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Simplify Banking, Live Better CAPITEC BANK HOLDINGS LIMITED HOLDINGS BANK CAPITEC INTEGRATED ANNUAL REPORT 2020 REPORT ANNUAL INTEGRATED simplify banking, live better Integrated Annual Report 2020 Our cover design: Our new head office in Techno Park,park, Stellenbosch. Read more about the green initiatives incorporatedincorporated inin thethe designdesign onon pagepage 132.. hello 02 KEY PERFORMANCE INDICATORS 62 STRATEGY AND LEADERSHIP TEAMS 64 Our strategic objectives 04 ABOUT THIS REPORT 65 Leadership teams 68 Celebrating our awards 05 CHAIRMAN’S AND CEO’S REPORT 70 GOVERNANCE OVERSIGHT 10 CFO’S REPORT 72 Group structure 73 Good governance 24 THE CAPITEC WAY 82 Risk management report – Retail banking 26 Why we exist 100 Risk management report – Business banking 27 How we do business 108 Remuneration report – Retail banking 30 What we offer clients 126 Remuneration report – Business banking 34 Our business model 130 Social and ethics report 37 How we add economic value as a group 132 Our interaction with the environment 38 Our stakeholders and contribution to sustainable development 136 GLOSSARY 41 Our employees 50 Education for our society and communities 138 ANNUAL FINANCIAL STATEMENTS 53 B-BBEE 265 STATUTORY INFORMATION 54 HELLO MERCANTILE BANK Integrated Annual Report 2020 | 01 Key performance indicators Change % 2020 2019 2020/2019 Group Retail Retail* Group Retail 2018 2017 Profitability Interest income on loans(1) R’m 13 552 13 196 12 723 7 4 13 216 13 225 Interest income on investments R’m 3 489 3 385 2 778 26 22 2 258 1 709 Total interest income R’m 17 041 16 581 15 501 10 7 15 474 14 934 Net loan fee and insurance income R’m 1 871 1 866 1 507 24 24 1 380 495 Total lending, investment and insurance income less loan fee expense R’m 18 912 18 447 17 008 11 8 16 854 15 429 Interest expense(1) R’m (5 680) (5 444) (4 510) 26 21 (4 184) (3 552) Net lending, investment and insurance income R’m 13 232 13 003 12 498 6 4 12 670 11 877 Net transaction fee income R’m 7 416 7 359 6 464 15 14 5 127 3 923 Other income R’m 32 19 3 (1) – Foreign currency income R’m 38 – – Funeral income R’m 413 413 54 – – Income from operations R’m 21 131 20 794 19 019 11 9 17 796 15 800 Credit impairment charge(1) R’m (4 474) (4 360) (4 450) 1 (2) (5 280) (5 121) Net income R’m 16 657 16 434 14 569 14 13 12 516 10 679 Income from associates and joint ventures R’m 11 11 2 3 – Operating expenses(1) R’m (8 612) (8 392) (7 494) 15 12 (6 364) (5 439) Income before tax R’m 8 056 8 053 7 077 14 14 6 155 5 240 Tax R’m (1 805) (1 802) (1 781) 1 1 (1 685) (1 434) Preference dividend R’m (7) (7) (9) (22) (22) (12) (16) Discount on repurchase of preference shares R’m (1) (1) (2) (50) (50) – – Earnings attributable to ordinary shareholders Basic R’m 6 243 6 243 5 285 18 18 4 458 3 790 Headline R’m 6 277 6 277 5 292 19 19 4 461 3 793 Net transaction fee and funeral income to net income(1) % 47 47 45 41 37 Net transaction fee and funeral income to operating expenses(1) % 91 93 87 81 72 Cost-to-income ratio(1) % 41 40 39 36 34 Return on ordinary shareholders’ equity % 28 28 28 27 27 Earnings per share Attributable cents 5 400 5 400 4 571 18 18 3 855 3 278 Headline cents 5 428 5 428 4 577 19 19 3 858 3 281 Diluted attributable cents 5 391 5 391 4 562 18 18 3 843 3 267 Diluted headline cents 5 420 5 420 4 568 19 19 3 846 3 270 Dividends per share Interim cents 755 630 20 525 450 Final cents – 1 120 945 800 Total cents 755 1 750 (57) 1 470 1 250 Dividend cover times 7.2 2.6 2.6 2.6 Assets Net loans and advances R’m 62 043 52 013 44 515 39 17 40 927 39 205 Financial instruments at amortised cost(2) R’m 59 439 56 491 49 208 21 15 39 387 30 605 Financial instruments at fair value through profit and loss R’m 1 504 1 504 – – – Financial assets – equity instruments at fair value through other comprehensive income R’m 101 100 100 1 0 100 100 Right-of-use asset (IFRS 16) R’m 2 460 2 448 – – – Other R’m 7 153 9 028 4 723 51 91 3 139 2 988 Current income tax asset R’m 5 – 286 (98) – – Deferred income tax asset R’m 1 863 1 838 1 596 17 15 1 168 460 Total assets(10) R’m 134 568 123 422 100 428 34 23 84 721 73 358 Liabilities Deposits and wholesale funding R’m 103 343 90 833 76 443 35 19 64 030 55 582 Lease liability (IFRS 16) R’m 2 795 2 782 – Other R’m 2 835 4 208 2 309 23 82 2 447 1 658 Current income tax liability R’m 14 14 – Total liabilities R’m 108 987 97 837 78 752 38 24 66 477 57 240 Equity Shareholders’ funds R’m 25 581 25 585 21 676 18 18 18 244 16 118 Capital adequacy ratio % 31 34 35 34 Net asset value per ordinary share cents 22 061 18 676 18 15 681 13 809 Share price cents 129 999 130 621 (0) 83 246 72 500 Market capitalisation R’m 150 314 151 033 (0) 96 255 83 830 Number of shares in issue ’000 115 627 115 6 27 0 115 6 27 115 6 27 Share options Number outstanding ’000 491 482 640 (23) (25) 777 963 Number outstanding to shares in issue % 0.4 0.4 0.6 0.7 0.8 Average strike price cents 70 889 69 670 50 644 40 38 38 561 31 755 Average time to maturity months 21 20 18 19 20 Operations Branches 864 852 840 3 1 826 796 Employees 14 590 14 029 13 774 6 2 13 333 13 069 Active clients ’000 13 887 13 819 11 3 8 6 22 21 9 868 8 569 ATMs and DNRs Own 2 388 2 380 2 090 14 14 1 895 1 653 Partnership 3 264 3 264 2 921 12 12 2 750 2 371 Total 5 652 5 644 5 011 13 13 4 645 4 024 Capital expenditure R’m 1 403 1 396 1 141 23 22 829 1 000 02 | Capitec Bank Holdings Limited Change % 2020 2019 2020/2019 Group Retail Retail* Group Retail 2018 2017 Credit sales Value of credit card disbursements/drawdowns R’m 9 934 9 799 6 193 60 58 3 949 864 Value of term loans advanced(3) R’m 28 809 28 666 23 475 23 22 24 343 26 362 Value of credit facility disbursements/drawdowns R’m 651 651 1 300 (50) (50) 1 833 2 836 Value of mortgage loans advanced R’m 509 – – – – Value of other loans advanced(9) R’m 14 855 – – – – Value of total loans advanced R’m 54 758 39 116 30 968 77 26 28 292 27 226 Number of total loans advanced(4)(9) ’000 5 938 5 921 4 889 21 21 3 947 3 508 Average credit card disbursement/drawdown R 2 220 2 195 1 974 12 11 2 296 3 703 Average term loan advanced R 27 553 27 419 26 181 5 5 23 634 18 074 Average total credit facility disbursement/drawdown R 1 583 1 583 1 521 4 4 1 439 1 438 Average mortgage loan advanced R 3 977 984 – – – – Average other loan advanced(9) R 2 373 719 – – – – Average loan advanced(9) R 9 222 6 606 6 334 46 4 7 168 7 761 Credit book Gross loans and advances(5) R’m 75 783 65 438 55 895 36 17 47 642 45 135 Up-to-date Stage 1 R’m 57 626 48 311 41 587 39 16 37 165 39 076 Up-to-date with SICR Stage 2 R’m 4 570 4 446 3 765 21 18 4 401 Total up-to-date R’m 62 196 52 757 45 352 37 16 41 566 39 076 Arrears Stage 2 R’m 1 200 1 172 1 087 10 8 1 003 1 641 Arrears(5) Stage 3 R’m 1 550 1 550 1 483 5 5 1 697 1 214 Total arrears R’m 2 750 2 722 2 570 7 6 2 700 2 855 Application for debt review within 6 months Stage 3 R’m 83 83 70 19 19 108 – Up-to-date that rescheduled from up-to-date (not yet rehabilitated) Stage 2 R’m 226 – – – – Up-to-date that rescheduled from up-to-date (not yet rehabilitated)(5)(6) Stage 3 R’m 1 130 1 130 900 26 26 1 085 1 088 Up-to-date that rescheduled from arrears (not yet rehabilitated) Stage 2 R’m 71 – – – – Up-to-date that rescheduled from arrears (not yet rehabilitated)(5)(6) Stage 3 R’m 1 471 1 471 1 354 9 9 1 277 1 583 Total up-to-date that rescheduled (not yet rehabilitated) R’m 2 672 2 601 2 255 18 15 2 362 2 671 More than 3 months in arrears and legal status Stage 3 R’m 7 856 7 275 5 649 39 29 – – Expected recoveries receivable(7) Stage 3 R’m – – – 906 533 Total provision for credit impairments(5) R’m 13 740 13 425 11 3 8 0 21 18 6 715 5 930 Net loans and advances R’m 62 043 52 013 44 515 39 17 40 927 39 205 Total provision for credit impairments to stage 3 and stage 2 (excluding SICR) coverage(5) % 101 106 108 130 107 Repayments R’m 58 834 42 836 38 100 54 12 35 974 33 236 Gross credit impairment charge(1) R’m 5 737 5 623 4 917 17 14 6 560 6 246 Bad debts recovered(7) R’m 1 263 1 263 467 1 280 1 125 Net credit impairment charge(1) R’m 4 474 4 360 4 450 1 (2) 5 280 5 121 Net credit impairment charge to average gross loans and advances (credit loss ratio)(1) % 6.3 7.2 8.6 11.
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