The group’s normalised earnings, based on operational and capital investment activities, were up 23% to R32.7bn for the year ended 30 June 2022 — an increase from R26.6bn in 2021. The “spring in the step” of normalised earnings came from the stepdown in the annual cost of credit, explained FirstRand chief executive officer, Alan Pullinger.
Credit impairment charges were down 48%, from R13.66bn to R7.08bn.
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