FirstRand ‘not fazed’ by newcomers entering the banking market | IOL Business Report

DURBAN – FirstRand is not fazed by the new banks that have entered the market in South Africa, boosting competition amid a sluggish economy, according to the JSE-listed financial services group’s chief executive, Alan Pullinger. He was speaking yesterday after FirstRand delivered a 7percent increase in normalised earnings to R13.3billion with normalised return on equity of 22.3 percent for the six months to end-December, boosted by FNB’s earnings, which were up by 13 percent during the period.

The banking sector has seen a number of new entrants, including Discovery Bank, TymeBank and Bank Zero. Net interest income after impairment of advances increased by 28 percent to R25.11bn, while basic and diluted headline earnings a share increased by 6 percent to 237.9cents a share.Pullinger said: “FNB’s results were impressive with earnings increasing by 13 percent on the back of strong growth in customers, transactional volumes, advances and deposits. RMB’s portfolio delivered high-quality earnings from both its domestic and rest of Africa activities.

FNB increased its earnings to R8.7bn, driven by good growth from its domestic retail and commercial segments and the turnaround in the rest of Africa business.

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