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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.
The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.
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