Firstrand Boss Alan Pullinger is in the C-SUITE #18
Description
Firstrand this week reported robust results with overall performance reflecting the quality of the group’s operating businesses.
The financial services group comprises of FNB, RMB, WesBank, Ashburton and Aldermore.
Normalised earnings recovered faster than expected, increasing 54% to R26.6 billion, with ROE and economic profit coming back strongly. FirstRand accreted capital over the period, growing net asset value 10%, which enabled the group to pay a full-year dividend representing a 56% payout.
Commenting on the results FirstRand CEO, Alan Pullinger, said: “The level of improvement in the group’s performance demonstrates the quality of FirstRand’s portfolio of businesses and their ability to capitalise on the economic rebound that is taking place.
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