FirstRand reported robust annual results and raised its dividend by double digits. The bank’s normalised earnings attributable to ordinary shareholders increased by 12% to R36.7 billion for the year ending in June. This performance allowed FirstRand to declare an annual dividend of 384 cents, a 12% year-on-year increase. The bank’s credit loss ratio remained within acceptable levels despite a challenging operating environment. CEO Allan Pullinger attributed this to the bank’s decision to tighten lending criteria and favour more secure lending, such as vehicle and home finance.
