Firstrand Ltd (JSE:FSR)
R 76.77 1.15 (1.52%) Market Cap: 430.23 Bil Enterprise Value: 291.48 Bil PE Ratio: 11.34 PB Ratio: 2.10 GF Score: 83/100
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Half Year 2019 FirstRand Ltd Earnings Call Transcript

Mar 12, 2019 / 09:00AM GMT
Release Date Price: R63.39 (+2.04%)
Alan Patrick Pullinger
FirstRand Limited - CEO & Executive Director

All right. Good morning, ladies and gentlemen, and welcome to the presentation of FirstRand's Half Year Results for the period ended 31 December 2018. I'll give a brief overview of the results. I'll unpack some of the performance against strategy. Harry Kellan, the CFO, will then give a financial overview of the results, and then I'll come back briefly for the prospects.

All right. We're very pleased to report an increase in normalized earnings of 7%. We were able to maintain our ROE profile over this period coming at just over 22%. And then the dividend was increased in line with normalized earnings. But as many companies have reported, not just in the banking sector, but more broadly, the going has certainly been tough in South Africa. And our prospects are fundamentally linked to the experience of our customers. And certainly, we can see the strain taking place in retail and the business sectors in South Africa.

The U.K. economy has certainly slowed to some extent, but the consumer in the U.K. as well as house

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