South Africa’s largest bank releases results, discusses economic headwinds

FirstRand released results on Thursday.

The Money Show’s Bruce Whitfield interviewed Johan Burger, CEO Designate of FirstRand, who said it’s becoming more difficult to outperform given the high base and the increasing economic and regulatory headwinds the business faces.

Scroll down for quotes from the audio below.

It’s going to be harder to make a profit next year. GDP growth will be slower and interest rates are going to rise.

Johan Burger

There are still opportunities to grow!

Johan Burger

We don’t predict a recession in South Africa.

Johan Burger

Relative to our peers; we’re in good shape!

Johan Burger

WesBank is far more diversified than people realise.

Johan Burger

FNB has an excellent growth rate.

Johan Burger

We’re not surprised that Discovery is moving into banking. They will be a formidable competitor.

Johan Burger

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