FirstRand releases latest financial results

FirstRand has released financial results showing its businesses collectively grew earnings by 5% in the six months that ended in December.

FirstRand is the parent company of First National Bank, Wesbank and Rand Merchant Bank.

For its part, FNB helped profits and the bank gained even more customers.

However, this came with an increase of more than R900 million in credit impairments – meaning people can’t pay their debts that have to be written off.

The group said the coronavirus outbreak is expected to result in supply chain disruptions, while individual consumers and companies will be under even more pressure.