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Capitec CEO earned R13m in 2016 - report

Apr 27 2017 09:45
Lameez Omarjee

Capitec CEO Gerrie Fourie. (Supplied)

Company Data

CAPITEC BANK HOLDINGS LIMITED [JSE:CPI]

Last traded 975
Change 44
% Change 5
Cumulative volume 391365
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg – Capitec’s [JSE:CPI] CEO Gerrie Fourie earned R13m in the past year, up 4% from the previous year’s earnings of R12.9m. This is according to Capitec’s annual integrated report for the year ended February 28 2017.

Fourie’s earnings trailed behind those of industry counterparts.

Mike Brown of Nedbank earned R22.2m according to the group’s remuneration report for 2016. However, Brown’s earning declined 2.8% from the previous year’s R22.9m. The remuneration of Absa’s Maria Ramos came to R29.5m. FNB’s Jacques Celliers earned R17.8m. Standard Bank joint-CEOs Sim Tshabalala and Barend Kruger earned over R44m each in 2016. 

READ: Capitec ventures into foreign waters

On its remuneration policy, Capitec group explained that no material changes had been made in the past year. “The bank continues to monitor developments in regulation, best practice, related changes in the market, and received input from stakeholders,” the report said.

Total remuneration includes total guaranteed pay, short-term incentives and long-term incentives. A remuneration committee governs the policy and consists of three non-executive directors, two of them independent, the report explained.

In 2017, remuneration accounted for 2% of headline earnings, this is R90m out of R3.79bn. In 2016, remuneration accounted for 3% of headline earnings or R101m from R3.2bn.

In total, executive directors earned R29.3m, up 16% from R25.2m reported in 2016. Chief financial officer Andre du Plessis’ total remuneration came to R10.4m, and Nkosana Mashiya, who was appointed on November 1 2015, earned R5.2 m.

Non-executive directors, of whom there are 10, collectively earned R4.4m, as approved by the annual general meeting.

Capitec’s annual report also shows the group’s key performance indicators. Net income for the year was R10.6bn, up 18% from the previous year’s R9.06bn. Operating profit reported was R5.2bn, up from R4.4bn reported in 2016. The bottom line improved 18% to R3.8bn, from R3.2bn in 2016.

For 2017, a full dividend of 800c was paid out, up from 680c declared in 2016.

Capitec’s reach grew to 796 branches, from 720 reported in the previous year. The bank’s client base increased from 7.3 million in 2016 to 8.6 million. The amount of Capitec ATMs grew from 3 705 to 4 024. Its cellphone clients grew from 4.2 million to 5.8 million.

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capitec  |  ceos  |  earnings reports  |  banking  |  remuneration
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