It is becoming difficult for the Reserve Bank to maintain the recommendation that some of the country’s biggest lenders should hold off paying dividends, bonuses and buying back shares.
FirstRand’s trading update shows that though the economy is not out the woods and household finances are still in distress, it continues to deliver profit growth, albeit at a slower rate. The country’s biggest bank by value flagged an as much as 25% drop in half-year earnings. That should still help the company deliver up to R11bn in earnings. ..
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