FirstRand H1 HEPS up 10%
FirstRand reported a 10 per cent increase in first half profits, raising its interim dividend by a similar amount. The South African banking group, which owns FNB, RMB, Wesbank and UK based Aldermore said total loans grew 7 per cent to R1.7 billion with deposits 9 per cent higher at R2.1 billion in the six months to December. Mary Vilakazi, CEO, FirstRand joins CNBC Africa to unpack the numbers.
Thu, 06 Mar 2025 15:45:20 GMT
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AI Generated Summary
- FirstRand reports a 10% increase in first half profits, surpassing expectations and demonstrating resilience amidst economic challenges
- The company focuses on credit experience improvement, cost management, and strategic growth in various business segments to drive profitability
- Mary Vilakazi emphasizes the importance of ongoing structural reforms, policy certainty, and regional trade for future growth
FirstRand, one of the top four positive stocks on the Johannesburg Stock Exchange (JSC), has reported a 10% increase in its first half profits, boosting its interim dividend by a similar amount. The South African banking group, which includes FNB, RMB, Wesbank, and UK-based Aldermore, saw total loans grow by 7% to R1.7 billion, with deposits rising 9% to R2.1 billion in the six months leading up to December. Mary Vilakazi, the CEO of FirstRand, joined CNBC Africa to discuss the impressive performance of the group and shed light on the factors that contributed to their success. The company's results exceeded expectations, driven by improved credit experience, cost management, and growth in various business segments. Vilakazi highlighted the turnaround in retail banking and emphasized the importance of ongoing structural reforms and policy certainty in driving growth for businesses. She also addressed concerns about external uncertainties impacting corporate clients and discussed opportunities for regional trade and market expansion. Looking ahead, Vilakazi expressed confidence in the UK market despite challenges, including a legal probe, and emphasized the company's focus on resilience and profitability. FirstRand's strong performance in the face of economic challenges demonstrates its resilience and strategic positioning for future growth.
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