JOHANNESBURG, Sept 25 South African mass-market
lender Capitec Bank Holdings reported a 20 percent
increase in first-half earnings on Wednesday and said its chief
executive would retire at the end of this year.
Capitec said its diluted headline earnings per share
totalled 838 cents in the six months to end-August, from 691
cents a year earlier.
Headline earnings, the main measure of profit in South
Africa, exclude certain one-time items.
The bank, which was lifted by loan growth and an expanding
customer base, also said Chief Executive Riaan Stassen will
retire at the end of December.
Stassen, one of the bank's founders, will be replaced by
Gerrie Fourie, now in charge of Capitec's sales and operations.
Stassen will stay on an as a non-executive director after
his retirement, the bank said.
Shares of Capitec are up 11 percent this year, roughly in
line with the All-Share index.
(Reporting by David Dolan; Editing by Jon Herskovitz)