FirstRand earnings jump but pandemic’s effects loom large
Africa’s biggest bank by market value delivered a 54% jump in normalised earnings, but is still not yet at its pre-Covid-19 earnings levels
16 September 2021 - 10:06
UPDATED 16 September 2021 - 18:23
FirstRand delivered an impressive set of annual results, though closer inspection also revealed that one of SA’s most valuable blue-chip financial services groups is still struggling to shake off the damage wrought by Covid-19.
The group, whose underlying assets include FNB, Rand Merchant Bank and WesBank, delivered a 54% jump in normalised earnings, a metric that removes the effect of one-off items or seasonality, and came in at R26.55bn for the year ended June...
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