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Gloomy outlook for bank sector

Jun 24 2009 10:48

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Gauteng road project costs rocket

May 25 2012 13:58

The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.

Sizeable drop in petrol price expected

May 24 2012 17:31

The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.

JSE halts 'incorrect' trade

May 25 2012 11:36

The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.

Johannesburg - FirstRand's investment banking franchise RMB Holdings (RMH) on Wednesday confirmed that its full year earnings were expected to be lower than the previous year.

This follows FirstRand's (FSR) warning on Tuesday that the expected deterioration in the macro environment, both domestically and globally, had played out "even more negatively than the group anticipated".

The financial services group said it expected its headline earnings for the full year to end June to fall by between 28% and 33% from the 191.5c posted for the full year to end June 2008.

Since its investment in FirstRand produces the bulk of RMB's earnings, RMB said it anticipated that the impact outlined in FirstRand's trading statement would, to a large extent, flow through into its own results for the year.

As part of its trading update, FirstRand indicated that RMB's earnings for the year were expected to be about 50% to 55% down on the comparative period.

In the year to end June 2008, RMB reported earnings of R4.12bn, headline earnings of R3.7bn (311.7 cps) and normalised earnings of R3.58bn (297.5 cps).

Details of RMB's full year results are expected to be released on or about September 16.

- I-Net Bridge

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