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Investment Idea: FirstRand Limited - 14 October 2024
Manage episode 445144957 series 3581049
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On 13 September 2024, FirstRand released its full-year results for 2024. Highlights from the results were as follows:
- Headline earnings grew by 4% to R38 billion, with revenue (+9%) rising less than operating costs (+11%).
- Net interest income increased by 9%.
- Average interest earnings assets grew by 9% with increases in RMB CIB advances by 10%.
- Net interest margin was flat at 4.47%.
- Non-interest revenue increased by 8%, with net commission and fee income increasing 5% to R38 billion driven both customer acquisition and transactional volume growth and an increase in the share of profit of associates and joint ventures.
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