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In further confirmation of a faster-than-forecast economic recovery, FirstRand flagged a rise in annual profit of more than a third as it let out billions of rand in reserves set aside to cover pandemic-induced bad loans.

FirstRand expects headline earnings per share — the main profit measure in SA, which excludes certain one-off items — to rise at least 35% in its year to the end of June, from 308.9c previously...

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