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Capitec to launch insurance products in 2017

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Capitec to launch insurance products in 2017

Capitec Bank Holdings Ltd. CEO Gerrie Fourie said theSouth African group is working on entering the insurance industry and willlaunch insurance products with a partner in 2017, Bloomberg News reported.

Fourie declined to disclose theidentity of its insurance partner. The group is also poised to begin offeringcredit cards nationwide in mid-October after initially selling them in theprovince of Western Cape, according to the Sept. 27 report.

Capitec reported basic earningsattributable to ordinary shareholders of 1.75 billion South African rand forthe six months ended Aug. 31, compared to 1.47 billion rand in the year-agoperiod. The group's interim dividend rose year over year to 450 cents per sharefrom 375 cents per share.

"Transaction income is makingup 37% of income so we're growing very strongly on the banking side,"Fourie reportedly said.

Capitec's capital adequacy ratiostood at 34.0% at Aug. 31. Fourie said the company does not need to raise fundsand will not look into issuing debt until 2017, according to Bloomberg.

As of Sept. 27, US$1 was equivalent to 13.51 South African rand.