FirstRand lifts earnings despite investment in new ventures
Banking group says the solid operational performances from its franchises are ‘a very satisfactory outcome’ given investment in new growth initiatives
Banking group FirstRand on Thursday reported a 7% rise in normalised headline earnings to R11.64bn in the six months to end-December from the year-earlier period. "The group continued its delivery of real growth in earnings and premium returns off a long track record of outperformance," CE Johan Burger said in a statement. "Normalised earnings growth of 7% and an ROE [return on equity] of 22.9% was driven by solid operational performances from our franchises and is a very satisfactory outcome given the level of ongoing investment in new growth initiatives." The group, which owns First National Bank (FNB), Rand Merchant Bank and WesBank, lifted interim divided 10% to R1.19.
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