Capitec Bank Holdings (CPIJ.J): Key takeaways from CEEMEA Corporate Days in Singapore

Research evidence excerpt

Capitec Bank Holdings (CPIJ.J): Key takeaways from CEEMEA Corporate Days in Singapore

Equity Research

23 June 2026 | 2:20PM GST

Capitec Bank Holdings (CPIJ.J): Key takeaways from CEEMEA Corporate

Days in Singapore

Presenters: We hosted Capitec Bank’s management team as part of CEEMEA Kazim Andac

+971(4)214-9958 |

Corporate Days in Singapore. Key takeaways include: kazim.andac@gs.com

Goldman Sachs International

Bottom line: We maintain our constructive view on Capitec’s medium-term story. Ashwath P T, CFA

+971(4)376-3439 | ashwath.pt@gs.com

Management continues to view the group as a structural market share gainer in Goldman Sachs International

South African retail banking, with further growth opportunities in Business Banking, Gokul Vinayak L

payments / VAS, insurance, and selective international expansion through AvaFin. +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

The near-term debate remains centered on the macro backdrop, asset quality

normalization, and whether Capitec can sustain >30% ROE while continuing to

deliver value to clients and invest for growth. Our read is that management remains

confident on growth, but there is an increasing emphasis on long-term sustainability

over maximizing short-term profitability.

Key takeaways:

n Macro and rate outlook: management appears more cautious but still

constructive on the consumer. Management had previously indicated that,

prior to the Iran / Middle East shock, it was effectively assuming two potential

rate cuts; thereafter, it shifted to a view closer to two possible rate hikes. This

suggests a meaningfully more conservative macro stance versus earlier

expectations. That said, management commentary remains relatively

constructive on the underlying South African consumer, with the group noting