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.