Capitec CEO’s Staggering Payday Amid Bank’s Soaring Success

CEO of Capitec
  1. Capitec Bank reported strong financial growth for the year ending February 28, 2023, with a 15% increase in headline earnings and a significant expansion of its client base, now serving around one-third of the South African population.
  2. The annual remuneration report disclosed that CEO Gerrie Fourie received R62.09 million in 2023, with top executives earning significantly more than the average employee, highlighting the income inequality debate.
  3. Despite challenging economic conditions in South Africa and globally, Capitec’s solid capital position and commitment to innovation have positioned the bank for future growth opportunities and strengthened its status as a leading financial institution in the country.

On April 18, 2023, Capitec Bank released its annual remuneration report for 2023, providing insights into the earnings of the bank’s top executives during the last financial year. The South African banking giant showed remarkable growth in its financial results for the full year ending February 28, 2023, despite the challenging economic environment in the country.

Capitec reported a 15% increase in headline earnings, reaching R9.7 billion, up from R8.4 billion in the previous year. Income from operations saw a 12% growth, amounting to R30.3 billion. However, net income experienced only a marginal 2% increase to R24 billion, mainly due to credit impairments, which surged by 80% to R6.3 billion.

The group declared a final dividend of 2,800 cents, bringing the total dividend for the year to 4,200 – a 15% increase in line with the group’s growth. Additionally, the bank recorded a significant jump in its client base, reaching 20.1 million customers by the end of February 2023. This indicates that around one-third of the South African population, based on the 2022 estimated population of 60.6 million, now banks with Capitec in some capacity.

Capitec explained the growth of its credit impairment charge in the context of the last four years, detailing a shift from a ‘normal’ pre-pandemic situation in 2020 to the disruptions caused by the pandemic in 2021, followed by some recovery in 2022 and the ongoing challenges brought on by the Russian war in Ukraine in 2023.

The bank’s CET1 ratio stood at 34% (2022: 35%), and its CAR ratio was also 34% (2022: 36%), both well above the board-approved regulatory requirements. “As such, Capitec continues to be well-capitalized and positioned for future growth opportunities,” the bank stated.

In terms of executive pay, Capitec’s single-figure report disclosed that CEO Gerrie Fourie received a total of R62.09 million in 2023, representing a 33% decrease from the R92.77 million he earned in 2022. This figure includes Fourie’s total guaranteed pay (TGP), inclusive of benefits, amounting to R16.92 million, a short-term cash incentive (STI) of R5.42 million, and a long-term incentive (including vested awards) of R39.74 million. Fourie’s salary translates to approximately R170,109 per day.

Group CFO Andre du Plessis took home R31.05 million for the year, a 48.5% decrease from R60.35 million in 2022, primarily due to his retirement on June 30, 2022, which led to him receiving no STI. Among Capitec’s top four executives, Grant Hardy earned the lowest amount at R6.97 million. Hardy was appointed to the CFO position on July 1, 2022, resulting in a pro-rated STI and TGP based on the number of months he served as CFO during the financial year.

Together, the four executives received a total of R114.59 million in salaries, averaging R28.64 million per executive. According to Capitec’s reported figures, the group spent R6.2 billion on staff costs, including salaries and benefits, for its 15,451 employees in 2023. This equates to approximately R401,269 per employee. The average executive earned 71 times more than the average employee, with the CEO earning 154 times more.

The table below provides an overview of the total remuneration and average daily earnings for Capitec’s top executives:

EmployeeTotal RemunerationAverage per day
GM FourieR62.09 millionR170,109
AP du PlessisR31.05 millionR85,068
NS MashiyaR14.47 millionR39,643
GR HardyR6.97 millionR19,095
Capitec averageR401,269R1,099

The impressive growth and strong financial results achieved by Capitec, despite the challenging economic environment, can be attributed to the bank’s commitment to innovation and providing affordable banking solutions to the South African market. As the bank continues to expand its client base and maintain a solid capital position, it is well-prepared to capitalize on future growth opportunities and further solidify its status as a leading banking institution in the country.

Capitec’s remuneration report, shedding light on the earnings of its top executives, highlights the significant rewards that come with leading such a successful financial institution. However, the stark contrast between the earnings of executives and average employees serves as a reminder of the ongoing debate surrounding income inequality and the need for increased transparency and fairness in remuneration practices across various industries.



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.