South African billionaire Michiel Le Roux’s equity stake in Capitec Bank has increased in value by $157 million in the past eleven days, as shares in the leading retail bank rallied strongly after plunging to their lowest level in a year.
Le Roux, who co-founded Capitec Bank more than 20 years ago and grew it into one of the world’s most reputable banking brands, has seen the market value of his stake in the leading bank rise by millions of dollars in the last eleven days. He counts among those shareholders who have seen their portfolio go from impressive gains at the start of the year to losses in recent times.
According to data tracked by Billionaires,Africa, the South African billionaire has seen the market value of his stake in Capitec Bank increase by R2.86 billion ($157.65 million) since the start of October.Â
In recent times, shares in Capitec Bank have increased from R1,553 ($85.44) on Oct. 1 to R1,770.24 ($97.4) at the time of drafting this report, giving shareholders, including Le Roux, who owns an 11.36 percent interest in the Stellenbosh-based banking firm, a total gain of 13.99 percent.
As a result of the recent price gains, the market value of Le Roux’s stake in Capitec Bank has increased by R2.86 billion ($157.65 million) from R20.48 billion ($1.13 billion) at the opening of business on Oct. 1, to R23.35 billion ($1.28 billion) at the time of drafting this report.
His year-to-date losses have been cut to R3.49 billion ($192.2 million) from R6.36 billion ($349.84 million) eleven days ago due to the recent increase in the market value of his stake in the retail banking company.
Aside from the recent surge in his stake, 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.
