Summary of the consolidated financial statements

for the year ended 28 February 2025

Capitec Bank Holdings Limited

(Capitec or the group or the company)
Highlights

Headline earnings Net interest income after

+ 30% to credit impairments

+ 54% to
R13.7 billion
(2024: R10.6 billion) R11.9 billion
(2024: R7.7 billion)

Full-year dividend per ordinary share Net transaction and

+ 34% to commission income

+ 17% to
6 510 cents
(2024: 4 875 cents) R14.1 billion
(2024: R12.0 billion)

Return on ordinary Value-added services (VAS) and

shareholders’ equity (ROE) Capitec Connect

29% + 61% to
(2024: 26%)
R4.4 billion
(2024: R2.7 billion)

App clients Non-interest income to income from

+ 15% to operations after credit impairments

67%
12.9 million (2024: 72%)
(2024: 11.2 million)

Annualised credit loss ratio (CLR)

7.5%
(2024: 8.7%)

Personal banking: 8.1% (2024: 10.1%)

Business banking: 1.7% (2024: 1.9%)

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 2
Key performance indicators

% change
2025(1) 2024 2025/2024(2)

Profitability
Interest income R’m 30 228 25 806 17
Interest income on lending R’m 21 242 18 189 17
Interest income on investments and other financial instruments R’m 8 986 7 617 18
Interest expense R’m (10 043) (9 342) 8
Net interest income R’m 20 185 16 464 23
Credit impairments R’m (8 258) (8 725) (5)
Net interest income after credit impairments R’m 11 927 7 739 54
Net loan fee income R’m 1 286 1 208 6
Total net transaction and commission income R’m 18 535 14 787 25
Net transaction and commission income R’m 14 117 12 038 17
VAS R’m 4 225 2 714 56
Capitec Connect R’m 193 35 >100
Net insurance result R’m 3 777 3 178 19
Credit life R’m 1 905 1 882 1
Funeral plan and life cover R’m 1 872 1 296 44
Net foreign currency income R’m 136 161 (16)
Other income R’m 148 245 (40)
Net non-interest income R’m 23 882 19 579 22
Income from operations after credit impairments R’m 35 809 27 318 31
Operating expenses R’m (18 099) (13 941) 30
Share of net profit/(loss) of associates and joint ventures R’m 3 71 (96)
Deemed disposal of investment in associate R’m 27 —
Operating profit before tax R’m 17 740 13 448 32
Income and deferred tax expense(3) R’m (3 991) (2 881) 39
Profit for the year R’m 13 749 10 567 30
Adjustments to basic earnings R’m (11) (6) 83
Earnings attributable to ordinary shareholders(4)
Basic R’m 13 738 10 561 30
Headline R’m 13 739 10 578 30
Earnings per share
Attributable cents 11 911 9 156 30
Headline cents 11 912 9 171 30
Weighted average number of shares ’000 115 339 115 346
Diluted attributable cents 11 878 9 137 30
Diluted headline cents 11 879 9 152 30
Diluted weighted average number of shares ’000 115 659 115 589
Dividends per ordinary share
Full-year cents 6 510 4 875 34
Interim cents 2 085 1 530 36
Final cents 4 425 3 345 32
Number of shares in issue per the shareholders’ register ’000 116 100 116 100
Dividend cover times 1.8 1.9
Non-interest income to income from operations after credit impairments % 67 72
Cost-to-income ratio % 41 39
(1)
The group acquired a controlling interest in Avafin Holding Limited (AvaFin) on 1 May 2024, and AvaFin’s results were consolidated from that date.
(2)
The percentage changes quoted above are based on figures denominated in R’million.
(3)
The increase in the income and deferred tax expense was due to the consolidation of AvaFin and the impact of selling credit life insurance and funeral cover on
our own licence instead of through the cell captive. Tax on income from our own licence is reflected in the tax line while tax on income from the cell captives is
netted against the cell captive income.
(4)
Refer to the reconciliation of attributable earnings to headline earnings in the summary financial statements for details regarding the difference between basic
and headline earnings.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 3
Key performance indicators continued

% change
(1) (2)
2025 2024 2025/2024

Assets
Total assets R’m 238 464 207 579 15
Net loans and advances R’m 89 145 80 552 11
Cash and financial investments(3)(4) R’m 127 796 111 312 15
Other(3)(5) R’m 21 523 15 715 37
Liabilities
Total liabilities R’m 187 550 164 048 14
Deposits and wholesale funding R’m 175 541 156 015 13
Other R’m 12 009 8 033 49
Equity
Share capital and reserves attributable to ordinary shareholders of the group R’m 50 841 43 488 17
Total equity R’m 50 914 43 531 17
ROE % 29 26
Capital adequacy ratio (CAR) % 38 36
Net asset value per ordinary share cents 43 970 37 611 17
Number of shares for calculation ’000 115 627 115 627
Share price cents 307 437 201 777 52
Market capitalisation R’m 356 934 234 263 52
Operations
Branches 880 866 2
Employees 16 935 15 747 8
Active clients (including point-of-sale (POS) merchants) ’000 24 132 22 173 9
Cash devices(6) 8 798 8 382 5
Capital expenditure R’m 1 373 1 157 19
Transact
Transaction volumes (including VAS) by channel ’m 11 071 9 891 12
Digital including VAS ’m 2 523 1 994 27
Card payments ’m 3 045 2 537 20
Cash ’m 596 580 3
Branches ’m 51 33 55
System-generated ’m 4 856 4 747 2
Net transaction and commission, net foreign currency and funeral plan and
life cover income to income from operations after credit impairments % 57 59
Net transaction and commission, net foreign currency and funeral plan and
life cover income to operating expenses % 114 117
Credit
Value of total loans advanced R’m 73 192 57 358 28
Personal banking R’m 53 909 48 459 11
Business banking(7) R’m 11 447 8 899 29
AvaFin R’m 7 836 —
(1)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.
(2)
The percentage changes quoted above are based on figures denominated in R’million.
(3)
The group reclassified the South African Reserve Bank (SARB) settlement balance, previously included in other receivables, to cash and cash equivalents in the
current year. Comparatives have been restated for this classification error. Refer to note 2.
(4)
Cash, cash equivalents, money market funds, government bonds, term deposits and other financial investments.
(5)
Insurance contract assets, other receivables, derivative assets, interest in associates and joint ventures, property, plant and equipment, right-of-use assets,
intangible assets including goodwill and deferred income tax asset.
(6)
Automated teller machines, dual note recyclers and coin and note recyclers.
(7)
Overdrafts are no longer measured gross of repayments. The value of overdraft limits granted has replaced this measure and comparatives have been amended.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 4
Key performance indicators continued

% change
(1) (2)
2025 2024 2025/2024

Loans and advances book

Gross loans and advances R’m 115 525 102 991 12
Personal banking R’m 89 545 83 847 7
Business banking R’m 23 339 19 144 22
AvaFin R’m 2 641 —
Provision for credit impairments (expected credit losses (ECL)) R’m (26 380) (22 439) 18
Personal banking R’m (24 161) (21 359) 13
Business banking R’m (1 368) (1 080) 27
AvaFin R’m (851) —
Net loans and advances R’m 89 145 80 552 11
Personal banking R’m 65 384 62 488 5
Business banking R’m 21 971 18 064 22
AvaFin R’m 1 790 —
Gross credit impairment charge on loans and advances R’m 8 820 9 341 (6)
Personal banking R’m 7 607 9 015 (16)
Business banking R’m 376 326 15
AvaFin R’m 837 —
Bad debts recovered R’m (584) (601) (3)
Personal banking R’m (568) (597) (5)
Business banking R’m (8) (4) 100
AvaFin R’m (8) —
Net credit impairment charge on loans and advances(3) R’m 8 236 8 740 (6)
Personal banking R’m 7 039 8 418 (16)
Business banking R’m 368 322 14
AvaFin R’m 829 —
Net credit impairment charge on loans and advances to average gross
loans and advances (annualised CLR) % 7.5 8.7
Personal banking % 8.1 10.1
Business banking % 1.7 1.9
AvaFin(4) % 42.6 —
Total lending and credit life insurance income(5) R’m 24 433 21 279 15
Personal banking R’m 19 673 19 160 3
Business banking R’m 2 590 2 119 22
AvaFin R’m 2 170 —
Net credit impairment charge on loans and advances to total lending
and credit life insurance income(5) % 33.7 41.1
Personal banking % 35.8 43.9
Business banking % 14.2 15.2
AvaFin % 38.2 —
Retail deposits and wholesale funding 175 541 156 015 13
Wholesale funding R’m 2 906 3 021 (4)
Personal and Business banking call deposits R’m 113 163 102 269 11
Personal and Business banking fixed deposits R’m 58 056 49 530 17
Foreign currency deposits R’m 1 416 1 195 18
(1)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.
(2)
The percentage changes quoted above are based on figures denominated in R’million.
(3)
This charge is for loans and advances only. The income statement charge for the reporting period includes an expense of R21.5 million (2024: release of
R14.7 million) related to other financial assets.
(4)
AvaFin operates online, short-term, high-yield consumer lending businesses outside of the banking environment, therefore the CLR is higher than that of our
other businesses.
(5)
Interest received on loans, initiation fees, monthly service fees and net credit life insurance income.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 5
Commentary
(1)(2)

Igniting growth and opportunity to make a meaningful difference in people’s lives

Capitec is a diversified financial services group with an ecosystem of solutions that ignite growth and unlock opportunities
to make a meaningful difference in people’s lives, empowering them to grow. Our journey over the past 5 years included
the addition of Business banking, VAS, Capitec Connect and acquiring our own insurance licence to complement our
Personal banking offering. The expansion of our product and service offering resulted in continued growth in our active client
base to 24.1 million (2024: 22.2 million).

Our continued focus on and investment in technology and data have been pivotal in the creation of a business that can scale
to the benefit of our clients. We have invested in best-in-class platforms and technology which have given management the
ability to be agile and have enabled the business to scale. We replatformed our banking app and focused on moving all our
data to the cloud and unlocking efficiencies in systems. This has allowed us to accelerate the time to market of new offerings
and unlock value for clients by being able to rapidly analyse data and refine our offerings to meet client needs.

Capitec is a high-volume, low-margin business that provides access to simple, transparent and affordable products delivered
with a personalised experience. The size of our client base means that we can continue to scale our operations and disrupt
markets with our simplified pricing and product offering. As the volumes in our ecosystem increase, the incremental cost of
transactions decreases, allowing us to continually deliver a price benefit to our clients.

From 1 March 2025, we further simplified our transaction pricing while reducing prices for Personal and Business banking
clients. Our clients now only need to know 5 key fees: R1 for Capitec-to-Capitec payments, R2 for payments to other banks
or cash withdrawals at till points, R3 for debit orders, R6 for immediate payments to other banks and R10 per R1 000 for cash
withdrawals at any bank’s cash devices. Capitec Connect bundles are simple and transparent and are priced below the rest
of the market. Our POS business has an easily understandable commission structure with some of the lowest rates in the
market. Our insurance products are priced approximately 30% below the market average, and we have developed purpose-
lending products with lower interest rates.

Our distribution network gives clients a personalised experience when they interact with our businesses. Our branch network
grew to 880 branches that are in the communities we serve. Transacting is performed at the branch self-service terminals,
while consultants enable us to successfully sell new products into the market and grow client adoption. The app and
Personal banking branches serve as the sales channels for VAS, Capitec Connect and insurance products using the capacity
created by moving transactions to the app and self-service terminals. The adoption of digital transacting continued to grow,
and the number of active app clients grew by 15% to 12.9 million (20% of the South African population).

All our businesses are aligned with Capitec’s purpose and apply the same fundamentals. Personal banking has been
optimising client value and as a result grew the fully banked client base by 13% to 8.8 million clients. The Strategic initiatives
team has improved client adoption of our VAS offering and has grown income significantly as these products have matured.
Capitec Connect continues to offer simplified solutions in the complex prepaid data and airtime market.

Business banking has laid the foundations to grow the business banking market by serving small- and medium-sized
enterprises (SMEs). Our merchant commerce strategy led to an increase in the number of trading merchants to 63 054
(2024: 28 093). Transaction fees that match the Personal banking fees saw transaction volumes excluding Capitec Pay
grow by 37% as the number of active GlobalBiz clients grew by 78% to 136 940.

Insurance business on our own licence grew well during 2025. Capitec Life’s active credit life insurance book totalled 1.1 million
policies at the end of 2025. From November 2024, we issued more than 600 000 funeral insurance policies on our own licence
and at the end of February 2025, we had 96 307 active life cover policies.

Our strategic focus on becoming a trusted financial partner for our clients allowed us to grow in a subdued economic
environment, and we will continue to invest in the future to meet our clients’ financial needs.

(1)
The percentage changes quoted in the commentary are based on figures denominated in R’million.
(2)
Figures and comparisons relate to the year ended 28 February 2025 and the year ended 29 February 2024, unless otherwise stated.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 6
Commentary continued

Growth
Headline earnings for 2025 increased by R3.1 billion (30%), reaching R13.7 billion (2024: R10.6 billion). The group achieved
an ROE of 29% (2024: 26%), driven by a rising ROE on transaction and VAS income due to economies of scale, and by a
decrease in the CLR to normalised levels.

Net interest income contributed R2.7 billion to the growth in headline earnings. Interest income from investments grew by
18%, attributed to a 14% increase in the average investment portfolio and a 0.2% rise in the yield on the investment portfolio.
Growth in the interest expense was less pronounced than interest income growth due to the 75 basis point decrease in the
repo rate since September 2024, which reduced the average rate paid on deposits. Interest income on lending increased by
17%, as credit granting criteria were eased for specific client segments during the year, leading to a 28% increase in loan
disbursements. Business banking loan disbursements specifically grew by 29%.

Despite 12% growth in gross loans and advances, the credit impairment charge on loans and advances decreased by 6%.
The group CLR (excluding AvaFin) decreased from 8.7% to 6.9% (including AvaFin: 7.5%). This contributed R973 million to
the growth in headline earnings before the inclusion of the AvaFin credit impairment.

Net non-interest income contributed R3.1 billion to the increase in headline earnings, growing by 22%. Net transaction income
and commission, including VAS and Capitec Connect, increased by 25%, with VAS contributing R1.5 billion of the increase
(before tax). Digital transactions and card payments (including VAS and Capitec Pay) accounted for 90% (2024: 88%) of
transaction volumes excluding system-generated transactions. We continued to invest in the future and gave back R289 million
to Business banking clients and merchants by aligning transaction fees to the Personal banking fees and implementing a
simplified merchant commission structure. The early implementation of PayShap payments resulted in cost savings of
R107 million after tax, which will not recur in the next financial year as other financial institutions continue their implementation
of PayShap.

The net insurance result contributed R437 million to the increase in headline earnings, with credit life insurance income
growing by 1% and funeral and life cover results growing by 44%.

Operating expenses grew by 30%. Growth of 7% was due to the inclusion of AvaFin operating expenses not present in 2024.
An increase in employee incentives due to high headline earnings growth contributed another 9% of the growth. Excluding
AvaFin operating expenditure and the increase in employee incentives, operating expenses grew by 14%.

The composition of headline earnings by business was as follows: Personal banking – 45% (2024: 46%); Strategic initiatives
– 23% (2024: 19%); Insurance – 25% (2024: 29%); Business banking – 5% (2024: 6%) and AvaFin – 2% (2024: nil).

Personal banking
Personal banking has continued to optimise client value. During 2025, we continued using the growing amount of quality data
that is available to grow client adoption of our ecosystem of products and to personalise our clients’ experiences by prompting
next best actions. As we migrated to the cloud, we developed the ability to leverage data more efficiently. Our aim is to be the
most trusted financial partner.

Our target is also to be the leading payments provider in South Africa. In previous years, we introduced PayShap, Apple Pay,
Garmin Pay, Google Pay and Samsung Pay and during 2025, we launched international payments on our app. The volume of
transactions on these payment channels has grown significantly. Going forward, we will focus on the mass payments market
and bring the cost of payments in South Africa down.

The credit business provides clients with next best actions and purpose-lending products that can be used for building, vehicle
finance and education. We have developed our offer to multiple-income earners and encourage clients to use our direct loan
and app channels to apply for credit. We are geared for growth and will launch Capitec-funded, secured home loans in the
first half of the 2026 financial year. We will enable clients to build their credit scores with an accessible credit card with a limit
of R600, repayable within 3 months. Multiple-income earners and SMEs will qualify for our new repay-as-you-earn loans that
will promote their growth.

Personal banking headline earnings grew from R4.9 billion to R6.2 billion. The drivers of the growth are detailed as follows.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 7
Commentary continued

Net interest income

Net interest income rose from R14.9 billion to R16.2 billion, driven by 18% growth in interest on investments.

The average investment portfolio grew by 14%, with a yield increase of 0.2% due to the inclusion of long-term floating-rate
government bonds in the portfolio. The fixed-rate portion of the portfolio remained at higher interest rates, boosting yields.
Portfolio growth was mainly due to 8% growth in the average deposit book which outpaced the 7% growth in gross loans and
advances.

Interest income on lending grew by 3% due to stricter credit granting criteria in the first half of 2025, which were eased
during the second half of the year post the outcome of the national election. This led to book growth despite limited interest
growth following a 75 basis point reduction in the repo rate since September 2024.

Interest expense growth was lower than deposit growth due to lower repo rates in the second half of the year. The average
interest rate on deposits decreased by 0.2%. Fixed savings products continued to drive good client savings behaviours, with
fixed and notice deposits growing 18% year-on-year. Notice deposits, launched in July 2024, reached 1.2 million accounts
with R7.3 billion in balances by the end of 2025.

Credit impairment charge and ECL coverage ratios

The net credit impairment charge decreased by 16% to R7.0 billion (2024: R8.4 billion). The CLR decreased to 8.1%
(2024: 10.1%) and was within the through-the-cycle target of 8.0% to 8.5%.

The following drivers impacted the credit impairment charge and provision for ECL:
• The easing of credit granting criteria during 2025 that led to higher loan disbursements
• A shift in the loan book distribution across the stages
• A change in the write-off point estimation that increased the proportion of the loan book in stage 3 by 2% with loans that
were provided at 98% and the coverage ratio on the default book by 2.6%
• The movement in the forward-looking macroeconomic provision due to the outlook on the economy and a move to through-
the-cycle provision models. Our through-the-cycle models use all available historical data when modelling the provision for
ECL. The change to through-the-cycle models impacted the backward-looking provision for ECL and the forward-looking
macroeconomic provision for ECL (FLI ECL) but not the total credit impairment charge
• The impact of the above changes on the ECL coverage ratios.

Loan disbursements
Total loan disbursements grew by 11% to R53.9 billion. Term loan disbursements increased by 33% and credit card
disbursements by 25%, due to eased credit granting criteria for certain clients.

Access facility disbursements decreased by 40% after short-term access facilities were discontinued. New limits granted
totalled R2.7 billion, down from R5.1 billion in 2024. Following the cut-back, the access facility offering has been repositioned
as an overdraft facility for higher-quality clients.

Shift in loan book distribution and the change in the write-off point estimation
The gross loan book distribution shifted across the stages during 2025. The table below reflects the staging and composition
of the gross loan book.

As at the end of
February 2025 February 2024
R’m % R’m %

Stage 1 50 393 56 48 583 58

Stage 2 14 080 16 12 945 15
Stage 3 25 072 28 22 319 27
Total 89 545 100 83 847 100

The proportion of balances in stage 1 remained stable while the proportion of balances in stage 2 grew by 1%. Loans up to
1 month in arrears in stage 2 remained stable at R1.6 billion while loans with significant increases in credit risk (SICR) since
granting increased by 10% primarily due to an increase in the FLI ECL.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 8
Commentary continued

A supplement was added to the forward-looking macroeconomic model provision for ECL for the risk of the withdrawal of
United States of America (USA) aid to South Africa, the possibility that South Africa might cease to be part of the African
Growth and Opportunity Act (AGOA). As a result of the assessment of the impact of these factors on balances in stage 1,
particularly the balances of clients employed in the agriculture, forestry, fishing, community organisation, social and personal
services, and manufacturing sectors, R507 million in balances were moved into stage 2 due to SICR.

The table below analyses the movement in stage 3 balances.

R’m 2025

Stage 3 opening balance 22 319

Decrease in balances 2 and 3 months in arrears (192)
Decrease in rescheduled balances not yet rehabilitated (602)
Decrease in debt review balances in the default book (500)
Increase in balances in the default book due to the change in the write-off point estimation 2 100
Increase in other balances with legal statuses and more than 3 months in arrears in the default book 1 947
Stage 3 closing balance 25 072

Stage 3 balances grew by 12%. Balances between 2 and 3 months in arrears decreased by R192 million or 8% due to the
newer tranches of business granted during 2024 and 2025 slowing the roll into this loan category. Rescheduled balances
that have not yet rehabilitated decreased by R602 million due to the improvement in the quality of the loan book which meant
that the value of new reschedules during 2025 decreased.

Stage 3 balances in default (balances 3 or more months in arrears, with other legal statuses and where clients applied
for debt review less than 6 months ago) grew by R3.6 billion from R15.3 billion in 2024 to R18.9 billion. The debt review
balances in the default book decreased by R0.5 billion to R5.6 billion, as rolls into debt review decreased from R4.1 billion
to R3.3 billion.

A change in the write-off point estimation resulted in the addition of R2.1 billion in balances to the default book at the end of
2025. These balances were provided for at 98%. The change entails that loan balances are no longer written off based on an
internal handover score or when they have missed 4 consecutive payments, but only when they have missed 4 consecutive
payments. This means that write-offs occur based on actual behaviour and that loan balances stay on the loan book for longer.

The table below represents the staging of the loan book if the additional balances had not remained on the loan book.

As at the end of
February 2025 February 2024
R’m % R’m %

Stage 1 50 393 58 48 583 58

Stage 2 14 080 16 12 945 15
Stage 3 22 972 26 22 319 27
Total 87 445 100 83 847 100

Other rolls into default decreased from R8.7 billion to R8.2 billion due to an improvement in the quality of the loan book.
The newer tranches of business are rolling into default more slowly than older tranches of business and this contributed
significantly to the reduction in the credit impairment charge and the decrease in the proportion of balances in stage 3 of
the loan book.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 9
Commentary continued

Forward-looking macroeconomic provision for ECL and through-the-cycle models

The FLI ECL accounts for the effects of future economic conditions on the provision for ECL using key economic indicators
affecting the group’s credit clients. The FLI ECL grew from R380 million to R877 million.

According to the economic outlook scenarios applied in the calculation, the FLI ECL would have decreased by R258 million,
notwithstanding the following adjustments:
• During the first half of 2025, the provision models for term loans and credit cards were transitioned from point-in-time
models to through-the-cycle models. A through-the-cycle model has historically been applied to access facilities. Although
there was no impact on the total credit impairment charge, this change resulted in a decrease in the backward-looking
model calculation and a corresponding increase in the forward-looking macroeconomic model calculation. Consequently,
the FLI ECL at the end of 2025 increased by R490 million
• The forward-looking macroeconomic outlook will have an impact on the collections that can be made on balances that are
in default. The 2025 FLI ECL model incorporated projections of this impact. Previously, the impact on future recoveries was
not modelled. This adjustment increased the FLI ECL by R148 million because future expected recoveries were modelled
as being lower due to macroeconomic factors
• The Bureau for Economic Research’s (BER) economic scenarios used to determine the FLI ECL were supplemented by an
FLI ECL of R117 million to account for the potential risk of the USA discontinuing aid to South Africa, the possibility that
South Africa might cease to be part of AGOA. These risks arose after the determination of the BER scenarios.

Changes in ECL coverage ratios

The total ECL coverage ratio increased to 27.0% (2024: 25.5%) and is analysed by stage in the table below.

As at the end of
February February
% 2025 2024

Stage 1 7.3 7.4

Stage 2 24.5 27.1
Stage 3 68.0 63.8
Total 27.0 25.5

The decrease in the stage 1 coverage ratio was the result of a decrease in the coverage ratio on the access facility product as
the quality of the loan balances improved after the cut-back on loan disbursements. For term loan and credit card balances,
there was an increase in coverage ratios because of the portion of the growth in the FLI ECL that was allocated to stage 1.
The upfront provision on loans disbursed during 2025 was R3.1 billion.

The coverage ratio on balances showing a SICR decreased from 23.8% to 21.7%. The decrease in the coverage ratio was
due to an improvement in the quality of the loan book in stage 2. This was offset by an increase in the coverage ratio due
to the increase in the FLI ECL, particularly the R117 million supplement for the USA aid and AGOA risk which moved
R507 million in balances into up-to-date loans with SICR. The coverage ratio on loans up to 1 month in arrears decreased
from 51.1% to 46.5%.

The coverage ratios of all loan categories in stage 3, except for the default book, decreased due to an improvement in loan
book quality. The principal reason for the increase in the default book coverage ratio from 73.6% to 77.3% was that balances
stayed in the default category for longer due to the change in the write-off point estimation. If these balances and their
provision for ECL are excluded, the default book coverage ratio was 74.7%. The remainder of the increase was a result of the
inclusion of the FLI ECL provision of R148 million for the impact of future economic conditions on the expected recoveries on
the default loan book.

Refer to note 3 to the summary of the consolidated financial statements for the loan book and coverage ratios by product.

Net transaction and commission income

Net transaction and commission income excluding VAS and Capitec Connect increased by 17% to R12.8 billion
(2024: R11.0 billion). Transaction volumes excluding system-generated transactions increased by 17% due to growth
in client numbers.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 10
Commentary continued

Disrupting cash transacting

Digital transaction volumes and card payments grew by 16% and 18%, respectively, as client adoption of these safer and
more affordable payment channels continued to grow. The number of clients using digital transacting grew by 12% to
14.0 million while active app users grew by 14% to 12.8 million.

Cash transacting as a proportion of total transaction volumes excluding system-generated transactions decreased from
15% in 2024 to 14% in 2025 while card transactions contributed 66% to the total in 2025 (2024: 63%).

Card payment and other POS transaction volumes increased by 20% to 3.0 billion (2024: 2.5 billion). The growth in
transaction volumes exceeded the income growth of 17% because average values per transaction were lower. Clients are
making smaller, more frequent payments. During the year, we expanded our app payments ecosystem and launched
international payments with a flat fee of R175 and competitive exchange rates. As a result, international transaction income
increased by 51% to R483 million.

The group continues to lead the industry as a receiving bank of PayShap transactions. For 2025, we received 52% of all the
PayShap transactions processed in the industry. Receiving volumes totalled 94 million for 2025 (2024: 9 million). The group
continues to maintain the largest market share of 56% of all PayShap main bank registrations.

The spend by clients using Apple Pay, Garmin Pay, Google Pay and Samsung Pay increased by more than 2.5 times to
R34.2 billion (2024: R13.1 billion), while volumes increased to 167.2 million transactions (2024: 64.5 million). A total of
1.0 million clients make use of these products (2024: 0.5 million).

Strategic initiatives
Strategic initiatives which include VAS and Capitec Connect contributed R3.2 billion to group headline earnings
(2024: R2.0 billion). The drivers of the growth are detailed below.

Value-added services
Net income from VAS increased by 56% to R4.2 billion. This was due to higher client adoption as the VAS products mature,
as well as an increase in the number of clients using VAS to 10.9 million. The growth in the number of clients that use our app
provides a platform for growth in VAS transaction volumes as these transactions can only be performed on the app. A total of
85% of our app clients have performed a VAS transaction. As more clients transacted at greater frequency, volumes
increased by 34% to 1.5 billion.

A total of 1.2 million new clients used send cash during 2025 and the transactions per client grew, increasing income
generated by 61% to R973 million. The volumes of prepaid data, airtime and electricity sold increased by 14% and income on
these transactions grew by 15% to R1.4 billion.

The number of unique clients purchasing vouchers increased by 1.0 million and 308 million vouchers were sold. Showmax
streaming vouchers were successfully launched to our clients on 13 August 2024, with volumes reaching 437 336 for 2025.
In February 2025, 75 000 Showmax vouchers were sold.

Since inception on 22 February 2024, 319 707 vehicle licence renewals have been done on our app and our market share
has grown to 20%.

Capitec Connect
In 2025, Capitec Connect expanded from offering 1 no-expiry data and voice bundle to providing various options for our
mobile clients. We introduced 1-, 7- and 30-day validity bundles at the most affordable prices in the market. These bundles
now account for over 60% of sales. Additionally, we launched streaming, WhatsApp and larger LTE data bundles. Capitec
Connect cash vouchers are available, and clients can use advances to purchase airtime.

Capitec Connect data is part of the Live Better rewards programme, offering benefits like 1GB of free data per month for
credit card holders with verified Capitec Connect numbers. More rewards will be added in the 2026 financial year to reward
our clients for good banking behaviour.

Capitec Connect stands out as 80% of sales occur through the banking app, which was enhanced specifically for this service
during 2025.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 11
Commentary continued

Net income for 2025 reached R193 million, up from R35 million. Subscribers with active SIM cards (active within the last
6 months) increased by 74% to 1.6 million, with data usage surpassing 13.4 petabytes and voice usage exceeding
306.9 million minutes.

Insurance
Capitec is established as a fully fledged long-term insurer and our insurance business is poised for growth. We have built the
platforms, systems and people capability to support growth. The transfer of the cell captive credit life insurance book has been
approved by the regulator and the process is underway. We exited the funeral insurance arrangement with Sanlam from
1 November 2024.

On exit from the Sanlam arrangement, Capitec Life took over the administration of the policies issued through the cell captive.
This entailed system development, a data migration and the appointment of an administration team. The funeral insurance
data migration was one of the largest ever performed in South Africa.

With the data migration complete, we will be increasing the efficiency of our systems during the first half of the 2026 financial
year following which we will optimise our current range of products using our insurance and banking data.

The client base for the insurance business is our 24.1 million active clients with the Personal banking distribution channels
available in branches and on our app. This keeps distribution costs low and allows us to make insurance products affordable
for our clients.

The Insurance business’s headline earnings increased by 13% to R3.5 billion while the net insurance result increased by 19%
to R3.8 billion.

Net credit life insurance income

The net credit life insurance result remained stable at R1.9 billion despite a 2% decrease in the sum assured to R73.4 billion.

The contraction in the insured book, together with lower premium rates on a higher-quality credit book, decreased the net
insurance result by R159 million. Retrenchment claims were higher during the first half of 2025 due to the mass
retrenchments in the mining sector while death and disability claims experience improved, resulting in a R109 million
decrease in the net insurance result. These decreases were offset by updated expectations of future experience.

As at 28 February 2025, we had 1.1 million active policies on our own insurance licence out of a total of 1.95 million active
policies. The process to transfer the policies currently underwritten on the Guardrisk licence to the Capitec Life licence is
in progress.

Funeral cover income

The net funeral insurance result increased by 42% to R1.8 billion. This robust performance can be attributed to the book growth,
combined with the impact of the termination of the funeral cooperation arrangement with Sanlam. From 1 November 2024,
Capitec Life started underwriting all new funeral policies provided. We no longer pay a percentage of profit on new policies to
Sanlam and this contributed to income growth. As a result of the termination of the cooperation arrangement, a recapture
amount of R1.9 billion was paid to Sanlam. This did not impact income.

The total funeral book increased to 3.2 million active policies (2024: 2.7 million), while the number of lives assured grew to
14.7 million (2024: 12.1 million). The effect of book growth added R407 million pre-tax to the net insurance result. The claims
ratio decreased slightly to 44.5% (2024: 44.7%).

Life cover income

Capitec launched an innovative life cover product in June 2024. The product has 4 different payout types to meet client
needs. Clients may choose whether to take a lump sum, provide for their children’s needs, have a monthly income paid out for
24 months or a combination of these 3 options. There is no requirement for medical examinations and premiums do not
increase annually.

As at February 2025, the active policies and sum assured were 96 307 and R47.2 billion, respectively. The life cover product
contributed R29 million to the net insurance result.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 12
Commentary continued

Business banking
Our strategy for Business banking has been to drive digital business banking using the best technology and leveraging our
data. The initial focus was on implementing stable and secure new systems and platforms.

During 2024, we rebranded Mercantile to Capitec Business, introduced a new app and new online banking, and the ability to
open an account online in minutes with no paperwork. We introduced scored business overdrafts and business, property and
asset finance that is approved within days.

In 2025, we aligned transaction pricing for our Business banking clients with the Personal banking transaction pricing. A
simplified forex offering resulted in over 482 000 forex transactions, an increase of 92% and scored loan balances grew by
111% to R1.3 billion. We implemented a new merchant strategy and POS machines are now sold to merchants for a once-off
payment instead of being rented to them. From 1 September 2024, the commission percentages on merchant sales were also
adjusted. The commission percentage on merchant sales, which is based on the merchant’s turnover, was also decreased to
between 0.6% and 0.85% on debit cards and 1.6% and 1.85% on credit cards. This pricing is published so that it is
transparent. From 1 September 2024 to 30 November 2024, we held a POS machine sales promotion. We onboarded
39 367 merchants during the promotional period. This represented 69% of all new merchants onboarded during 2025.

Our service model consists of a relationship suite and 19 business centres. Through the relationship suite, virtual consulting
is possible and our clients have a relationship banker available anytime through a call, online or on our app. Bankers have
immediate access to the clients’ full history.

We are in the process of building an enterprise payment system that will allow businesses to accept card payments,
online payments and receive and make bulk payments. For this reason, the Capitec Pay system has become part of
Business banking.

We are ready to scale and grow, and Capitec Business will be formally launched in the 2026 financial year.

Business banking’s headline earnings, after accounting for the transfer of Capitec Pay in the current and prior year, increased
by 13% to R727 million (2024: R641 million). Excluding Capitec Pay, headline earnings declined by 15%. The drivers of
headline earnings are detailed below.

Net interest income

Net interest income grew by 26% to R1.9 billion. Interest income on lending increased by 22% to R2.6 billion as loan
disbursements increased by 29% and the gross loan book grew by 22%. Interest income on investments decreased by
R28 million to R508 million driven by a decrease in the overall average investment portfolio due to increased loan
disbursements. Interest expenses remained stable at R1.2 billion although the deposit book grew by 17% to R22.0 billion.
Call deposits increased by 19% while fixed deposits grew by only 1.6%, changing the mix of the deposit book and thus the
interest expense.

Net transaction and commission income

Business banking’s net transaction and commission income increased by 19% to R1.3 billion. Excluding Capitec Pay, net
transaction and commission income remained flat, despite giving back R289 million to clients through reduced transaction
fees and merchant commission.

No growth in transaction income was expected due to the repricing that occurred in March 2024 and the new merchant
e-commerce strategy. The repricing brought transaction fees in line with those of Personal banking and saved our clients
R66 million during 2025. Volume growth, excluding Capitec Pay, was, however, 37% and reflected the 11% growth in active
Business banking clients because of the fee repricing.

Volumes on POS machines increased by 28% and the value of transactions grew by 28% to R64.2 billion. This reflects the
impact of the new merchant e-commerce strategy which saved our merchants R223 million.

Net income from Capitec Pay increased by 89% to R433 million. As at February 2025, we had 27 active integrated payment
providers, more than 17 000 merchants and 7.6 million unique clients. A total of 212 million payments, with a value of
R47.5 billion, was processed (2024: 134 million; R26.7 billion) and the average transaction value was R224 with a successful
conversion rate of 86% (August 2024: R206; 83%).

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 13
Commentary continued

Credit impairment charge and ECL coverage ratios

Credit impairment charge
The credit impairment charge increased by 14% to R368 million and the CLR was 1.7% compared to 1.9% in 2024. The
growth in the credit impairment charge was primarily attributable to the 22% growth in the gross loan book due to an increase
of 29% in loan disbursements. The scored loan book grew by 111% to R1.3 billion and the intuitive loan book grew by 22%.

Our lending focus for 2025 was to start building our market share using rebuilt platforms and systems, and through our
relationship suite and business bankers. Loan disbursements excluding overdrafts grew by 19% to R8.1 billion and new
overdraft limits loaded amounted to R3.3 billion reflecting growth of 58%. Mortgage loan disbursements increased by 14%
and business loan disbursements excluding overdrafts grew by 23%. The provision for ECL held on new loan disbursements
for 2025 amounted to R213 million at the end of February 2025.

The rental finance credit impairment charge included in the total credit impairment charge was R69 million, a decrease of
R38 million compared to 2024. The rental finance book grew by 8% to R1.9 billion. The model coverage ratio decreased from
9.8% to 9.3%. This was driven by a decrease in the loans in default as a percentage of the loan book.

Coverage ratios
The table below details the trend in the coverage ratios.

As at the end of
February February
% 2025 2024

Stage 1 1.5 1.6

Stage 2 11.8 13.4
Stage 3 42.3 44.1
Total 5.9 5.6

The increase of 0.3% in the overall coverage ratio since 2024 was the result of the following factors:
• The shift in the composition of the loan book towards stage 3. Stage 3 balances now comprise 9% of the loan book
compared to 8% in 2024 and balances in stage 3 grew by R686 million
• The shift in the proportion of the loan book that comprises mortgages at lower coverage ratios than business loans.
Mortgages now comprise 48% of the loan book at a coverage ratio of 2.8% (2024: 50%; 3.0%). Business loans which
now comprise 2% more of the loan book are held at an overall coverage ratio of 8.8%.

Refer to note 3 to the summary of the consolidated financial statements for the loan book and coverage ratios by product.

AvaFin
AvaFin operates online consumer lending businesses in Poland, Latvia, Czechia, Spain and Mexico. Loans are short-dated
and unsecured. It is a high-price, high-margin business with an ROE of more than 40%. Effective 1 May 2024, AvaFin became
a subsidiary when Capitec increased its shareholding from 40.66% to 97.075%. Our strategy is to reduce loan pricing and
start disbursing longer-term loans. To this end, approval was obtained from the South African regulator to start funding
AvaFin. This will reduce their funding cost, and the funding will be used to drive this strategy.

AvaFin contributed R196 million to headline earnings from 1 May 2024 to February 2025, and R1.2 billion to net lending and
investment income after credit impairments. Operating expenses totalled R895 million and consisted primarily of marketing
and employee costs. The number of AvaFin clients increased by 37% to 220 000 from 1 May 2024 to February 2025.

AvaFin operates in 5 countries which contributed to net interest and investment income after credit impairments as follows:
Poland – 30%; Czechia – 26%; Mexico – 24%; Spain –18%; and Latvia – 2%. Mexico did not contribute to headline earnings
because its financial performance was impacted by a EUR2.2 million foreign exchange loss due to the weakening of the
Mexican peso.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 14
Commentary continued

Credit impairment charge and loans and advances

Credit impairment charge
AvaFin’s credit impairment charge amounted to EUR42.7 million (R830 million) for the 10 months ended February 2025.
As AvaFin operates online, short-term, high-yield consumer lending businesses outside of the banking environment the CLR is
higher than that of our other businesses at 42.6%. We price for the high CLR and make a higher ROE on these loans.

Loan disbursements amounted to EUR406.8 million (R7.8 billion) with a monthly average of EUR43.3 million (R832 million)
for the last quarter of 2025. More than 90% of the loans issued were 1-month loans.

Loans and advances

Gross loans and advances were EUR137 million (R2.6 billion) at the end of 2025, with a provision for ECL coverage ratio of
32.2% (August 2024: 29.5%). The coverage ratio on up-to-date loans was 9.5%, up from 8.5% at the end of August 2024
while the stage 2 coverage ratio grew from 30.4% in August 2024 to 33.2%. Balances outstanding for more than 60 days
were provided at 81.6%.

The increase in the overall coverage ratio resulted from higher growth in the loan books in Mexico and Czechia with coverage
ratios of 54% and 40%, respectively, compared to other markets. Although these coverage ratios increased during the year,
the increase was in line with risk appetite.

Refer to note 3 to the summary of the consolidated financial statements for the loan book and coverage ratios.

Group operating expenses

Group operating expenses, including AvaFin’s operating expenses for the period since it became a subsidiary on 1 May 2024,
grew by 30%. Excluding AvaFin, group operating expenses grew by 23% from R13.9 billion to R17.2 billion. The commentary
below excludes AvaFin’s expenses to ensure the comparability of expenses from 2024 to 2025.

Excluding employee incentives, operating expenses grew by 14%. Short-term incentives increased due to the high headline
earnings growth percentage, and long-term incentives were higher due to the increase in the share price from R2 017.77 at
the end of 2024 to R3 074.37 at the end of 2025. Employee costs excluding incentives grew by 14% mainly due to an 8%
increase in headcount.

Information technology (IT) expenses (excluding salaries) grew to R2.5 billion, exceeding the 2024 expense by 34%. The
increase stems from continued investment in systems and platforms. The cloud-based computing fees increased by 39% as
we continued to invest in housing data in the cloud. This unlocks efficiencies in our systems and allows us to scale our
operations more easily. As data infrastructure shifted to the cloud, depreciation expenses grew by only 2%.

Cash processing and distribution costs grew by only 4% as clients continued to migrate towards card and digital channels.

Income and deferred tax expense

The income and deferred tax expense increased by 39% from R2.9 billion to R4.0 billion at an effective tax rate of 22.5%
(2024: 21.4%) for the group.

The increase in the effective tax rate was due in part to AvaFin, which added R62 million to the tax expense at an effective tax
rate of 23.5% and in part due to the growth in income from our own insurance licence. As the proportion of insurance income
that is earned on our own licence grows, the effective tax rate increases because the tax on this income is included in the tax
expense line whereas tax on income earned in the insurance cell captives is included in the net insurance result. Profit after
tax is not affected by the difference in disclosure of the tax expense.

Capitec Bank Limited’s stand-alone effective tax rate was 26.7%.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 15
Commentary continued

Capital and liquidity

The group remains well capitalised with a CAR of 38% (2024: 36%) which was well above the group’s regulatory
requirement.

Our Basel III liquidity coverage ratio and net stable funding ratio were 3 085% and 225%, respectively. The regulatory
requirement is 100% for both ratios.

Credit ratings
Our ratings remain unchanged from the previous reporting period, however, on 20 November 2024, S&P Global revised its
outlook on our global scale ratings from stable to positive. We have a global long-term rating of BB- and a short-term global
rating of B. Our South African long-term national scale rating is zaAA and the short-term rating is zaA-1+.

Opportunities
We have established a solid foundation for long-term growth and will continue innovating to help our clients grow. Optimising
our ecosystem will enable us to scale our businesses, unlock value for our clients and ensure that we deliver a single service
experience to all our clients.

The developments that we have made in the payment channels during the past few years are part of our goal to become the
leading payment provider in South Africa.

We see growth potential in the informal economy (emerging market) in South Africa. There is a need for credit, insurance,
VAS, payment channels, education and support that has not previously been addressed. We will work towards meeting this
need. We have a large branch network in the right strategic locations, and we will leverage this.

Our focus on technology and data will allow us to continually enrich our understanding of our clients’ needs and we will tailor
solutions to fulfil their individual needs. We plan to use data to become an insights-driven organisation that delivers for our
clients.

Based on our insights, we will be launching a number of new credit products in the coming year. In mid-2025, we will launch a
secured home loan product through a special purpose vehicle with SA Home Loans, funded with R5 billion. We will also
introduce a repay-as-you-earn loan for multiple-income earners and SMEs.

We took the first step in developing our international strategy when AvaFin became a subsidiary during 2025. We are
currently integrating the business into the group and gaining deeper insight into the markets where AvaFin operates, and
we plan to provide funding to AvaFin to support their strategy to move to longer-term, lower-priced loan products.

The cornerstones of our strategies for the future are applying the fundamentals that have made Capitec a success to our
developing businesses, embodying the Capitec culture in everything we do and maintaining the trust that our clients have in
us. We will do this with integrity, capability, consistency and compassion.

Changes to the board

Raghuvir Malhotra was appointed to the board effective 1 March 2025. Raghuvir is an international business, technology
and finance executive with a proven history of over 3 decades in driving organisational impact and elevating growth
and profitability. He joined Mastercard in 2000 and was integral to Mastercard’s growth and innovation journey, holding
senior leadership roles across multiple geographies and functions. Raghuvir helped lead the transformation of Mastercard
from a product-led credit card company into a multi-rail solution-oriented technology organisation.

Capitec’s chief executive officer (CEO), Gerrie Fourie, will be retiring at the annual general meeting on 18 July 2025. Gerrie
was pivotal in Capitec’s evolution from an unsecured lender to a diversified financial group and the board thanks him for his
leadership and dedication to the group.

Graham Lee will become the group’s CEO on 19 July 2025. Graham has been with Capitec since 2003 and has been a
member of the group executive team since 2022. He has held numerous strategic positions in credit, technology and data,
and retail operations, and currently leads our Personal banking division. His leadership, deep understanding of our business
and values-driven approach make him the ideal person to take us into the future.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 16
Commentary continued

Ordinary dividends
The directors resolved that a final gross dividend of 4 425 cents per ordinary share (2024: 3 345 cents) be declared on
23 April 2025, bringing the total dividend for the 2025 financial year to 6 510 cents per share (2024: 4 875 cents).
There are 116 099 843 ordinary shares in issue and the full-year dividend coverage was maintained at 1.8 times
(2024: 1.9 times).

The annual dividend payout ratio was amended from 50% to 55%. The payout ratio for 2024 deviated from the board’s
determined ratio of 50% because of the restatement of headline earnings due to the implementation of IFRS 17 Insurance
Contracts.

The final dividend meets the definition of a dividend in terms of the Income Tax Act, Act 58 of 1962. The dividend amount,
net of South African dividend tax of 20%, is 3 540 cents per share. The distribution is made from income reserves. Capitec’s
tax reference number is 9405376840.

Last day to trade cum dividend Tuesday, 13 May 2025

Trading ex-dividend commences Wednesday, 14 May 2025
Record date Friday, 16 May 2025
Payment date Monday, 19 May 2025

Share certificates may not be dematerialised or rematerialised from Wednesday, 14 May 2025 to Friday, 16 May 2025,
both days inclusive.

In terms of the company’s memorandum of incorporation, dividends will only be transferred electronically to the bank accounts
of certificated shareholders, as cheques are no longer issued. In instances where certificated shareholders do not provide the
transfer secretary with their banking details, the dividend will not be forfeited but will be marked as ‘unclaimed’ in the dividend
register until the shareholder provides the transfer secretary with the relevant banking details for payout.

This announcement was signed on behalf of the board by

Santie Botha Gerrie Fourie

Chairman Chief executive officer

Stellenbosch
22 April 2025

We have removed all signatures from this document to protect the security and privacy of our signatories.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 17
Summary of the consolidated
statement of financial position
As at 28 February 2025

Audited
Audited February
February 2024
R’m 2025 restated

Assets
Cash and cash equivalents(1) 44 563 34 856
Financial assets at fair value through profit or loss (FVTPL) 1 349 554
Financial investments at amortised cost 76 337 68 111
Term deposit investments 5 547 7 791
Loans and advances 89 145 80 552
Other receivables(1) 6 025 2 572
Insurance contract assets 4 304 2 961
Reinsurance contract assets 1 ——
Derivative assets 38 34
Financial assets – equity instruments at fair value through other comprehensive income (FVOCI) 82 82
Interest in associates and joint ventures 285 727
Property and equipment 3 979 3 511
Right-of-use assets 1 827 1 857
Intangible assets including goodwill 1 629 1 402
Deferred income tax asset 3 353 2 569
Total assets 238 464 207 579

Liabilities
Derivative liabilities 21 21
Current income tax liability 377 252
Deposits 172 635 152 994
Wholesale funding 2 906 3 021
Other liabilities 9 145 5 365
Lease liabilities 2 367 2 383
Employee benefit liabilities 11 12
Deferred income tax liability 88 —
Total liabilities 187 550 164 048

Equity
Equity attributable to ordinary shareholders of the group 50 841 43 488
Ordinary share capital and premium 5 475 5 457
Cash flow hedge reserve — 7
Other reserves (23) (18)
Foreign currency translation reserve (18) 102
Share option reserve 516 516
Retained earnings 44 891 37 424
Equity attributable to other equity instrument holders of the group
Preference share capital and premium 42 43
Equity attributable to non-controlling interest(2) 31 —
Total equity 50 914 43 531
Total equity and liabilities 238 464 207 579
(1)
The group reclassified the SARB settlement balance, previously included in other receivables, to cash and cash equivalents in the current year. Comparatives
have been restated for this classification error. Refer to note 2.
(2)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 18
Summary of the consolidated
income statement
Year ended 28 February 2025

Audited Audited
February February
R’m 2025 2024

Interest and similar income and expenses

Interest income 30 228 25 806
Interest income calculated using the effective interest method 29 367 25 118
Interest income on financial assets at FVTPL 861 688
Interest expense (10 043) (9 342)
Net interest income 20 185 16 464
Credit impairments (8 258) (8 725)
Net interest income after credit impairments 11 927 7 739
Non-interest income
Loan fee income 1 292 1 219
Loan fee expense (6) (11)
Net loan fee income 1 286 1 208
Transaction fee and commission income 24 852 20 856
Transaction fee and commission expense (6 317) (6 069)
Net transaction and commission income 18 535 14 787
Insurance revenue 7 368 4 971
Insurance service expense (3 716) (1 977)
Net expense from reinsurance contracts held (1) —
Insurance service result 3 651 2 994
Insurance finance income 127 184
Reinsurance finance expense (1) —
Net insurance result 3 777 3 178
Foreign currency income 568 515
Foreign currency expense (432) (354)
Net foreign currency income 136 161
Other income 148 245
Net non-interest income 23 882 19 579
Income from operations after credit impairments 35 809 27 318
Operating expenses (18 099) (13 941)
Share of net profit of associates and joint ventures 3 71
Deemed disposal of investment in associate(1) 27 —
Operating profit before tax 17 740 13 448
Income tax expense (3 991) (2 881)
Profit for the year 13 749 10 567
Profit attributable to:
Ordinary shareholders 13 742 10 567
Non-controlling interest(1) 7 —
13 749 10 567
Earnings per share (cents)
Basic 11 911 9 156
Diluted 11 878 9 137
(1)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 19
Summary of the consolidated
statement of other comprehensive income
Year ended 28 February 2025

Audited Audited
February February
R’m 2025 2024

Profit for the year 13 749 10 567

Other comprehensive (loss)/income that may subsequently be reclassified to profit or loss (127) 30
Cash flow hedge reserve recognised (9) 11
Cash flow hedge reclassified to profit or loss (1) (3)
Income tax relating to cash flow hedge 3 (2)
Foreign currency translation reserve reclassified to profit or loss on deemed disposal of associate(1) (85) —
Foreign currency translation reserve recognised – attributable to ordinary shareholders (34) —
Foreign currency translation reserve recognised – attributable to non-controlling interest(1) (1) 24
Other comprehensive (loss)/income that will not subsequently be reclassified to profit or loss (6) 7
Remeasurement of defined benefit obligation — (1)
Profit on remeasurement to FVOCI (8) 8
Income tax thereon 2 —
Total comprehensive income for the year 13 616 10 604
Total comprehensive income attributable to:
Ordinary shareholders 13 610 10 604
Non-controlling interest(1) 6 —
13 616 10 604
(1)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 20
Reconciliation of attributable earnings
to headline earnings
Year ended 28 February 2025

Audited Audited
February February
R’m 2025 2024

Profit for the year attributable to ordinary shareholders of the group 13 742 10 567
Preference dividend (4) (5)
Discount on repurchase of preference shares — (1)
Net profit after tax attributable to ordinary shareholders of the group 13 738 10 561
Non-headline items:
Deemed disposal of associate(1) (27) —
Remeasurement loss on deemed disposal of associate 58 —
Reclassification of other comprehensive income to profit or loss relating to deemed disposal
of associate (85) —
Loss on disposal of property and equipment 14 17
Taxable loss 18 20
Income tax (5) (6)
Non-tax deductible loss 1 3
Loss on disposal of intangible assets 14 —
Taxable loss 19 —
Income tax (5) —
Headline earnings 13 739 10 578
Basic headline earnings per share (cents) 11 912 9 171
Diluted headline earnings per share (cents) 11 879 9 152
Number of shares (’000)
Weighted average number of ordinary shares in issue 115 627 115 627
Adjustment for treasury shares (288) (281)
Weighted average number of ordinary shares in issue 115 339 115 346
Adjustment for:
Exercise of share options 320 243
Weighted average number of ordinary shares for diluted headline earnings per share 115 659 115 589
Number of shares in issue per the shareholders’ register 116 100 116 100
(1)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 21
Summary of the consolidated
statement of changes in equity
Year ended 28 February 2025

Equity
attributable
Ordinary Foreign to ordinary Preference
share currency Cash flow Share share- share Non-
capital and translation hedge Other option Retained holders of capital and controlling
R’m premium reserve reserve reserves reserve earnings the group premium interest (1) Total

Balance as at
28 February 2023 5 406 78 1 (25) 516 31 895 37 871 49 — 37 920
Total comprehensive income for the
year — 24 6 7 — 10 567 10 604 — — 10 604
Transactions with shareholders
and directly recorded in equity 51 — — — — (5 038) (4 987) (6) — (4 993)
Ordinary dividend — — — — — (5 011) (5 011) — — (5 011)
Preference dividend — — — — — (5) (5) — — (5)
Employee share option scheme:
value of employee services — — — — — 60 60 — — 60
Employee share option scheme:
value of employee services 11 — — — — (85) (74) — — (74)
Shares acquired for employee
share options at cost — — — — — 106 106 — — 106
Tax effect on share options — — — — — 13 13 — — 13
Fair value of shares utilised for
net settlement — — — — — (115) (115) — — (115)
Preference shares repurchased — — — — — (1) (1) (6) — (7)
Treasury shares 40 — — — — — 40 — — 40

Balance as at
29 February 2024 5 457 102 7 (18) 516 37 424 43 488 43 — 43 531
Acquisition of subsidiary — — — — — — — — 21 21
Total comprehensive income
for the year — (120) (7) (5) — 13 742 13 610 — 6 13 616
Transactions with shareholders
and directly recorded in equity 18 — — — — (6 275) (6 257) (1) 4 (6 254)
Ordinary dividend — — — — — (6 298) (6 298) — — (6 298)
Preference dividend — — — — — (4) (4) — — (4)
Change in AvaFin shareholding
– equity transactions(2) — — — — — (4) (4) — 4 —
Employee share option scheme:
value of employee services — — — — — 86 86 — — 86
Shares acquired for employee
share options at cost (21) — — — — (121) (142) — — (142)
Proceeds on settlement of
employee share options — — — — — 136 136 — — 136
Tax effect on share options — — — — — 86 86 — — 86
Fair value of shares utilised for
net settlement — — — — — (156) (156) — — (156)
Preference shares repurchased — — — — — — — (1) — (1)
Treasury shares 39 — — — — — 39
— — — 39
Balance as at
28 February 2025 5 475 (18) — (23) 516 44 891 50 841 42 31 50 914
(1)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.
(2)
Shares were issued to AvaFin management for options exercised. The change in shareholding is an equity transaction that did not result in a loss of control.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 22
Summary of the consolidated
statement of cash flows
Year ended 28 February 2025

Audited
Audited February
February 2024
R’m 2025 restated(1)

Cash flows from operating activities

Cash flow from operations 9 647 4 181
Income tax paid (4 456) (2 713)
Interest received 29 757 24 950
Interest paid (10 044) (9 301)
24 904 17 117
Cash flows from investing activities
Acquisition of property and equipment (1 278) (1 038)
Disposal of property and equipment 40 30
Acquisition of intangible assets (95) (119)
Investment in term deposit investments (5 140) (7 864)
Redemption of term deposit investments 7 664 3 650
Acquisition of financial investments at amortised cost (71 068) (65 156)
Redemption of financial investments at amortised cost 63 005 58 959
Interest acquired in associates and joint ventures (15) (32)
Acquisition of a subsidiary net of cash acquired(2) (99) —
(6 986) (11 570)
Cash flows from financing activities
Dividends paid (6 304) (5 023)
Preference shares repurchased (2) (6)
Issue of institutional bonds and other funding — 750
Redemption of institutional bonds and other funding (1 250) —
Payment of lease liabilities (441) (407)
Shares acquired for settlement of employee share options (142) (74)
Participants’ contribution on settlement of options 4 10
Treasury shares repurchased (32) (37)
(8 167) (4 787)
Effect of exchange rate changes on cash and cash equivalents (48) 82
Net increase in cash and cash equivalents(1) 9 703 842
Cash and cash equivalents at the beginning of the year(1)(3) 34 861 34 019
Cash and cash equivalents at the end of the year(1)(3) 44 564 34 861
(1)
The group reclassified the SARB settlement balance, previously included in other receivables, to cash and cash equivalents in the current year. Comparatives
have been restated for this classification error. This restatement impacted the group’s cash flow from operating activities and cash and cash equivalents
reported for the beginning and end of the year. Refer to note 2.
(2)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.
(3)
Cash and cash equivalents before deduction of provision for impairments (ECL).

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 23
Notes to the summary of the
consolidated financial statements
Year ended 28 February 2025

1. Basis of preparation
The summary of the consolidated financial statements has been prepared in accordance with the requirements of the
Johannesburg Stock Exchange Limited (JSE) for summary consolidated financial statements and the requirements
of the Companies Act of South Africa, Act 71 of 2008. The JSE requires summary consolidated financial statements
to be prepared in accordance with the framework concepts and the measurement and recognition requirements of
IFRS® Accounting Standards, the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also,
as a minimum, contain the information required by IAS 34 Interim Financial Reporting.

The accounting policies applied in the preparation of the 2025 consolidated and separate audited financial
statements from which the summary of the consolidated financial statements was derived are in terms of
IFRS Accounting Standards and are consistent with those applied in the 2024 consolidated and separate
financial statements.

The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain
critical accounting estimates. It also requires management to exercise its judgement in the process of applying the
group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the summary of the consolidated financial statements, did not change
compared to the prior financial year.

In calculating the ECL for the year ended 28 February 2025, key areas of significant management estimation and
judgement included determining SICR thresholds, write-off being when there is no reasonable expectation of further
recovery (5% of balance before write-off), assumptions used in the forward-looking economic model, event overlays
and how historical data is used to project ECL. This was considered by applying macroeconomic information available
up to 28 February 2025.

The summary of the consolidated financial statements has been extracted from the 2025 consolidated and separate
audited financial statements and is not itself audited. The summary of the consolidated financial statements has been
prepared under the supervision of the chief financial officer (CFO), Grant Hardy CA(SA), and is the full responsibility
of the directors, including the accuracy of the extraction of the summary of the consolidated financial statements. The
joint auditors, KPMG and Deloitte & Touche, also expressed an unmodified opinion on the consolidated and separate
audited financial statements from which the summary of the consolidated financial statements was derived.

The consolidated and separate audited financial statements and the auditors’ report thereon are available for
inspection at the company’s registered office and on the company’s website at [Link].

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 24
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

2. Restatement – prior period error

Reclassification to cash and cash equivalents
In prior years, the SARB settlement balance was presented and disclosed as part of other receivables on the
consolidated statement of financial position and consolidated statement of cash flows and related notes. The SARB
settlement balance has been reclassified to cash and cash equivalents and has been included in the line item other
cash balances held with the central bank as it meets the definition of cash and cash equivalents under IAS 7
Statement of Cash Flows.

The group has restated the statement of financial position and the statement of cash flows together with related
notes for this classification error. This restatement has no impact on the group’s financial position, financial
performance or any key ratios. The restatement has no tax implications.

The impact on the statement of financial position and statement of cash flows has been illustrated below. The
restatement has no impact on the income statement.

Restatement of the statements of financial position

Year ended Year ended
February 2024 Year ended February 2023 Year
as previously February 2024 as previously commencing
R’m reported Restatement restated reported Restatement 1 March 2023

Assets
Cash and cash equivalents 29 021 5 835 34 856 31 014 3 005 34 019
Other receivables 8 407 (5 835) 2 572 4 803 (3 005) 1 799

Restatement of the statement of cash flows

Year ended
February 2024 Year ended
as previously February 2024
R’m reported Restatement restated

Cash flows from operating activities

Cash flow from operations 1 350 2 830 4 181
Net (decrease)/increase in cash and cash equivalents (1 989) 2 830 841
Cash and cash equivalents at the beginning of the year 31 015 3 005 34 019
Cash and cash equivalents at the end of the year 29 026 5 835 34 861

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 25
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

3. Loans and advances

Personal banking
Stage 1
12-month Stage 2 Stage 3
ECL Lifetime ECL Lifetime ECL
More than
3 months
in arrears,
Up-to-date legal
loans with Resche- Resche- statuses
SICR and duled from duled from and
applied for up-to-date arrears applied for
debt Up to 2 and (not yet (not yet debt
review 1 month 3 months rehabi- rehabi- review
R’m Up-to-date >6 months in arrears in arrears litated) litated) <6 months Total

Balance as at 28 February 2025

Gross loans and advances 50 393 12 483 1 597 2 233 1 810 2 137 18 892 89 545
Term loan 27 650 8 115 904 1 530 1 367 1 722 12 490 53 778
Access facility 13 711 3 213 400 502 443 415 4 928 23 612
Credit card 9 032 1 155 293 201 — — 1 474 12 155
Provision for credit impairments (ECL)(1) (3 656) (2 712) (744) (1 406) (458) (585) (14 600) (24 161)
Term loan (1 946) (1 540) (398) (998) (351) (461) (9 978) (15 672)
Access facility (1 127) (892) (234) (311) (107) (124) (3 641) (6 436)
Credit card (583) (280) (112) (97) — — (981) (2 053)
Net loans and advances 46 737 9 771 853 827 1 352 1 552 4 292 65 384
Term loan 25 704 6 575 506 532 1 016 1 261 2 512 38 106
Access facility 12 584 2 321 166 191 336 291 1 287 17 176
Credit card 8 449 875 181 104 — — 493 10 102
ECL coverage (%)(2) 7.3 21.7 46.5 63.0 25.3 27.4 77.3 27.0
Term loan 7.0 19.0 44.0 65.3 25.7 26.8 79.9 29.1
Access facility 8.2 27.8 58.5 62.0 24.2 29.8 73.9 27.3
Credit card 6.4 24.3 38.1 48.1 — — 66.5 16.9
% of gross loan book 56 14 2 2 2 3 21 100
Term loan 31 9 1 1 2 2 14 60
Access facility 15 4 1 1 — 1 5 27
Credit card 10 1 1 — — — 2 13

Balance as at 29 February 2024

Gross loans and advances 48 583 11 370 1 575 2 425 2 249 2 300 15 345 83 847
Term loan 25 831 6 644 876 1 573 1 632 1 800 10 045 48 401
Access facility 15 506 3 988 451 687 617 500 4 067 25 816
Credit card 7 246 738 248 165 — — 1 233 9 630
Provision for credit impairments (ECL)(1) (3 605) (2 705) (805) (1 624) (659) (665) (11 296) (21 359)
Term loan (1 648) (1 261) (434) (1 124) (483) (490) (7 452) (12 892)
Access facility (1 545) (1 247) (273) (419) (176) (175) (3 022) (6 857)
Credit card (412) (197) (98) (81) — — (822) (1 610)
Net loans and advances 44 978 8 665 770 801 1 590 1 635 4 049 62 488
Term loan 24 183 5 383 442 449 1 149 1 310 2 593 35 509
Access facility 13 961 2 741 178 268 441 325 1 045 18 959
Credit card 6 834 541 150 84 — — 411 8 020
ECL coverage (%)(2) 7.4 23.8 51.1 67.0 29.3 28.9 73.6 25.5
Term loan 6.4 19.0 49.6 71.4 29.6 27.2 74.2 26.6
Access facility 10.0 31.3 60.3 61.1 28.5 35.0 74.3 26.6
Credit card 5.7 26.7 39.5 48.7 — — 66.7 16.7
% of gross loan book 58 13 2 3 3 3 18 100
Term loan 31 8 1 2 2 2 12 58
Access facility 18 4 1 1 1 1 5 31
Credit card 9 1 — — — — 1 11
(1)
For agreements that contain both a drawn and undrawn component where the group cannot separately identify the ECL on the undrawn
component, the ECL on the undrawn component is recognised with the ECL on the loan component. To the extent that the ECLs exceed the gross
carrying amount of the loans at a client level, the excess is recognised as a provision for ECL in other liabilities in the statement of financial position.
The loss allowance on the undrawn loan commitments of clients that have no outstanding balances is also recognised as a provision for ECL in
other liabilities.
(2)
The ECL coverage ratio is calculated in thousands.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 26
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

3. Loans and advances continued

Business banking
Stage 3
Stage 1 Stage 2 Lifetime
12-month ECL Lifetime ECL ECL
More than
3 months
in arrears,
legal
statuses
and
Resche- Resche- applied for
duled from duled from business
up-to-date arrears rescue
Up to Up-to-date 2 and (not yet (not yet liqui-
1 month loans with 3 months rehabi- rehabi- dations
R’m Up-to-date in arrears SICR in arrears litated) litated) <6 months Total

Balance as at 28 February 2025

Gross loans and advances 19 342 307 1 182 158 199 34 2 117 23 339
Business loans 9 794 192 621 90 174 14 1 140 12 025
Mortgage loans 9 548 115 561 68 25 20 977 11 314
Provision for credit impairments
(ECL)(1)(2) (279) (8) (144) (18) (20) (4) (895) (1 368)
Business loans (250) (7) (110) (15) (19) (2) (653) (1 056)
Mortgage loans (29) (1) (34) (3) (1) (2) (242) (312)
Net loans and advances 19 063 299 1 038 140 179 30 1 222 21 971
Business loans 9 544 185 511 75 155 12 487 10 969
Mortgage loans 9 519 114 527 65 24 18 735 11 002
ECL coverage (%)(3) 1.4 2.6 12.2 11.5 9.9 11.7 42.3 5.9
Business loans 2.5 3.7 17.9 16.3 10.9 15.9 57.3 8.8
Mortgage loans 0.3 0.8 6.0 5.0 3.0 8.9 24.8 2.8
% of gross loan book 83 1 5 1 1 — 9 100
Business loans 42 1 2 1 1 — 5 52
Mortgage loans 41 — 3 — — — 4 48

Balance as at 29 February 2024

Gross loans and advances 16 153 183 835 174 290 77 1 432 19 144
Business loans 8 061 79 395 67 236 9 683 9 530
Mortgage loans 8 092 104 440 107 54 68 749 9 614
Provision for credit impairments
(ECL)(1)(2) (260) (4) (138) (23) (17) (7) (631) (1 080)
Business loans (216) (2) (106) (15) (13) (2) (439) (793)
Mortgage loans (44) (2) (32) (8) (4) (5) (192) (287)
Net loans and advances 15 893 179 697 151 273 70 801 18 064
Business loans 7 845 77 289 52 223 7 244 8 737
Mortgage loans 8 048 102 408 99 50 63 557 9 327
ECL coverage (%)(3) 1.6 2.4 16.5 13.6 5.8 8.8 44.1 5.6
Business loans 2.7 3.1 26.9 22.2 5.6 24.3 64.2 8.3
Mortgage loans 0.5 1.8 7.2 8.2 6.7 6.8 25.7 3.0
% of gross loan book 84 1 4 1 2 — 8 100
Business loans 42 — 2 — 2 — 4 50
Mortgage loans 42 1 2 1 — — 4 50

(1)
For agreements at a client level that contain both a drawn and an undrawn component, the combined ECL is recognised with the loan component.
To the extent that the combined ECL exceeds the gross carrying amount, the excess is recognised as a provision for ECL in other liabilities in the
statement of financial position.
(2)
Business banking accepts collateral for secured funds advanced and this decreases the ECL.
(3)
The ECL coverage ratio is calculated in thousands.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 27
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

3. Loans and advances continued

AvaFin
Stage 1 Stage 2 Stage 3
12-month ECL Lifetime ECL Lifetime ECL
More than
1 to 30 days 31 to 60 days 60 days
R'm Up-to-date in arrears in arrears in arrears Total

Balance as at 28 February 2025

Gross loans and advances 1 548 241 145 707 2 641
Provision for credit impairments (ECL) (147) (69) (58) (577) (851)
Net loans and advances 1 401 172 87 130 1 790
ECL coverage (%)(1) 9.5 28.6 40.4 81.6 32.2
% of gross loan book 59 9 5 27 100
(1)
The ECL coverage ratio is calculated in thousands before rounding to millions.

4. Commitments and contingent liabilities

Audited Audited
February February
R’m 2025 2024

Capital commitments – approved by the board

Contracted for:
Property and equipment(1) 144 745
Intangible assets 61 11
Not contracted for:
Property and equipment 196 729
Intangible assets 186 260
Total capital commitments(2) 587 1 745
Loan commitments – gross of loss allowances
Personal banking loan commitments – off-balance sheet 13 893 13 759
Access facility 10 025 11 074
Credit card 3 868 2 685
Business banking loan commitments – off-balance sheet 374 401
Mortgage bonds 290 315
Credit card 84 86
Guarantees – Business banking 660 559
Letters of credit – Business banking 31 55
Foreign currency-denominated loan commitments(3) 339 —
Total loan commitments, guarantees and letters of credit 15 297 14 774
(1)
Contracted capital commitments for property and equipment include property amounting to Rnil million (2024: R400 million).
(2)
As at the reporting date, total capital commitments include R61 million relating to AvaFin.
(3)
Foreign currency-denominated loan commitments due to the AvaFin acquisition amounted to R339 million at the reporting date.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 28
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

5. Fair value hierarchy and classification of financial assets and liabilities

Determination of fair values and valuation processes
Fair values are market-based, calculated with reference to observable inputs available in the market, then less
observable inputs and finally, unobservable inputs only where observable inputs or less observable inputs are
unavailable.

Fair values are calculated consistently with the unit of account used for the measurement of the asset or liability in
the statement of financial position and income statement and assume an orderly market on a going concern basis.

The group finance department performs the valuations of financial assets and liabilities required for financial
reporting purposes. Selecting the most appropriate valuation methods and techniques is an outcome of internal
discussion and deliberation between members of the finance team who have modelling and valuation experience.
The valuations are reported to the CFO and audit committee. Changes in fair values are analysed at each
reporting date.

Hierarchy of fair value of financial instruments

The hierarchy is based on the extent to which the inputs to valuation techniques are observable or unobservable.
The hierarchy categorises the inputs to valuation techniques used to measure fair value into 3 levels.

Level 1 inputs reflect observable market data obtained from independent sources and consist of unadjusted quoted
prices in active markets for assets and liabilities.

Level 2 inputs are inputs other than quoted market prices in level 1 that are directly or indirectly observable for the
asset or liability.

Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs reflect the group’s assessment
of what inputs would likely be from the perspective of the market.

The group considers relevant and observable market inputs where these are available. Unobservable inputs are used
in the absence of observable inputs.

The group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as of the date of the
event or change in circumstances that caused the transfer. There were no transfers between levels 1, 2 and 3 during
the year.

The fair value hierarchy is applied to both those assets and liabilities measured at FVTPL and those measured using
amortised cost. The table that follows summarises the classification of financial assets and financial liabilities and
their fair values.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 29
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

5. Fair value hierarchy and classification of financial assets and liabilities continued
Hierarchy of fair value of financial instruments continued
The table below summarises the classification of financial assets and financial liabilities and their fair values.

Carrying value Fair value Fair value Hierarchy of

February February February valuation
R’m 2025 2025 2024 technique

Financial assets
Cash and cash equivalents(1)(2) 44 563 44 563 34 856 Level 2
Financial assets at FVTPL 1 349 1 349 554
Financial assets at FVTPL(3)
– Income funds 794 794 275 Level 2
Financial assets at FVTPL(3)
– Term deposits 200 200 72 Level 2
Financial assets at FVTPL(3)
– Treasury bills 355 355 207 Level 2(6)
Term deposit investments 5 547 5 547 7 791 Level 2
Financial investments at amortised cost 76 337 76 372 67 459
Financial investments at amortised cost
– Treasury bills(3) 52 207 52 150 55 304 Level 2(6)
Financial investments at amortised cost
– Fixed-rate government bonds(3) 13 033 13 037 12 155 Level 1(6)
Financial investments at amortised cost
– Corporate bonds(3)(4) 72 69 — Level 2
Financial investments at amortised cost
– Floating-rate government bonds(3) 11 025 11 116 — Level 1
Financial assets – equity instruments at FVOCI 82 82 82 Level 3
Loans and advances 89 145 93 605 83 761
Loans and advances Personal banking
– Term loans(3) 38 106 40 861 36 325 Level 3
Loans and advances Personal banking
– Access facility(3) 17 176 18 242 20 695 Level 3
Loans and advances Personal banking
– Credit card(3) 10 102 10 453 8 417 Level 3
Loans and advances AvaFin(1)(4) 1 790 1 790 — Level 3
Loans and advances Business banking
– Business 10 969 11 227 8 951 Level 3
Loans and advances Business banking
– Mortgage 11 002 11 032 9 373 Level 3
Other receivables(1)(2)(5) 5 582 5 582 2 223 Level 2
Derivative assets 38 38 34 Level 2
Financial liabilities
Deposits and bonds 175 541 168 330 155 996 Level 2
Derivative liabilities 21 21 21 Level 2
Trade and other payables(1)(5) 5 783 5 783 3 439 Level 2
(1)
The fair values of these assets and liabilities closely approximate their carrying amounts due to their short-term or on-demand repayment terms.
(2)
The group reclassified the SARB settlement balance, previously included in other receivables, to cash and cash equivalents in the current year.
Comparatives have been restated for this classification error. Refer to note 2.
(3)
The fair value presentation of financial assets at FVTPL, financial investments at amortised cost and loans and advances for Personal banking has
been disaggregated by nature. Comparatives have been updated to reflect the disaggregated presentation.
(4)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.
(5)
Other receivables per the statement of financial position include non-financial receivables totalling R0.4 billion (2024: R0.3 billion). Other payables
per the statement of financial position include non-financial payables totalling R3.4 billion (2024: R1.9 billion).
(6)
In the prior year, treasury bills were incorrectly classified as level 1. In the current year, they are appropriately classified as level 2. In the prior year,
government bonds were incorrectly classified as level 2. In the current year, they have been classified as level 1 as they are priced to quoted prices in
active markets.

Fair values of assets and liabilities reported in this note were market-based to reflect the perspective of a market
participant.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 30
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

5. Fair value hierarchy and classification of financial assets and liabilities continued
Hierarchy of fair value of financial instruments continued
Item and description Valuation technique

Personal banking The expected present value technique was applied, discounting probability-weighted cash flows at
loans and advances a discount rate that ensures that no day-1 fair value gain or loss arises on new loans. This considers
that loans are granted at market-related rates at the time of initiation.

The level 3 fair value disclosed for loans and advances required the use of significant judgement by
management in determining what a market-based valuation would be. An income approach was used,
which calculated an expected present value in terms of a discount rate for a hypothetical market
participant applied to the valuation cash flows. In summary, this approach calculates a discount rate
which reflects the cost to the market participant plus that participant’s required rate of return on
investment.
Business banking The fair value of loans and advances that are carried at amortised cost approximates the fair value
loans and advances reported as they bear variable rates of interest. The fair value is adjusted for deterioration of the credit
quality of the book.
AvaFin loans and The expected present value technique was applied. Determination of expected future cash flows
advances requires significant judgement. Foreign currency loans are translated to the reporting currency using
market foreign exchange rates.
Financial assets Financial assets (income funds) with underlying debt securities are valued using DCF, external
at FVTPL – Income valuations and published price quotations on the JSE equity and debt interest rate market, or external
funds valuations that are based on published market inputs with the main assumptions being market input,
uplifted with inflation. These instruments are classified as level 2 as the markets that they are quoted
on are not considered to be active.
Financial assets Future cash flows are discounted using a market-related interest rate adjusted for credit inputs over
at FVTPL – Term the contractual period.
deposits
Financial assets These instruments are classified as level 2 as the markets that they are quoted on are not considered
at FVTPL – Treasury to be active.
bills
Financial assets – The equity investment in SWIFT is valued based on the net asset value in the annual financial
Equity instruments statements at the latest reporting date. No active market exists for these shares.
at FVOCI – SWIFT
Financial assets – The equity investment in African Bank Holdings Limited is valued based on the net asset value in the
Equity instruments annual financial statements at the latest reporting date adjusted by a marketability discount of 45%
at FVOCI – African because the shares are not listed and sale is restricted in terms of the rules of the consortium.
Bank Holdings Limited
Term deposit Future cash flows are discounted using a market-related interest rate adjusted for credit inputs over
investments the contractual period.
Financial investments These instruments are classified as level 2 as the markets that they are quoted in are not considered to
at amortised cost be active.
– Treasury bills
Financial investments The JSE debt market bond pricing model uses the JSE debt market mark-to-market bond yield.
at amortised cost
– Fixed-rate
government bonds,
floating-rate
government bonds
Financial investments The present value technique was applied. For fixed-rate instruments, future cash outflows were
at amortised cost discounted using the rate adjusted by changes in market rates since origination. For floating-rate
– Corporate bonds instruments, with rate recalculation periods not longer than 3 months, no adjustment of market rates
was assumed. All instruments are reviewed for credit risk changes since origination.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 31
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

5. Fair value hierarchy and classification of financial assets and liabilities continued
Hierarchy of fair value of financial instruments continued
Item and description Valuation technique

Derivative assets Derivatives, both assets and liabilities, were valued using the income approach. Derivatives comprise
and liabilities interest rate swaps and forward foreign exchange contracts. Interest rate swaps were fair valued on
a discounted basis using forward interest rates and foreign currency rates extracted from observable
yield and foreign currency market curves. Foreign exchange contracts were valued using applicable
forward rates.

The fair value of publicly traded derivatives and securities is based on quoted market values at the
reporting date.
Deposits and bonds Specified terms for future repayment as well as retail deposits with a call feature which allows them to
with call features be withdrawn on demand. The fair values of the retail call deposits closely approximate their carrying
amounts due to their demand nature.
Listed senior bonds A market approach was used. Calculations used the all-in closing bond prices provided by the JSE’s
Interest Rate and Currency debt market. The pricing method used by the JSE links the bond at issue to
a liquid government bond (a companion bond). The companion is chosen so as to best fit the
characteristics of the Capitec issue, with the time to maturity being the most important factor. Spread
information is obtained from market participants and is used to adjust the price subsequent to issue.
Very small and very large trades are excluded due to the inherent discounts associated with large
trades as well as the premium often charged for odd-lot trades.
Unlisted fixed-term These comprise unlisted bonds, unlisted fixed-term negotiable instruments and other unlisted fixed-
institutional deposits term wholesale instruments. The income approach was used. Fair values were calculated by
discounting the contractual cash flows using publicly quoted closing swap curve rates from a large
bank market-maker with a risk premium adjustment to account for non-performance risk. The market
rate on the curve was determined with reference to the remaining maturity of the liability.
Personal banking An income approach was used. Fair values were calculated by discounting the contractual cash flows
fixed-term deposits using publicly quoted, closing Capitec fixed-term deposit rates. The relevant rate used was that which
matched the remaining maturity of the fixed deposit.
Secured funding Is carried at amortised cost which approximates the fair value reported as they bear variable rates
of interest.

6. Segment information
Operating segments are identified based on internal reports about components of the group that are regularly
reviewed by the chief operating decision-maker (CODM) to allocate resources to the segments and to assess their
performance. The group executive management committee (EXCO), headed by the CEO, has been identified as the
CODM, which is responsible for assessing the performance of and allocating resources to the segments.

The CODM identified 3 operating segments within the South African economic environment – Personal banking,
Business banking and the Insurance business. Since the group has acquired a controlling interest in AvaFin, an
additional operating segment has been identified – AvaFin.

The group's business is widely distributed with no reliance on any major clients. In addition, no client accounts for
more than 10% of revenue.

The CODM regularly reviews the operating results and gross loans and advances of Personal banking, Business
banking, the Insurance business and AvaFin for which discrete financial information is made available on a monthly
basis, and against which performance is measured, and resources are allocated across the segments.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 32
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

6. Segment information continued

Within the segments, there are various products and services from which the group derives its revenue.
These include:

Personal banking
• Transactional banking services
• Loan products that are granted to Personal banking clients. There are 3 different loan products granted, namely
term loans, credit cards and access facilities
• Flexible, notice, fixed and tax-free savings
• VAS including enabling clients to purchase prepaid mobile network services, electricity, national lottery tickets and
vouchers and the ability to pay bills on the banking application
• Capitec Connect, a mobile virtual network operator using the mobile network infrastructure of Cell C, offering its
own products and services.

Business banking
• Loan products that are granted to Business banking clients. There are 5 different loan products granted, namely
term loans, mortgage loans, overdrafts, instalment sales and leases, and credit cards
• Call and notice deposits
• Treasury products that comprise foreign currency exchange spot trades and foreign currency exchange
forward contracts.

Insurance
The following long-term insurance products are provided by the group:
• Credit life insurance which provides cover for the settlement of debt in the event of death, permanent disability,
temporary disability and retrenchment
• Funeral plan and life cover (together life insurance). The funeral plan provides cover for funeral costs. Life cover
provides cover in the event of death or disability by way of a lump sum, income over 24 months or other pre-
selected needs (e.g. child’s education).

All products are sold on our own Capitec Life Limited licence. Capitec Ins Proprietary Limited, by way of cell captive
agreements with Guardrisk Life Limited and Centriq Life Insurance Company Limited, sold credit life and funeral plan
policies, respectively. Since 7 May 2023, no new credit life policies have been sold in the Guardrisk cell and since
1 November 2024, no new funeral plan policies have been sold in the Centriq cell.

AvaFin
• Short-term loan products
• Credit line products – A revolving credit line with a perpetual contractual period and the option to reuse funds and
repay the loan in multiple instalments
• Instalment loans – Loans that are repaid over time with a set number of scheduled payments.

The revenue from external parties and all other items of income, expenses, profits and losses reported in the
segment report are measured in a manner consistent with those in the income statement.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 33
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

6. Segment information continued

Year ended February 2025
Personal Business
R’m banking banking Insurance AvaFin Total

Interest and similar income and expenses

Interest income(1) 25 459 3 098 65 2 159 30 228
Interest income on lending calculated using the
effective interest method 16 501 2 590 — 2 151 21 242
Interest income on investments calculated using the
effective interest method(1)(2)(3) 8 160 508 2 8 8 125
Interest income on financial assets at FVTPL 798 — 63 — 861
Interest expense and other similar charges(1)(2)(3) (9 233) (1 218) — (145) (10 043)
Net interest income 16 226 1 880 65 2 014 20 185
Credit impairments(4) (7 061) (368) — (829) (8 258)
Bad debts written off (7 830) (185) — (529) (8 544)
Movement in provision for credit impairments 201 (191) — (308) (298)
Bad debts recovered 568 8 — 8 584
Net interest income after credit impairments 9 165 1 512 65 1 185 11 927
Non-interest income
Loan fee income 1 273 — — 19 1 292
Loan fee expense (6) — — — (6)
Net loan fee income 1 267 — — 19 1 286
Transaction fee and commission income(1)(5) 22 761 2 190 — — 24 852
Branch, cash and self-service transactions 7 849 30 — — 7 879
Digital transactions(5) 4 695 263 — — 4 958
Monthly fees, debit orders and other transactions(1) 4 679 628 — — 5 290
POS transactions(1) 3 162 99 — — 3 179
Commission income(5) 2 376 1 170 — — 3 546
Transaction fee and commission expense(1)(5) (5 496) (903) — — (6 317)
Branch, cash and self-service transactions (2 987) (7) — — (2 994)
Digital transactions(5) (568) (63) — — (631)
Monthly fees, debit orders and other transactions (764) (315) — — (1 079)
POS transactions(1) (1 083) (518) — — (1 519)
Commission expense (94) — — — (94)
Net transaction and commission income(1) 17 265 1 287 — — 18 535
Insurance revenue — — 7 368 — 7 368
Insurance service expense — — (3 716) — (3 716)
Net expense from reinsurance contracts held — — (1) — (1)
Insurance service result — — 3 651 — 3 651
Insurance finance income — — 127 — 127
Reinsurance finance expense — — (1) — (1)
Net insurance result — — 3 777 — 3 777
Foreign currency income — 568 — — 568
Foreign currency expense — (432) — — (432)
Net foreign currency income — 136 — — 136
Other income/(expense)(1) 122 (24) 115 (43) 148
Net non-interest income(1) 18 654 1 399 3 892 (24) 23 882
Income from operations after credit impairments(1) 27 819 2 911 3 957 1 161 35 809
(1)
Consolidation entries are not included in the 4 segments.
(2)
Personal banking provides revolving credit and an overdraft facility to Business banking. Interest on these facilities amounted to R104 million and is
included in interest income on investments for Personal banking and interest expense for Business banking.
(3)
Business banking assets include an amount of R11.1 billion in investments that are placed with Personal banking. Interest on the investments
amounted to R448 million and is disclosed as interest income on investments calculated using the effective interest method in Business banking
and as an interest expense in Personal banking.
(4)
Previously, the credit impairment charge was reported as a single line item. The charge has been disaggregated to enhance disclosures.
Comparatives have been updated to reflect this change.
(5)
The Capitec Pay product offering was transferred from Personal banking to Business banking during the current financial year. Included in the prior
year figures is a total of R301.6 million transaction fee and commission income and R73 million transaction fee and commission expense.
Comparatives have not been restated.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 34
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

6. Segment information continued

Year ended February 2025
Personal Business
R’m banking banking Insurance AvaFin Total

Operating expenses(1) (15 012) (1 911) (282) (896) (18 099)

Other operating expenses(1) (522) (83) (37) (53) (673)
Advertising and marketing expenses(2) (303) (53) (13) (377) (746)
Bank charges and cash handling fees(1)(2) (309) (3) (2) (4) (301)
Consumables(2) (411) (12) — (1) (424)
Communication expenses(2) (197) (30) — (4) (231)
Equipment cost(2) (408) (17) — (2) (427)
Premises expense(2) (241) (12) — (9) (262)
Professional fees(2) (96) (22) (13) (125) (256)
Subscriptions(2) (411) (25) (7) (62) (505)
Security and cash-in-transit fees(2) (665) (3) — — (668)
Attributable insurance service expenses(3) — — 69 — 69
IT expenses (2 259) (188) (99) (14) (2 560)
Employee costs (7 917) (1 377) (166) (206) (9 666)
Depreciation (1 180) (41) — (6) (1 227)
Amortisation (93) (45) (14) (33) (185)
Amortisation of intangible assets – core deposits
and client relationships(1) — — — — (37)
Share of net profit of associates and joint ventures 3 — — — 3
Deemed disposal of investment in associate 27 — — — 27
Operating profit before tax(1) 12 837 1 000 3 675 265 17 740
Income and deferred tax expense (3 450) (273) (215) (62) (4 001)
Tax on amortisation of intangible assets(1) — — — — 10
Profit for the year(1) 9 387 727 3 460 203 13 749
Profit attributable to:
Ordinary shareholders(1) 9 387 727 3 460 196 13 742
Non-controlling interest(4) — — — 7 7
9 387 727 3 460 203 13 749
(1)
Consolidation entries are not included in the 4 segments.
(2)
Operating expenses have been disaggregated to include all material operating expenses. The group has disclosed these operating expenses for
each reportable segment as they are regularly reviewed by the CODM. Comparatives have been updated.
(3)
Insurance operating expenses reallocated to insurance service expenses.
(4)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.

Year ended February 2025

Personal Business
R’m banking banking Insurance AvaFin Total

Assets
Loans and advances 65 384 21 971 — 1 790 89 145
Other(1)(2) 138 720 14 138 5 504 912 148 229
Acquisition of AvaFin(3) — — — — 241
Goodwill(1) — — — — 241
Acquisition of Mercantile — — — — 849
Goodwill(1) — — — — 849
Intangible asset – core deposit intangible(1) — — — — —
Intangible asset – client relationships(1) — — — — —
Total assets(1)(2) 204 104 36 109 5 504 2 702 238 464
(1)
Consolidation entries are not included in the 4 segments.
(2)
Business banking assets include an amount of R11.1 billion (2024: R10.5 billion) in investments that are placed with Personal banking and
are eliminated against liabilities on consolidation.
(3)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 35
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

6. Segment information continued

Year ended February 2024
Personal Business
R’m banking banking Insurance AvaFin Total

Interest and similar income and expenses

Interest income(1) 23 694 2 654 26 — 25 806
Interest income on lending calculated using the
effective interest method 16 071 2 118 — — 18 189
Interest income on investments calculated using the
effective interest method(1)(2)(3) 6 954 536 7 — 6 929
Interest income on financial assets at FVTPL 669 — 19 — 688
(1)(2)(3)
Interest expense and other similar charges (8 751) (1 159) — — (9 342)
Net interest income 14 943 1 495 26 — 16 464
Credit impairments(4) (8 403) (322) — — (8 725)
Bad debts written off (9 173) (157) — — (9 330) (9 329 727)
Movement in provision for credit impairments 172 (168) — — 4 3 445
Bad debts recovered 598 3 — — 601 600 947
Net interest income after credit impairments 6 540 1 173 26 — 7 739
Non-interest income
Loan fee income 1 218 1 — — 1 219
Loan fee expense (11) — — — (11)
Net loan fee income 1 207 1 — — 1 208
Transaction fee and commission income(1) 19 357 1 573 — — 20 856
Branch, cash and self-service transactions 7 491 16 — — 7 507
Digital transactions 3 504 87 — — 3 591
Monthly fees, debit orders and other transactions(1) 4 057 578 — — 4 621
POS transactions(1) 2 542 148 — — 2 630
Commission income 1 763 744 — — 2 507
Transaction fee and commission expense(1) (5 411) (718) — — (6 069)
Branch, cash and self-service transactions (3 156) — — — (3 156)
Digital transactions (521) (30) — — (551)
Monthly fees, debit orders and other transactions (1 059) (302) — — (1 361)
POS transactions(1) (605) (386) — — (931)
Commission expense (70) — — — (70)
Net transaction and commission income(1) 13 946 855 — — 14 787
Insurance revenue — — 4 971 — 4 971
Insurance service expense — — (1 977) — (1 977)
Insurance service result — — 2 994 — 2 994
Insurance finance income — — 184 — 184
Net insurance result — — 3 178 — 3 178
Foreign currency income — 515 — — 515
Foreign currency expense — (354) — — (354)
Net foreign currency income — 161 — — 161
Other income(1) 121 44 97 — 245
Net non-interest income(1) 15 274 1 061 3 275 — 19 579
Income from operations after credit impairments(1) 21 814 2 234 3 301 — 27 318
(1)
Consolidation entries are not included in the 4 segments.
(2)
Personal banking provides revolving credit and an overdraft facility to Business banking. Interest on these facilities amounted to R96 million and is
included in interest income on investments for Personal banking and interest expense for Business banking.
(3)
Business banking assets include an amount of R10.5 billion in investments that are placed with Personal banking. Interest on the investments
amounted to R469 million and is disclosed as interest income on investments calculated using the effective interest method in Business banking
and as interest expense in Personal banking.
(4)
Previously, the credit impairment charge was reported as a single line item. The charge has been disaggregated to enhance disclosures.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 36
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

6. Segment information continued

Year ended February 2024
Personal Business
R’m banking banking Insurance AvaFin Total
(1)
Operating expenses (12 205) (1 584) (169) — (13 941)
Other operating expenses(1) (546) (98) (31) — (661)
Advertising and marketing expenses(2) (314) (9) — — (323)
Bank charges and cash handling fees(1)(2) (275) (23) — — (281)
Consumables(2) (389) (13) — — (402)
Communication expenses(2) (158) (24) — — (182)
Equipment cost(2) (304) (7) — — (311)
Premises expense(2) (237) (11) — — (248)
Professional fees(2) (96) (17) (20) — (133)
Subscriptions(2) (329) (24) (1) — (354)
Security and cash-in-transit fees(2) (613) (2) — — (615)
Attributable insurance service expenses(3) — — 11 — 11
IT expenses (1 725) (135) (38) — (1 898)
Employee costs (6 023) (1 066) (88) — (7 177)
Depreciation (1 090) (125) — — (1 215)
Amortisation (106) (30) (2) — (138)
Amortisation of intangible assets – core deposits and
client relationships(1) — — — — (14)
Share of net profit of associates and joint ventures 71 — — — 71
Operating profit before tax(1) 9 680 650 3 132 — 13 448
Income and deferred tax expense (2 653) (172) (60) — (2 885)
Tax on amortisation of intangible assets(1) — — — — 4
Profit for the year(1) 7 027 478 3 072 — 10 567
Profit attributable to:
Ordinary shareholders(1) 7 027 478 3 072 — 10 567
Non-controlling interest(4) — — — — —
7 027 478 3 072 — 10 567
(1)
Consolidation entries are not included in the 4 segments.
(2)
Operating expenses have been further disaggregated to include all material operating expenses. The group has disclosed these operating expenses
for each reportable segment as they are regularly reviewed by the CODM.
(3)
Insurance operating expenses reallocated to insurance service expenses.
(4)
The group acquired a controlling interest in AvaFin on 1 May 2024, and AvaFin’s results were consolidated from that date.

Year ended February 2024

Personal Business
R’m banking banking Insurance AvaFin Total

Assets
Loans and advances 62 488 18 064 — — 80 552
Other(1)(2) 120 251 12 873 3 492 — 126 140
Acquisition of Mercantile — — — — 887
Goodwill(1) — — — — 849
Intangible asset – core deposit intangible(1) — — — — 31
Intangible asset – client relationships(1) — — — — 7
Total assets(1)(2) 182 739 30 937 3 492 — 207 579
(1)
Consolidation entries are not included in the 4 segments.
(2)
Business banking assets include an amount of R11.1 billion (2024: R10.5 billion) in investments that are placed with Personal banking and
are eliminated against liabilities on consolidation.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 37
Notes to the summary of the consolidated financial statements continued
Year ended 28 February 2025

7. Events after the reporting period

In terms of IAS 10 Events after the Reporting Period, non-adjusting post-balance sheet events are events that are
indicative of a condition that arose after the reporting period ended 28 February 2025. We have concluded that the
uncertainty around USA tariff adjustments on the import of goods from numerous countries, including South Africa,
and the potential termination of South Africa’s Government of National Unity in its present form, are such events.

The forward-looking ECL model considers economic variables specific to South Africa that directly impact the
group’s clients. 4 forward-looking scenarios are incorporated into the range of reasonably possible outcomes
(negative, baseline, positive and very positive scenarios). The negative scenario incorporated into the model at
year-end specifically assumes that the economic conditions deteriorate further.

We believe that there may be further negative impacts on the South African economy and our business for the year
ending 28 February 2026. However, it is not possible to accurately estimate the financial effect as the situation
remains fluid.

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 38
Statutory information

Capitec Bank Holdings Limited Group company secretary and registered office
Registration number: 1999/025903/06 YM Mouton
Registered bank controlling company 5 Neutron Road, Techno Park, Stellenbosch, 7600
Incorporated in the Republic of South Africa
JSE ordinary share code: CPI Postal address
ISIN code: ZAE000035861
PO Box 12451, Die Boord, Stellenbosch, 7613
JSE preference share code: CPIP
ISIN code: ZAE000083838
Transfer secretary
Directors Computershare Investor Services Proprietary Limited
SL Botha (chairman) Registration number: 2004/003647/07
GM Fourie (CEO)(1) Rosebank Towers, 15 Biermann Avenue
NF Bhettay Rosebank, Johannesburg, 2196
SA du Plessis Private Bag X9000, Saxonwold, 2132
CH Fernandez
N Ford-Hoon Sponsor
GR Hardy (CFO)(1) PSG Capital Proprietary Limited
MSdP le Roux Registration number: 2006/015817/07
V Mahlangu 1st Floor, Ou Kollege Building
RR Malhotra (appointed on 1 March 2025) 35 Kerk Street, Stellenbosch, 7600
PJ Mouton and
CA Otto 1st Floor, The Place, 1 Sandton Drive, North Towers
JP Verster (retired effective 31 May 2024) Sandhurst, Sandton, 2196
(1)
Executive
Website
[Link]

Enquiries
enquiries@[Link]

Capitec Bank Holdings Limited summary of the consolidated financial statements 2025 | 39
[Link]