FNB boosts FirstRand’s earnings

Financial services group FirstRand, whose portfolio includes First National Bank , Rand Merchant Bank and WesBank, said on Tuesday that normalised earnings in the six months to end-December rose 7% to R13.3bn, thanks largely to gains from FNB.

FirstRand raised its interim dividend by 7% to R1.39 per ordinary share, though normalised return on equity declined slightly, from 22.5% a year earlier to 22.3%.“RMB’s portfolio delivered high-quality earnings from both its domestic and rest-of-Africa activities,” Pullinger said. That unit’s normalised earnings grew 5% to R3.3bn.

Aldermore, the UK-based specialist lender that FirstRand took over with effect from April 2018, contributed normalised earnings of R1bn. However, “its leading local market position and ongoing momentum in its rest of Africa activities mean that the portfolio will outperform in the medium term”.

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FNB responds to racial discrimination against black homeowners - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Chief Executive Officer (CEO) of FNB Home Finance, Lee Mhlongo, says FNB realised during the takeover that Saambou’s method of calculating interest was technically unaligned with how interests should be calculated. FNB to explain that better to the wall actually brick wall We need a state owned bank, we are tired of FNBSA shenanigans FNBSA we hear your response but what we need is proof that there is no racial discrimination on interest rates. Put your files/books on the table and let people like interrec scrutinise them for us.
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