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That’s actually moving people away from our branches, which to us, is in line with our strategy.It enables our consultants to actually sell better to our clients. Again, just to go back and put some context on this: when we spoke about transactions six months ago at your year-end, you said at the first half of the year you did 4 million transactions. How many transactions overall did you do in the first half of this year? I must actually do that count but if you look at the 8 million for a six-month period, we did 7.8 in August so that gives you a reflection.You do say in your results that 70% of your costs are now made up through transaction fees. We would like to cover at least 100 % of our operating expenses with transactional income. That’s very encouraging, just showing how our model has diversified over a period. Gerrie, I watched (for the 2 time) that movie called ‘The Big Short’.I’m not sure if you’ve had the chance to see it yet. I actually look at August 16 versus February 16 and the reason I’m doing that is because those six months (to me) is more comparable, given what’s been happening with the economy.Transactions grew strongly in the half year, putting the bank on target for this revenue stream to cover all operating costs by 2020.
Your problem is if you gave a 5-year loan when the economy was strong and now the economy is weaker, then you expect bad debts to come through. When you say that the economy has changed from August 2015 to August 2016, what do you mean?I think what is important is that we target ROE of 25% and we’re at 26%.That shows you our performance is in line with our risk appetite.It had a massive impact on everything that we’re importing. It came back to about R13.60 and then we had the Gordhan saga and suddenly, it went up to R15 again.You also had the effect of Brexit so the economy’s volatile in South Africa.
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The Capitec train continues to roll with the bank rated by Lafferty International as the world’s very best posting sparkling financial results for the half year to end August 2016.