FirstRand, SA’s biggest bank by market value, said half-year profit jumped 41% as SA’s economic recovery saw impairment charges fall from their pandemic levels, allowing the company to unwind credit provisioning for Covid-19 related losses.

The owner of FNB, WesBank and Rand Merchant Bank (RMB) said profit for the six-months to end-December 2021 climbed to R16.65bn, up from R11.84bn in the corresponding period the previous year. Basic and diluted normalised headline earnings per share (Heps) rose 43% to 280.6c, up from 196.8c in the previous half-year period...

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