FirstRand, Africa’s largest bank by market value, expects full-year earnings to decline by more than 20% as the fallout from the coronavirus pandemic spurs a jump in impairments.
A full results report will be released on September 10. A “materially higher credit-impairment charge” is being driven mainly by forward-looking assumptions to model expected credit losses, while there has also been a deterioration in its lending books, it said.
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