FirstRand Reports 10% Increase in First-Half Earnings and Dividend

FirstRand Ltd reported a 10% rise in first-half earnings to 20.9 billion rand, driven by improved credit performance. The bank also declared an interim dividend of 219 cents per share, up from last year’s 200 cents.

FirstRand Ltd, a prominent South African lender, reported a significant 10% increase in its earnings for the first half of the fiscal year. This growth is primarily attributed to improved credit performance across its operations. The bank announced that its normalized earnings reached 20.9 billion rand ($1.14 billion) for the six months ending December 31, compared to 19.1 billion rand during the same period the previous year.

Additionally, FirstRand, which extends its services beyond South Africa to various sub-Saharan African markets and the UK, declared an interim dividend of 219 cents per share. This figure represents an increase from the 200 cents per share dividend issued a year prior, reflecting the bank’s robust financial performance and commitment to returning value to its shareholders.

In summary, FirstRand Ltd has demonstrated notable growth with a 10% increase in first-half earnings, amounting to 20.9 billion rand. The decision to raise the interim dividend to 219 cents per share further underscores the bank’s positive financial trajectory and strong credit performance in both domestic and international markets.

Original Source: money.usnews.com