There are 92,100+ professionals named "Gerrie", who use LinkedIn to exchange information, ideas, and opportunities. HILTON TARRANT: Capitec Bank’s results for the 2014, that’s to the end of February, today show a 15% increase in headline earnings per share, with headline earnings overall up 27% to R2bn, the final dividend per share up 14%, with return on equity at 23%. So for us it’s part of our whole philosophy of making simplified banking and make certain that the client is in control. Viceroy may attack another South African company, said Capitec chief executive Gerrie Fourie. So it’s not the computer that’s saying no, he understands he can’t afford it, so it just makes it so much easier and it puts the client in control that he fully understands where we’re going. Will I be declared insolvent if my late partner’s estate is declared insolvent? HILTON TARRANT: The approval rates of applications for credit, have those come down? Capitec adding 100,000 customers a month, continues push to grow banking clients. There are 20+ professionals named "Gerrie Fourie", who use LinkedIn to exchange information, ideas, and opportunities. INTERESTING READ: “I don’t agree with people who say Capitec is a disruptor. The bank said transaction fee income covered 72% of its operating expenses and contributed 37% to its net income of R10,7bn. "left": x View GERRIE FOURIE’S profile on LinkedIn, the world's largest professional community. GERRIE FOURIE: Ja, we’re quite happy, we always said we’ve got a very conservative provision approach, to illustrate that if you look at our provisions on our up to date book, which is 93%, 94% of our book, is 7%, so even before a client goes in arrears we’re actually already providing 7% on that. View Gerrie Fourie’s profile on LinkedIn, the world’s largest professional community. Gerrie Fourie: Capitec: Stellenbosch: BCom (Hons), MBA: Telecommunications. }); But it’s a very exciting step that they’re taking entering international markets,” he added. jQuery('img[class*="wp-image-"]').bind('click', function () { Capitec Bank hopes that its acquisition of Creamfinance, a European online lending firm, will eventually lead the establishment of a digital-only bank overseas. Capitec continues to make strides in South Africa, growing its client base by a record 1,3m to 8,6m active clients during the course of the financial year ended 28 February 2017. However, management has provided adequately for the higher risk associated with these rescheduled loans in our view. Headline earnings and headline earnings per share increased by the same margin to R3,8bn and R32,81 respectively, on the back of a 30% increase in transaction or non-lending fee income. If you look at the last couple of months, the last six months, we’re still acquiring more than 100 000 clients per month, I think what is important is that we report the 5.4m as active clients, we’ve opened up over 7m accounts, so we measure clients who are actively using their account and we’re actually earning income for ourselves. View the profiles of professionals named "Gerrie" on LinkedIn. 0. if (document.selection.createRange) { Provisions for bad debt decreased by 37% to R799m while the total provisions compared to gross loans and advances increased to 13,1%. GERRIE FOURIE: We focus…we don’t look at the big four, we focus on what we believe the client wants, so our product range, the way we do business is all focusing on the client. Facebook adds ‘Stories’ to main app, How SD-WAN is enabling secure, future-proof virtual work communities, How to pick the right technology consulting partner. So there’s definitely as you tighten the credit policies people are not happy. We understand what the client wants, and so we are constantly finding innovative ways to enhance end-to-end experiences.” - Capitec Bank CEO, Gerrie Fourie. WhatsApp Gerrie Fourie – CEO, Capitec Bank . Fourie’s guaranteed pay amounts to R12.8 million and R54 million in long-term incentives. HILTON TARRANT: Are you having fun shaking up the big four? event.preventDefault(); The reason I’m saying that is that I believe the economy is in a better state than it was a year ago. HILTON TARRANT: Complete aside, the platinum strike currently underway in the industry, the big three producers are practically shut for all intents and purposes, have you picked up on that in the regions close to the platinum belt? Shares. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", View Louis Fourie’s profile on LinkedIn, the world’s largest professional community. You are currently viewing our desktop site, do you want to download our. Crescent M.E. imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Then there’s about 1m lending clients, 1.2m clients of which 800 000 is active and the rest is normal savings clients who use the account as a secondary account. HILTON TARRANT: A tough year for the lending business, your loans and advances in total up 8% to around R30bn with the value of new loans advanced down by almost a third to R18bn. There are 30+ professionals named "Geraldine Fourie", who use LinkedIn to exchange information, ideas, and opportunities. Print. So ja, I think people associate ourselves with unsecured lending, that’s the area that we know and that’s the area we believe we can manage very carefully. By continuing to use our website, we assume you are okay with it. } HILTON TARRANT: Of course the market tends to lump unsecured lenders together in a single grouping and we’ve spoken before about this with your predecessor, Riaan Stassen, you aren’t a typical unsecure lender, you are a significant deposit taker, you’ve got a transactional banking franchise that I think is perhaps the envy of many of your competitors. Capitec Bank Holdings Ltd CEO, Gerrie Fourie, was the recipient of the 2019 Business Leader of the Year Award, as decided by the CEO’s of Sunday Times Top 100 Companies from previous years. if (textParagraph) { Fourie said much of the bank’s expenses relate to its rapid growth. I think the plus of that is if you just take a simple thing like somebody who’s applying for credit, when you do the whole affordability assessment the client can see how you enter his income, his expenses and he can see why you say to him yes or no. function getSelectedText() { Gerrie Fourie is Chief Executive Officer at Capitec Bank Ltd. See Gerrie Fourie's compensation, career history, education, & memberships. Telegram. } “It’s a very small deal as the €21m purchase price makes up around 0,3% of Capitec’s market cap. The bank’s move toward granting “lower-risk, higher-value to better quality clients”, saw the number of loan requests approved decrease by 5%. How to fund your business in South Africa, Estate planning: Ensuring that your minor children receive their inheritance, Direct offshore investing: Here’s what it entails, South Africa 'no way near debt distress' - Sarb governor, Nedbank and Xero encourage small businesses to embrace a new way to connect. So our provisioning is definitely and it’s gone up from about 105% if you look at about three, four years back and that’s in line with what we’re reading in the market. We note that management has taken a much stricter approach to allowing clients to reschedule loans over the past year, especially those clients that they view are not financially stressed enough to require rescheduling,” De Bruyn said. You can get more information about how we use cookies in our So that’s why we support that there must be stricter rules regarding affordability. Capitec, renowned for disrupting the South African banking industry, previously announced that it would acquire a 40% stake in Creamfinance for €21m. We leave our competitors to what they believe they need to do, so our focus is focused on the needs of the client. The cuts that you started probably 18 months ago, 24 months ago, being tighter on lending out, are you still as tight as you were or are you even tighter? Capitec CEO, Gerrie Fourie addresses shareholders at the bank's AGM on Friday. return undefined; newTweetLink.innerHTML = ' Tweet'; textParagraph.addEventListener("mouseup", function (e) { if (text === "") See the complete profile on LinkedIn and discover Louis’ connections and jobs at similar companies. View Gerrie Fourie’s profile on LinkedIn, the world's largest professional community. var appendedTweetLink = document.getElementById("article-body-content").appendChild(newTweetLink); Then we don’t need to have a bricks and mortar [bank]in a different country,” said CEO Gerrie Fourie. var newTweetLink = document.createElement("a"); GERRIE FOURIE: Ja, we’re still driving our client numbers, our “Ask Why” campaign has been very successful for us. I think if you look at 23% and given the tough economic situations we’re quite happy with the 23%. else { return range.toString() Linkedin. Then we don’t need to have a bricks and mortar [bank]in a different country,” said CEO Gerrie Fourie. newTweetLink.id = "tweetLink"; See the complete profile on LinkedIn and … var oldTweetLink = document.getElementById("tweetLink"); GERRIE FOURIE: We don’t manage it actively that it’s a figure that I look at every single month, it’s more the way we manage business generally, the way the business model has been set up that’s giving you that result. We’ve got to employ a sales force right through the country and where Rustenburg is now currently, where the strikes are taking place, the feedback is it’s definitely hurting the economy in totality and I think that will have a whole effect on the whole community in Rustenburg. newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/archive/gerrie-fourie-ceo-capitec-bank/&via=Moneyweb"; jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { Despite the country's debt-to-GDP ratio nearing the 100% mark seen as a red line for investors and credit rating agencies. We’re fairly happy with the results currently but one needs to take into consideration one is uncertain always about what the economy is going to do, so we’ll evaluate it on a continuous basis and make management decisions based on that. } See the complete profile on LinkedIn and discover Gerrie’s connections and jobs at similar companies. Email. Join our mailing list to receive top business news every weekday morning. HILTON TARRANT: Speaking of terms, if we look at the average term of loans and the average size of loans, both of those have come down significantly, are there more bridging loans being used by consumers in the market, so maybe a short-term loan for a month or two months? “There has been some concern around the high amount of loans that were rescheduled in the previous financial year which helped Capitec to reduce write-offs given their very conservative write-off policy. If you take a look at a simple savings account he can play with a savings calculator to say I want to have so much money after that period and how do I need to manage my money? So our net number that we’re growing per month is in the region of about 65 000 to 70 000 clients per month. Lucy has 4 jobs listed on their profile. GERRIE FOURIE: Well, our aim is 25%, given the rights issue that we had and the capital that we’ve raised, as well as the cutbacks on the credit side that’s why you’re seeing the 23%. HILTON TARRANT: Provisioning, Gerrie, are you happy with where you’ve increased provisions to? The online lender, founded in Latvia in 2012, operates in six countries and could extend its services into 30 markets, he said. Facebook. View the profiles of professionals named "Geraldine Fourie" on LinkedIn. Capitec also reported a 16% increase in net loan impairments expenses of R5,1bn. 0. As at financial year-end, the average value of short-term loans granted over a period of less than six months was R1 905 while that of long-term loans was R26 605. HILTON TARRANT: Perhaps one of the things that actually illustrates this best is the process within branch now, where you actually sit side by side with a consultant, you get to see what they’re doing on the screen, which I think is a completely foreign concept to most banks in the world. }); Heat-related changes to the planet’s water cycle, including rainfall, snowfall, and snowmelt, are causing rivers to swell in some places and shrink in others. Gerrie, are things tough out there? HILTON TARRANT: If we look at some of the ratios, your return on equity down at 23%, it’s come down from 29% in 2012 to 27% last year, 23% this year, is that abnormally low? Email. HILTON TARRANT: The cost to income ratio as an aside from that at 32%, that down from 38% a year ago, do you manage that actively? https://www.theceomagazine.com/.../finance-banking/gerrie-fourie-2 var range = document.selection.createRange(); var textParagraph = document.getElementById("textParagraph"); Fourie joins an elite list of former recipients including Lesetja Kganyago, Pravin Gordhan, Johan van Zyl, Michael Jordaan and Phuthuma Nhleko, amongst others. Gerrie has 1 job listed on their profile. LinkedIn. You’ve mentioned transactional income, you’ve mentioned funding, also if you look at the way we price our products we don’t ask credit life and our provisioning model is completely different. if (window.getSelection) { if (oldTweetLink != null && typeof oldTweetLink != "undefined") { Gerrie has 4 jobs listed on their profile. The banking group revealed in its 2020 annual report that Fourie’s total remuneration was R72 million versus R94.9 million in 2019. oldTweetLink.parentNode.removeChild(oldTweetLink); View Gerrie Fourie’s profile on LinkedIn, the world’s largest professional community. }); GERRIE FOURIE: Well, if I look at the economy, I tend to look at it as half-full. Fourie, who described Creamfinance as a “young, dynamic company” similar to Capitec 15 years ago, said the deal provides Capitec with an opportunity to learn and understand how to operate in foreign markets. tweetLink = createTweetLink(getSelectedText(), e); Net lending and investment income increased by 14% to R11,9bn. jQuery('html, body').animate({ }) Capitec, renowned for disrupting the South African banking industry, previously announced that it would acquire a 40% stake in Creamfinance for €21m. View Gerrie Fourie’s profile on LinkedIn, the world's largest professional community. Twitter. function createTweetLink(text, e) { They’re also taking a very cautious approach by investing in tranches. Engineering LLC | 943 followers on LinkedIn. GERRIE FOURIE: Ja, definitely, one must always understand that it’s not only those three mines that have closed down due to the strike but it’s also the supporting industry, so it’s actually affecting the whole area. […] GERRIE FOURIE: The approval rates have come down, if you go and look at our acceptance rate that’s come down from 2012 from about 58% to 44% but what we call our success rate that’s the rate that the clients who are successful who are happy with the offer that’s come down from about 44% to 29%. Linkedin. return range.text } View GERRIE FOURIE’S profile on LinkedIn, the world’s largest professional community. Telegram. Capitec lifted its total dividend by 18% to R12,50/share. Renier de Bruyn, an investment analyst at Sanlam Private Wealth, said the first benefits for Capitec would be learning how to operate in a completely online environment, gaining insight from Creamfinance’s advanced credit underwriting methods and experience in foreign microlending markets. } MyBroadband recently compiled and extensive list of qualifications … Email. We operate from two facilities located in Industrial Areas of Sharjah, U.A.E. South Africa’s Capitec Bank warned on Tuesday that it was cutting back on lending to cash-strapped consumers from lower income groups as it … Gerrie has 2 jobs listed on their profile. Gerrie has 1 job listed on their profile. "top": y, So we will still drive the business to try and get to 25%. GERRIE FOURIE: We’ve made two serious cuts, that’s November 2012 and we’ve made another cut in June 2013, we continuously evaluate our credit risk profile and make changes where necessary. Louis has 4 jobs listed on their profile. jQuery(appendedTweetLink).css({ HILTON TARRANT: Gerrie Fourie, the chief executive of Capitec Bank. LinkedIn . GERRIE FOURIE: If we look at the split of the 5.4m clients, 2.2m is banking clients, up from 1.8m clients, we’re very happy with that result because those are people who actually physically decide to switch their salary and put their salary into our account, 1.1m refers to people who actually make use of our fixed-term savings product, so to us that is again in line with our brand acceptance, which for us is very positive because people won’t save with you if there is no brand acceptance. Gerrie Fourie is the new chief executive of Capitec Bank. }, 500); If you look at our provisions to arrears that percentage is 167%. 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GERRIE FOURIE: What we’ve seen in the market and maybe one just needs to look at the market in totality, if you look at the six big players, the four traditional banks, African Bank and ourselves, we control about 70% of the market and then 20% of the market is controlled with players that have a branch network of about 50 plus and then the smaller players that’s in. The difference between 44% and 29% is where we will approve a person but given the term and the rand value that we offer the client is not happy with that particular offer. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", The total remuneration for Gerrie Fourie, Capitec boss, has been reduced by R22 million to R72 million in 2020 financial year. LinkedIn is the world’s largest business network, helping professionals like Gerrie Fourie discover inside connections to recommended job candidates, industry experts, and business partners. So definitely that’s just proven the tightness in the credit policy. Capitec adding 100,000 customers a … He was speaking at a … That’s also why we support the whole National Credit Regulator on bringing in stricter affordability guidelines because the affordability guidelines that are currently there are very vague and it’s not very clear. WhatsApp. So it’s the way our systems work, our processes work, everything is centralised, everything is controlled from a central base and that actually makes the difference. Its operating costs increased by 18% to R5,4bn, largely due to an increase in its staff complement, the costs associated with expanding its branch network and investing in its IT capacity. View the profiles of professionals named "Gerrie Fourie" on LinkedIn. SAA tries to replace locked-out pilots with outsiders, Court rules an employee attacked at work can sue her employer, Municipalities want another slice of the pie, this time from IPPs, Molefe and the R78m ‘success fee’ paid to Regiments, Mboweni: State Bank must operate on business principles. return newTweetLink; However, the total value of money loaned increased by 10% to R45bn. See the complete profile on LinkedIn and discover Gerrie’s connections and jobs at similar companies. GERRIE has 1 job listed on their profile. The group attributed much of the 37% increase in the value of write-offs of R5,4bn to a “significant change in rescheduling policies in the current policies in the current year and the market deterioration of the prior year, which was provided for in 2016, that materialised in the current year”. jQuery(document).ready(function () { newTweetLink.target = "_blank"; }); Email. Now, I’m not saying it’s going to happen, but the aim is to merge the two in a couple of years from now. On Monday night we had a credit meeting and we made certain changes that are going in this weekend and we’ll monitor on a continuous basis. Are you frustrated by that misunderstanding in the market? See the complete profile on LinkedIn and discover GERRIE’S connections and jobs at similar companies. var range = window.getSelection(); View Gerrie Fourie’s professional profile on LinkedIn. }, false); jQuery(this.parentElement).lightBox({ HILTON TARRANT: 5.4m active clients at the end of February, that’s 15% higher from a year ago, 700 000 added in the past 12 months, is that number of new clients accelerating every month? Terms of use. HILTON TARRANT: And the split, Gerrie, of those 5.4m active clients? So people always tend to think that the strike is only about a certain amount of people but I think it’s affecting the whole South African economy because it’s also affecting industrial relations with international players. GERRIE FOURIE: I think if you go and look at the last two years that whole perception and comparing ourselves with African Bank has changed, people understand that our business model is completely different to that of African Bank. Engineering, Sharjah, is a one stop engineering services company, well positioned to provide complete repair, maintenance and engineering solutions. GERRIE FOURIE: Ja, I think if you look at the market the economy is tough, if you go and look at what’s happening, strikes, retrenchments, companies underperforming, so ja it’s not easy out there and we don’t see that it will change quite quickly. View Lucy Kapp’s profile on LinkedIn, the world’s largest professional community. GERRIE FOURIE: Ja, I think it must be one of the first service companies that’s doing side by side. Crescent M.E. } scrollTop: jQuery(jQuery.attr(this, 'href')).offset().top What we’ve seen is that the bigger players have cut back and then the smaller players have made use of the opportunity to actually grant credit and that’s a bit of a concern. GERRIE has 1 job listed on their profile. y = (e.clientY + 5) + 'px';
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