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Johannesburg - FirstRand [JSE:FSR] reported an expected 21% rise in full-year earnings on Tuesday but not pay out a special dividend as investors had been hoping.
FirstRand said diluted normalised earnings per share came in at 331 cents from a restated 273.5c a year ago. The lender had given guidance that earnings would climb by as much as 22%.
Net interest income rose 21% to R29.88bn while non-interest revenue from charges such as fees and commissions rose 18% to R36.15bn.
FirstRand's bad debt charges rose to R5.2bn from R4.8bn a year ago.
It paid a 174c dividend, in line with the 173c analysts polled by Reuters had predicted.
FirstRand has been holding on to a R10bn capital buffer earmarked for expansion but has so far failed to secure any deals in promising frontier African markets.
"It is still the group's philosophy to return excess capital to shareholders should it not find the appropriate opportunities," FirstRand said in its earnings statement.
"The next 12 to 18 months will determine whether an acceleration of deployment in the rest of Africa can deliver the level of return the group seeks."
FirstRand shares have been among the best performing banking shares this year having gained about 30%, the same rate as rivals Barclays Africa Group [JSE:BGA] and Investec [JSE:INL].
FirstRand said diluted normalised earnings per share came in at 331 cents from a restated 273.5c a year ago. The lender had given guidance that earnings would climb by as much as 22%.
Net interest income rose 21% to R29.88bn while non-interest revenue from charges such as fees and commissions rose 18% to R36.15bn.
FirstRand's bad debt charges rose to R5.2bn from R4.8bn a year ago.
It paid a 174c dividend, in line with the 173c analysts polled by Reuters had predicted.
FirstRand has been holding on to a R10bn capital buffer earmarked for expansion but has so far failed to secure any deals in promising frontier African markets.
"It is still the group's philosophy to return excess capital to shareholders should it not find the appropriate opportunities," FirstRand said in its earnings statement.
"The next 12 to 18 months will determine whether an acceleration of deployment in the rest of Africa can deliver the level of return the group seeks."
FirstRand shares have been among the best performing banking shares this year having gained about 30%, the same rate as rivals Barclays Africa Group [JSE:BGA] and Investec [JSE:INL].
