Capitec Limited has reported headline earnings of R9.5 billion for the six months ended 31 August 2026, up 19% from R8 billion a year earlier, as all its South African businesses grew earnings.
The group now has 26.6 million active clients, up 7%, while the number of fully banked clients climbed 11% to 10.4 million.
Capitec maintained a return on ordinary shareholders’ equity of 31%, while its cost-to-income ratio improved from 40% to 36%.
Reflecting confidence in the sustainability of its earnings, the board declared an interim dividend of 3,110 cents per share, 19% higher than the 2,620 cents declared in August 2025.
“Our results show the power of the diversified business we have built over decades on strong fundamentals of simplicity, affordability, accessibility and a personalised experience. Every one of our South African businesses grew earnings this period, even as the global environment stayed uncertain and economic growth remained muted. We kept fees unchanged for a second year running, invested in technology and in serving our clients better, supporting our strategy to build a banking platform that delivers shared value at scale.”
Capitec’s half-year results at a glance
| Metric | Six months to August 2026 |
|---|---|
| Headline earnings | R9.5bn, up 19% |
| Net interest income | R12.7bn, up 7% |
| Net non-interest income | R16.1bn, up 21% |
| Fintech income | R3.8bn, up 32% |
| Net insurance result | R3.0bn, up 28% |
| Return on equity | 31% |
| Cost-to-income ratio | 36%, from 40% |
| Interim dividend | 3,110 cents, up 19% |
| Active clients | 26.6m, up 7% |
| Fully banked clients | 10.4m, up 11% |
Insurance and fintech drive earnings diversification
Personal Banking remains the foundation of Capitec’s business, contributing 37% of group earnings.
Fintech contributed 29%, Insurance 27% and Business Banking 6%.
Net interest income increased 7% to R12.7 billion, supported by 21% growth in loan disbursements.
More significantly, net non-interest income rose 21% to R16.1 billion and now accounts for 70% of income from operations after credit impairments, compared with 65% in 2025.
Capitec app users climb to 16.5 million
Capitec’s growing customer base is also becoming increasingly digital.
The number of clients who used the Capitec app in the previous month increased 18% to 16.5 million.
Digital transaction volumes, excluding Value-Added Services, rose 26% to 662 million, while the number of clients transacting digitally increased 15% to 17.1 million.
Adoption of digital payment services also accelerated.
Users of Apple Pay, Garmin Pay, Google Pay and Samsung Pay increased 68% to 2.4 million, while spending through these services jumped 87% to R52.1 billion.
Fully banked clients now account for 41% of Capitec’s active customer base, up from 38% in 2025.
Capitec loan book passes R100bn
Personal Banking’s gross loan book exceeded R100 billion for the first time, while Capitec said it maintained credit granting within its through-the-cycle risk appetite.
Lending income increased 9% to R11.4 billion, supported by products including credit cards and term loans used for purposes such as education, vehicles and home improvements.
Capitec also highlighted its credit card offering for international travel, which includes zero international card fees, zero forex commission, 1% cash back on all spend and free airport lounge access.
Fintech contributes R2.7bn to earnings
Capitec’s Value-Added Services and Capitec Connect businesses grew net income by 30% and contributed R2.7 billion to group headline earnings, compared with R2.1 billion in 2025.
Net income from Value-Added Services increased 30% to R3.5 billion, driven by services including prepaid airtime, data and electricity.
Capitec Connect also continued to expand.
The number of active clients during the previous three months reached 1.8 million, compared with 1.1 million in 2025.
Data usage more than doubled from 14.9 million to 34.3 million gigabytes, while voice usage increased 84%.
Capitec also introduced free Capitec-to-Capitec calls, with 70 million free minutes used during the reporting period.
The group has also started selling cellphones through the Capitec app, with 27,000 devices sold during the past six months.
Insurance covers more than 17 million lives
Capitec’s Insurance business increased headline earnings by 22% to R2.5 billion.
Its net insurance result rose 28% from R2.4 billion to R3 billion, supported by Credit Life and Funeral Cover.
Active Credit Life policies reached 2.2 million, all of which are now underwritten on Capitec’s own long-term insurance licence.
Its funeral book increased to 3.8 million active policies covering more than 17 million lives.
The Life Cover sum assured increased 75% in its third year since launch to R126 billion.
Capitec reported that its competitive pricing has saved clients R4.8 billion since the category was introduced.
Business Banking earnings surge 52%
Business Banking recorded one of the group’s strongest growth rates, with headline earnings increasing 52% to R609 million, from R402 million in 2025.
The growth was supported by higher lending income, increased transaction volumes and improved operating leverage.
Business Banking clients more than doubled, increasing 123% to 686,000. Of those, 237,000 are simple businesses using the Entrepreneur account.
Merchant accounts climbed 66% to 141,000.
Credit extended to businesses increased 37% to R35.5 billion, with scored lending accounting for 12% of the total.
More than 594,000 Smart ID applications processed
Capitec is also expanding services beyond traditional banking.
Since launching its Smart ID initiative with the Department of Home Affairs in March 2026, the group has processed more than 594,000 Smart ID applications.
Smart ID services are available across 248 branches.
Capitec has also launched the Capitec Stokvel Account, a digital savings account aimed at South Africa’s roughly 800,000 stokvels.
Capitec targets payments and embedded finance
The group says its next phase will focus on becoming the leading payments provider and expanding its embedded finance capabilities as it develops more services beyond traditional banking.
That broader strategy is also reflected in its recent name change from Capitec Bank Holdings Limited to Capitec Limited.
Chief Executive Officer Graham Lee said:
“Our purpose to make a meaningful difference and help South Africans grow remains the driving force behind every decision and every innovation. What inspires me most is to see how that translates into tangible value for almost 5 million young people between 18 and 25 as well as for 686,000 business owners ranging from the small informal trader to some of SA’s leading commercial companies. We believe that if we continue to create value for our clients, they will in return continue to create value not only for our employees and our shareholders, but for South Africa at large.”
With every South African business growing earnings during the six-month period, Capitec’s results show how its expansion into insurance, fintech and Business Banking is increasing the contribution from businesses beyond its traditional Personal Banking base.
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