Capitec Bank has taken a pot shot at competitors who claim to be customer-focused, with chairman Michiel le Roux wondering what sort of a bank closes its doors when customers need it most.

"Many South Africans complain about their bank but have been with the same bank for years. Banks know that their clients are locked in, and can afford to focus on their internal processes and their own needs," Le Roux said in Capitec's annual report.

"This is best illustrated by their operating hours: what client focused business would close at 3.30pm on weekdays and at 11am on Saturdays for the weekend, when retailers are open for 12 hours a day, seven days a week?"

Capitec, which defied convention by offering unsecured loans to small and lower middle-income earners, was different, he said, and was driven by what the customer wanted. "This is the norm in competitive businesses."

During the year to February, its customer base had grown 37 percent to 2.1 million, while branches numbered 401, against 363 a year ago. It had long-term corporate deposits of R3-billion and had raised a 12-year subordinated loan of R250-million, while its funding had more than doubled to R7-billion.

Business Day