Michiel Le Roux, a prominent South African billionaire banker and co-founder of Capitec Bank, has experienced a remarkable rebound in his net worth after enduring a substantial decline earlier this year.
The market value of Le Roux’s stake in Capitec Bank has surged in the past 26 days, pushing it above the notable milestone of $1 billion.
According to data tracked by Billionaires.Africa, Le Roux’s 11.41-percent stake in Capitec Bank has witnessed a substantial increase of R2.24 billion ($120.26 million) due to the recent surge in the bank’s shares on the Johannesburg Stock Exchange.
This followed a challenging period during the first five months of 2023 when he suffered losses exceeding $250 million. Billionaires.Africa previously reported a significant decrease in Le Roux’s stake, with a decline of R4.7 billion ($251 million) resulting from sustained selling pressures on the local bourse between Jan. 1 and June 10.
The recent upswing in Capitec Bank’s share price, rising by 12.5 percent from R1,350 ($72.58) on May 31 to R1,519.59 ($81.7) on June 26, has contributed to Michiel Le Roux’s stake soaring by R2.24 billion ($120.26 million) over the past 26 days.
As a result, Le Roux’s stake has increased from R17.81 billion ($957.3 million) to R20.04 billion ($1.077 billion) at the time of drafting this report. This solidifies his position as one of Africa’s wealthiest individuals, with his net worth now estimated at $1 billion, according to Forbes.
Capitec Bank, co-founded by Le Roux alongside prominent businessmen Jannie Mouton and Riaan Stassen, has garnered a reputation for its extensive customer base since its establishment two decades ago.
With over 850 branches and over 7,400 ATMs across South Africa, Capitec Bank has become one of the world’s most esteemed retail banking brands under Le Roux’s leadership.
Despite challenging operating environments, Capitec Bank showcased exceptional resilience in its recently released financial results, reporting a notable 14-percent increase in profits.
The bank’s earnings surged from R8.52 billion ($466.4 million) in 2022 to an impressive R9.7 billion ($531 million) at the conclusion of its 2023 fiscal year, highlighting its outstanding performance in lending, investment, and insurance income.