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As shares in the leading African bank Capitec Bank continue to rise on the Johannesburg Stock Exchange, South African billionaire Michiel Le Roux’s net worth has risen significantly in the past 28 days, approaching $2 billion.
According to data retrieved by Billionaires.Africa, Le Roux, a 73-year-old magnate who owns 11.41 percent of the leading banking group, has seen the market value of his stake in Capitec Bank rise by R2.09 billion ($135.65 million) in the last 28 days.
The multimillion-dollar increase in his net worth can be attributed to the performance of the bank’s shares on the local stock exchange, with analysts forecasting earnings growth of 18.18 percent in 2023. This comes after it reported a record-breaking profit of R8.4 billion ($577 million) at the end of its 2022 fiscal year.
The bank’s shares have increased from R1,982.57 ($128.76) on May 9 to R2,140.92 ($139.05) at the time of writing this report, representing an eight-percent gain for shareholders in 28 days.
As a result of Capitec Bank’s single-digit increase, the market value of Le Roux’s stake has increased from R26.15 billion ($1.7 billion) on May 9 to R28.24 billion ($1.83 billion) on June 6.
In total, the South African billionaire has gained R2.09 billion ($135.65 million) in the past 28 days.
Since Le Roux and leading businessmen Jannie Mouton and Riaan Stassen founded Capitec Bank 20 years ago, it has grown into one of the world’s most reputable banking brands, providing transactional banking services and loan products such as term loans, credit facilities, and credit cards.
The bank reported a record-high profit of R8.4 billion ($577 million) at the end of its fiscal year 2022, which ended on Feb. 28.
The outstanding financial performance was fueled by a 17-percent increase in operating income from R23 billion ($1.58 billion) the previous year to R27 billion ($1.86 billion) at the end of the most recently completed fiscal period.
The group’s total assets increased by 14 percent thanks to its strong financial performance, rising from R156.5 billion ($10.76 billion) at the end of its fiscal year in 2021 to R179.4 billion ($12.33 billion) as of Feb. 28.
