Capitec strengthens its rules on loans – SAPeople

by MMC
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The unstable economic situation has led customers who borrowed money from Capitec Bank to fail to pay it properly, causing it to tighten the rules for lending money.

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Capitec said it had tightened its lending standards in the six months to the end of August.

This bank, which is one of the banks with the most customers in the country, in its statement at the start of the third quarter of the year, said that the weak economic situation in South Africa resulted in high interest rates and higher inflation. as the government’s objective in recent months.

READ ALSO : Capitec: “Our consumers are under increasing financial pressure”

WHAT DOES CAPITEC’S STATEMENT SAY?

“This has led to consumers being put under financial pressure, which has impacted bank loanswhich resulted in higher fees to be paid by customers who borrowed money, putting borrowers under pressure to repay them.

“For this reason, we have strengthened the conditions for granting loans in order to reduce the risk observed in loan portfolios in this difficult economic situation,” the statement said.

READ ALSO : CAPITEC Bank tightens its belt amid PROFIT GROWTH

This bank said that if it was looking at debt losses, it was expected until August 31.

INCREASE IN PROFIT

On the other hand, this bank claims that there has been an increase in profits during this period due to the large purchase of funeral plans that it sells.

READ ALSO : “The worst bank ever”: Capitec leaves its customers angry again

The bank expects its earnings per share to increase between 8 and 10% over the next period under review.

Capitec’s half-year results are expected to be released later this month.

READ ALSO : Capitec Bank announces system maintenance from MIDNIGHT

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