At a Glance
- Capitec shares surged over 32% on the JSE, driving multi-billion-dollar shareholder gains.
- GEPF remains Capitec’s largest shareholder, holding 15.56% valued significantly higher in 2025.
- The combined stakes of four investors rose by $3.8 billion amid gains in currency and equity markets.
Capitec Bank’s largest shareholders added more than $3.8 billion to their combined wealth in 2025, as the South African lender’s shares surged on the Johannesburg Stock Exchange (JSE), cementing its status as one of Africa’s most valuable financial institutions.
The gains accrued to four major investors, including Africa’s largest pension fund, the Government Employees Pension Fund (GEPF), billionaire co-founder Michiel Le Roux, Lebashe Investment Group, and the JF Mouton Familie Trust, which together control 38.59 percent of Capitec Bank, equivalent to more than 44.8 million shares.
Who owns Capitec Bank?
GEPF, Africa’s largest pension fund, remains Capitec’s biggest shareholder, holding 15.56 percent, or 18.06 million shares.
Billionaire banker Michiel Le Roux, who co-founded Capitec in 1999, owns 11.34 percent, equal to 13.16 million shares. Lebashe Investment Group, controlled by South African businessman Tshepo Mahloele, holds 6.59 percent, or 7.66 million shares.
| S/N | Capitec Investors | Stake (%) | Shares (in Unit) | From Jan. 2025 | To Dec. 2025:Net Worth | Gains |
| 1 | Government Employees Pension Fund | 15.56 | 18,063,141 | $3,041,749,757.13 | $4,591,922,566.49 | $1,550,172,809.36 |
| 2 | Michiel Le Roux | 11.34 | 13,164,393 | $2,216,823,154.43 | $3,346,587,024.42 | $1,129,763,869.99 |
| 3 | Lebashe Investment Group Proprietary Limited | 6.59 | 7,654,840 | $1,289,039,802.71 | $1,945,975,649.47 | $656,935,846.76 |
| 4 | JF Mouton Familie Trust and its subsidiaries | 5.1 | 5,917,727 | $996,517,973.54 | $1,504,375,354.96 | $507,857,381.43 |
| TOTALS | 38.59 | 44,800,101 | $7,544,130,688 | $11,388,860,595 | Shares (in Units) |
What drove the $3.8 billion gain?
Since Jan. 1, Capitec Bank’s share price has risen 32.81 percent, climbing from R3,129.20 ($190.12) to R4,155.80 ($252.50).
A strengthening South African rand amplified returns for dollar-based investors, pushing the combined value of the four stakes from R140.19 billion ($7.54 billion) to R186.18 billion ($11.39 billion), a gain of roughly R46 billion ($3.85 billion).
Behind Capitec’s rising valuation
Capitec Bank’s market capitalization now exceeds R485 billion ($29.47 billion), placing it among the top 15 most valuable stocks on the JSE. The bank operates more than 880 branches and 7,400 ATMs nationwide, serving millions of retail customers.
Its balance sheet has remained resilient. Total assets climbed 14.88 percent to R238.46 billion ($12.84 billion) as of Feb. 28, 2025, while total equity rose 16.96 percent to R50.91 billion ($2.74 billion), reinforcing investor confidence.
A standout performer on Africa’s largest exchange
Capitec currently ranks as the 12th most valuable company on the JSE, accounting for about 2 percent of the exchange’s total equity market value, a testament to its sustained growth and shareholder appeal.
