S.Africa's FirstRand sees earnings increase from Discovery Card sale
JOHANNESBURG, Feb 22 (Reuters) - FirstRand, one of
South Africa's largest lenders, said on Friday it expects basic
earnings per share for the first half of its financial year to
increase between 22 percent and 24 percent.
The increase will largely be due to a windfall of around 2.3
billion rand ($164.12 million) from the purchase of a credit
card book by insurer Discovery, a joint venture between
the two firms.
FirstRand said the funds from the transaction would not be
included in its headline earnings per share - the key profit
measure in South Africa - nor its normalised earnings, due to
its one-off nature.
($1 = 14.0144 rand)
(Reporting by Emma Rumney; Editing by Kirsten Donovan)
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