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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