South Africa’s (SA) FirstRand bank reported an 11% increase in adjusted half year earnings on Thursday, driven by strong revenue growth, “excellent” contribution from non-interest revenue and improving credit performance.
Normalised earnings rose to $1.41 billion in the six months ended December 31, the bank, which also operates across markets in sub-Saharan Africa and Britain, said.
Net interest income before impairments, the difference between what it earns on loans and pays out on deposits grew 8%.
The improvements were driven by strong fee and commission income growth in the retail business and a strong recovery in global markets business at the bank’s corporate arm, it said.
–Reuters–
