RMB Holdings says earnings grew in line with FirstRand’s

RMB Holdings, which owns 34% of FirstRand and a property portfolio worth about R1bn, said on Thursday normalised earnings in the six months ended December 2018 grew 7% to R4.4bn despite “significant turbulence” in the macroeconomic environment.

The group, which is the 16th-largest constituent of the JSE’s top-40 index and is headed by Herman Bosman, raised its dividend 6% to 178c a share. FirstRand reported on Tuesday that its normalised earnings in the six months to end-December 2018 rose 7% to R13.3bn, thanks largely to gains from FNB. Its portfolio also houses Rand Merchant Bank and WesBank.

RMB Holdings said on Thursday its property business increased its net intrinsic value from R722m to R971m during the period, and contributed normalised profit of R15m, from a loss of R15m a year before.“Headwinds include a slowing global economy, Eskom — and other state-owned entities — challenges, adverse domestic weather conditions in the western maize-growing areas of the country, prolonged strike activity in the gold mining sector and political uncertainty leading into the national election.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FirstRand ‘not fazed’ by newcomers entering the banking market | IOL Business ReportFirstRand comprises of First National Bank (FNB), Rand Merchant Bank (RMB), WesBank and UK specialist lender Aldermore.
Source: IOL - 🏆 46. / 51 Read more »

FNB boosts FirstRand’s earningsThe company says RMB’s portfolio delivered high-quality earnings from its domestic and rest-of-Africa activities, while WesBank remained resilient despite low vehicle sales
Source: BDliveSA - 🏆 12. / 63 Read more »

FirstRand HY profit rises amid 'challenging' yearThe lender said its basic and diluted headline earnings per share - the main profit gauge in South Africa - stood at 237.9 cents in the six months ended 31 December, compared with 224.2 cents a year earlier.
Source: ewnupdates - 🏆 30. / 53 Read more »

FirstRand ‘not fazed’ by newcomers entering the banking market | IOL Business ReportFirstRand comprises of First National Bank (FNB), Rand Merchant Bank (RMB), WesBank and UK specialist lender Aldermore.
Source: IOL - 🏆 46. / 51 Read more »

Quilter says clients are holding onto their money ahead of BrexitCEO Paul Feeney says the UK’s divorce from the EU and market uncertainty are affecting ‘investors’ appetite to put new money to work’
Source: BDliveSA - 🏆 12. / 63 Read more »

Absa 2018 earnings rise 3% to R16.1 billionThe group also increased gross loans to customers by 13%.
Source: TheCitizen_News - 🏆 6. / 75 Read more »