Share

FirstRand sees basic earnings doubling

Johannesburg - FirstRand [JSE:FSR], South Africa's second-largest bank, said on Thursday full-year earnings including one-time items are likely to more than double, boosted by the sale of two different insurance units.

FirstRand, which is due to report results on Tuesday, said in a statement it expects earnings per share for the year to end-June to rise by 110% to 115% from the previous year.

FirstRand in May completed its R3.75bn sale of a 45% stake in insurer OUTsurance to RMI Holdings. It previously spun off stake in insurer Momentum, which became part of MMI Holdings Limited [JSE:MMI].

The gains from the sales are one-time items and therefore will not be included in FirstRand's headline earnings. Headline earnings, the main profit gauge in South Africa, exclude certain non-recurring items.

Shares of FirstRand were little changed, up 0.8% at 10:58 GMT, compared with a 1% rise in Top 40 - (Tradeable) [JSE:J200] index of blue chips.

 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,016.25
+1.4%
Gold
2,220.77
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders