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 2020 FirstRand Ltd Earnings Call Transcript

Mar 10, 2020 / NTS GMT
Release Date Price: R52.26 (+4.52%)
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 December 31, 2019. We've been asked to avoid crowds and yet, here we are. So I think it just demonstrates commitment from all of you and the management team. So let's crack on with these results.

All right. As you can see on the slide, we're very pleased that normalized earnings for FirstRand were up 5% on -- for the period, and the dividend was increased in line with earnings. And then ROE, as you can see there, at the upper end of the target range of 18% to 22%.

But of course, this was against a very challenging backdrop. So you can see there that GDP growth continues to drift lower. And so we put there a couple of segments. Now there's 2 lines on this chart. The lower line reflects the FirstRand house view forecast on GDP. And you can see that, that forecast consistently lagged where consensus landed at any point in time. However, what it turned out that we were always still playing

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