South African billionaire Michiel Le Roux to pocket $10.2 million in interim dividends from Capitec Bank

South African billionaire banker Michiel Le Roux is set to receive an interim dividend of R184.66 million ($10.2 million) from his stake in Capitec Bank after the leading retail bank reported a profit after tax of R4.6 billion ($255 million) in the first half of the 2022 fiscal year.

Capitec Bank is a leading South African bank and one of the country’s largest lenders in terms of customer base. Since its inception 20 years ago, it has grown into one of the most reputable banking brands in the world, providing transactional banking services and loan products.

Le Roux, a 73-year-old business magnate who co-founded Capitec Bank with Jannie Mouton and Riaan Stassen in 1999, owns 11.41 percent of the Stellenbosch-based financial services provider, which is one of South Africa’s largest retail banks.

Through his stake in the retail banking group, Le Roux is set to receive an interim dividend of R184.66 million ($10.2 million), bringing his total dividend earnings from the bank this year to $32.2 million.

The $10.2-million interim dividend will be electronically deposited into his account on Mon., Oct. 24, as part of a total dividend payout of R1.62 billion ($89.78 million) approved by the group’s board of directors.

The group’s interim financial result, which was announced on Sept. 29 during trading hours, shows that its profit increased by 19 percent, from R3.92 billion ($217.7 million) in the first half of 2021 to R4.67 billion ($259 million).

The double-digit percent increase in profit can be attributed to the banking group’s principal operations, as interest income on loans rose by 13 percent from R6.57 billion in the first six months to R7.43 billion ($412 million), driven by a 35-percent increase in loan sales and disbursements from R19.7 billion ($1.1 billion) to R26.5 billion ($1.47 million).