Finweek English Edition - - INVESTMENT -

*Fin­week is a Me­dia24 pub­li­ca­tion, which is a sub­sidiary of Naspers. FNB Se­cu­ri­ties says t hat it re­mains wor­ried about t he prospects for the mi­crolend­ing sec­tor in gen­eral, and, in turn, it wor­ries about coun­ters that have ex­po­sure to un­se­cured lend­ing. The f irm de­scribes the in­terim re­sults for the six months ended 31 Au­gust 2013 as “im­pres­sive”, point­ing out that head­line earn­ings rose to R971m for the pe­riod while ac­tive clients rose above the 5m mark. FNB Se­cu­ri­ties said in a note: “Al­though this was a good re­sult and Capitec’s busi­ness mix is shift­ing away from the un­se­cured lend­ing space, we re­main con­cerned over its ex­po­sure in this area.”

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