FirstRand Banks on South Africa as It Sits on Excess Capital [BNN Bloomberg (Canada)]
FIRSTRAND LTD UNSP/ADR (FANDY)
NASDAQ:AMEX Investor Relations:
firstrand.co.za/investorcentre
Company Research
Source: BNN Bloomberg
The country's biggest lender by market value is eying post-election efforts to improve the performance of South Africa's battered infrastructure and energy sectors, while forecasting that the central bank will help the economy by cutting rates starting later this month. “The economic reforms that are possible in South Africa should mean that there are growth opportunities,” Chief Executive Officer Mary Vilakazi told Bloomberg Television's Jennifer Zabasajja Thursday. “We want to make sure that we've got enough resources to participate.” Results released Thursday for the year through June show FirstRand's tier one capital ratio at 13.5%, above its board-approved range of 11 to 12%. Its return on equity at 20% is also at the top of the lender's target range. Business confidence has improved since the African National Congress lost its parliamentary majority in May 29 elections, forcing it to ally with rivals to form a broad coalition focused on spurring an economy that has grown
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