Capitec Beats FirstRand to Become Most Valuable African Bank
Capitec, South Africa’s biggest bank by customer numbers, jumped about 16% since January.
Photographer: Leon Sadiki/BloombergCapitec Bank Holdings Ltd. overtook FirstRand Ltd. to become Africa’s most valuable bank, a month after it appointed a new chief executive officer.
South Africa’s biggest bank by customer numbers, Capitec has reported record profits for four straight years. Its shares have jumped about 16% since the start of the year, outstripping peers on the FTSE/JSE Africa Bank Index, which climbed 3.6% over the period. FirstRand is down 1.3%.