9bn for the financial year 2025/2026, iLembe mayor Thobani Shandu said they regretted the increased water tariffs. 'The council has adopted a 13% increase for water and sanitation, down from the proposed 13.5% tabled during the council sitting of March 26,' said Shandu. 'It is important to note our increment is aligned with uMngeni-uThukela Water's bulk tariff hike. We are unlike some of neighbours who have opted to add input costs. 'Households valued at R130,000 or less will be exempt from sewer charges. These charges will be capped to the household value of R5m.'
The Herald
23-04-2025
- Business
- The Herald
Shareholders score big after record Capitec earnings
Capitec, South Africa's biggest retail bank by customers, is increasing its payout to shareholders after record annual earnings. The group's return on equity increased to 29% during the year under review, paving the way for the dividend payout to 55% from 50%. Capitec reported a 30% jump in headline earnings to R13.6bn from R10.6bn a year ago with financial highlights including a 54% increase in net interest income after credit impairments to R11.9bn. The group reported a 7.5% credit loss ratio, a 61% increase in value added services and Capitec Connect to R4.4bn and a 44% jump in funeral and life income to R1.9bn. The bank said more than 11-million clients now used the Capitec app to purchase airtime, data, electricity, vouchers and to pay bills. 'The bank captures more than 40% of South Africa's airtime and data transactions and one in five digital vehicle licence renewals now occur on its platform.' Capitec CEO Gerrie Fourie said: 'Through our high-volume, low-margin business model, we are enabling everyone to access solutions that allow them to take control of their finances, protect their families, manage businesses and unlock opportunities. Our purpose-driven strategy is helping us scale sustainably and, most importantly, it is assisting 24-million South Africans to grow every day.' Capitec, which was previously predominantly a credit lender, said its diversification strategy had paid off as personal banking now contributes 45% of total earnings, insurance accounts for 25%, strategic initiatives contribute 23% and business banking makes up 5%. TimesLIVE
TimesLIVE
23-04-2025
- Business
- TimesLIVE
Shareholders score big after record Capitec earnings
Capitec, South Africa's biggest retail bank by customers, is increasing its payout to shareholders after record annual earnings. The group's return on equity increased to 29% during the year under review, paving the way for the dividend payout to 55% from 50%. Capitec reported a 30% jump in headline earnings to R13.6bn from R10.6bn a year ago with financial highlights including a 54% increase in net interest income after credit impairments to R11.9bn. The group reported a 7.5% credit loss ratio, a 61% increase in value added services and Capitec Connect to R4.4bn and a 44% jump in funeral and life income to R1.9bn. The bank said more than 11-million clients now used the Capitec app to purchase airtime, data, electricity, vouchers and to pay bills. 'The bank captures more than 40% of South Africa's airtime and data transactions and one in five digital vehicle licence renewals now occur on its platform.' Capitec CEO Gerrie Fourie said: 'Through our high-volume, low-margin business model, we are enabling everyone to access solutions that allow them to take control of their finances, protect their families, manage businesses and unlock opportunities. Our purpose-driven strategy is helping us scale sustainably and, most importantly, it is assisting 24-million South Africans to grow every day.' Capitec, which was previously predominantly a credit lender, said its diversification strategy had paid off as personal banking now contributes 45% of total earnings, insurance accounts for 25%, strategic initiatives contribute 23% and business banking makes up 5%.
