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FirstRand declares highest dividend in its history as customer confidence swells in SA

16 Sep 2022

The FirstRand holding group's shareholders are laughing all the way to the bank after the group declared its highest annual dividend yet of 342 cents per share (a 30% increase), as well as a special dividend of 125c per share. In total, the distribution to shareholders is R26.2bn.

Source: Supplied.

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.

Read the original article on Daily Maverick.

Source: Daily Maverick

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