FirstRand HY profit rises amid 'challenging' year

JOHANNESBURG - FirstRand, which runs South Africa’s largest retail bank by market share, on Tuesday reported a 6% rise in half-year profit in an economic environment it described as “very challenging”.

The results demonstrated the effectiveness of the bank’s strategy, especially the performances in its largest division - retail bank - were particularly impressive, FirstRand Chief Executive Officer Alan Pullinger said. South Africa’s bleak economy and consumers, who have had to rein in spending and borrowing amid a high unemployment rate, debt levels and other strains on their income, have weighed on banks’ growth potential.

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