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South African businessman Andre Du Plessis has seen the market value of his Capitec Bank stock jump by $12.8 million in the past two weeks, as shares in the top financial services firm bounce from their lowest level in a year.
The market value of his stock position in Capitec Bank has climbed by R1233.22 million ($12.86 million) in the last two weeks, going from R1.425 billion ($78.61 million) on September 30 to R1.659 billion ($91.47 million) at the time of writing.
The $12.8-million boost in the market value of his stake can be traced to the recent 16.36-percent spike in the shares of the leading retail bank, as investors renewed buying interest in the bank’s shares after they fell to their lowest level in a year.
Du Plessis, a top South African businessman who co-founded Capitec Bank in 2001 with South African billionaire Michiel Le Roux and renowned businessmen Jannie Mouton and Riaan Stassen, has a beneficial 0.008-percent stake in the retail bank, totaling 917,976 shares.
Since its inception 20 years ago, the bank has grown to become one of the world’s most respected banking brands, providing transactional banking services and loan products.
After more than two decades with Capitec Bank, Du Plessis retired as CFO at the end of June, having reached the retirement age of 60 on January 14.
After spending more than two decades in Capitec Bank, Du Plessis retired as the CFO of the bank at the end of June after reaching the retirement age of 60 on Jan. 14.
However, his 0.008-percent stake in the retail bank, which is presently worth more than $78 million, makes him not only one of the richest investors on the Johannesburg Stock Exchange but also one of South Africa’s richest businessmen.
Capitec Bank’s profits after tax exceeded R4.6 billion ($255 million) in the first half of its fiscal year 2022, attributable to solid growth throughout its operating sectors.
The increase in profit can be attributed to the performance of the banking group’s core operations, as interest income on loans increased by 13 percent from R6.57 billion in the first half 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).
