FirstRand’s credit-loss provision more than doubles
10 September 2020 - 09:16
Financial services group FirstRand, whose portfolio includes First National Bank (FNB), Rand Merchant Bank and WesBank, has taken a hefty profit hit as the Covid-19 pandemic weighs on the ability of SA consumers to repay loans.
The group provided payment relief and reported a decline in transaction volumes in its year to end-June, when the pandemic added further pressure to an “already extremely weak domestic position”...
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