FirstRand reports 5% half-year profit rise
JOHANNESBURG – FirstRand reported a 5% rise in normalised half-year profits on Tuesday, lifting its shares even as it warned the impact of a rapidly deteriorating economy in South Africa was becoming evident across its customer base.
The bank fared better than rivals Standard Bank and Nedbank as South Africa’s economy, which for some time has been characterised by stagnant growth, high unemployment and rising living costs, tipped into recession in the fourth quarter of last year.
FirstRand’s shares rose as much as 7% in early trade before giving back gains to stand 1.85% higher at 0725 GMT, modestly outperforming the Johannesburg Stock Exchange’s Top-40 index .
Source: iol.co.za
