* Normalised EPS up 26 pct
* Net interest income also up 26 pct
* S.Africa’s top performing bank stock
(Recasts, adds CEO, analyst)
By Helen Nyambura-Mwaura
JOHANNESBURG, Feb 28 (Reuters) – FirstRand,
South Africa’s No.2 bank, reported a 26 percent rise in
first-half profit on strong loan growth, and said it would keep
pursuing expansion in other African countries such as Nigeria
and Ghana.
FirstRand, which already has operations in seven African
countries, said it aimed to build an investment banking
operation in Nigeria from scratch and buy a smaller retail and
commercial bank there.
“If we do acquisitions, they will typically be small to
medium size,” Chief Executive Sizwe Nxasana said in an interview
following the bank’s results.
“We wouldn’t want to spend more than, I would say, 10
percent of our capital on new acquisitions or new
opportunities.”
The bank ended talks to buy a stake in Nigeria’s Sterling
Bank last year after failing to agree on price.
Continued…
