FNB boosts FirstRand’s earnings
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 (FNB), Rand Merchant Bank (RMB) 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. “FNB’s results were impressive — earnings increased 13% on the back of strong growth in customers, transactional volumes, advances and deposits,” said FirstRand CEO Alan Pullinger.
FNB, the group’s retail and commercial banking unit, grew normalised earnings in SA by 11.3% to R8.4bn. Earnings from the rest of Africa nearly doubled to R311m...