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FIRSTRAND LIMITED - Trading statement for the six months ending 31 December 2021

Release Date: 30/11/2021 08:00
Code(s): FSR FSRP     PDF:  
Wrap Text
Trading statement for the six months ending 31 December 2021

(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
JSE ordinary share code: FSR; ISIN code: ZAE000066304
JSE B preference share code: FSRP; ISIN code: ZAE000060141
NSX ordinary share code: FST
LEI: 529900XYOP8CUZU7R671
(FirstRand or the group)


In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, an issuer is required to publish a
trading statement as soon as it becomes apparent that earnings per share for the next period to be reported on is
expected, with a reasonable degree of certainty, to differ by at least 20% from that of the previous corresponding

FirstRand’s headline earnings per share (HEPS) of 198.9 cents, earnings per share (EPS) of 198.5 cents and
normalised EPS of 196.8 cents for the six months ended 31 December 2020 is expected to increase by more than
30% for the six months ending 31 December 2021 (current period). FirstRand’s HEPS, EPS, and normalised EPS
for the current period will therefore be at least 258.6 cents, 258.1 cents and 255.9 cents, respectively.

As guided at the time of the publication of FirstRand’s results for the year ended 30 June 2021, a modest credit
cycle has emerged in South Africa, particularly in the retail and commercial segments. These trends have resulted
in slightly higher advances growth, mainly in the mortgages and agriculture portfolios. Corporate advances growth
remains subdued.

In the UK strong growth has continued in the VAF business, with mortgages and asset finance also showing a
modest uplift in new business origination.

The absolute economic rebound from the depths of the Covid-19 pandemic has slowed, however, credit
impairments continue to trend down. Arrears have reduced and NPL formation is fully in line with expectations.
Due to ongoing uncertainty, the group remains conservatively positioned with regards to its forward-looking

The rest of the income statement is broadly in line with previous guidance.
The group has maintained its strong capital and liquidity position.

A further trading statement will be issued once there is reasonable certainty regarding the extent of the increase
in earnings and the relevant HEPS, EPS and normalised EPS ranges.

Shareholders are advised that the forecast financial information contained in this announcement has not been
reviewed or reported on by the group’s auditors.

30 November 2021

RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 30-11-2021 08:00:00
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