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FNB boosts FirstRand’s earnings

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The 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

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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