Strong growth at FNB saves FirstRand

FirstRand on Tuesday reported a 6% increase in profit to R13.95 billion for the six months ending on 31 December 2018.

The lender’s basic and diluted headline earnings per share came in at 237.9 cents versus 224.2 cents a year before.

The group announced it is increasing dividends by 7% to 139 cents per share.

FNB – South Africa’s largest retail bank by market share – increased it’s earning by 13% by growing its number of clients, transactions, advances and deposits.

FNB accounts for 61% of FirstRand’s earnings.

The Money Show’s Bruce Whitfield interviewed Allan Pullinger, CEO at FirstRand.

Listen to the interview in the audio below (and scroll down for quotes from it).

The environment is really tough… it’s tragic [failure of Group Five]…

Allan Pullinger, CEO - FirstRand

Confidence levels – consumer and corporate - are pretty low… There are a lot of issues to solve… We’ve still got a noisy year [ahead]… It’s only by 2020 that we’ll see an inflexion point…

Allan Pullinger, CEO - FirstRand

The solution [for Eskom] is not the domestic banks... There is definitely a way to sort Eskom out… We really have to grasp this thing…

Allan Pullinger, CEO - FirstRand

The rating agencies hold up a mirror… there’s enough for them to be worried…

Allan Pullinger, CEO - FirstRand

We’ve been cautious about credit extension…

Allan Pullinger, CEO - FirstRand

It [the lack of vibrancy in the economy] is not a situation we can endure year after year after year…

Allan Pullinger, CEO - FirstRand

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