FirstRand: best of a bad bunch
The bank has set aside more than its peers for bad debts, hitting earnings. But analysts say it’s a good call
For the first time since the 2008 global financial crisis, FirstRand has made an economic loss — of R1.4bn.
The last of the big four banks to report results to June, FirstRand experienced the same stresses as its peers as Covid-19 suddenly ended one of the most benign periods for bad debts in recent history.