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FirstRand's profit rises despite UK motor loans charge
FirstRand posted a 4% rise in annual profit despite absorbing a R3bn ($167m) pre-tax accounting provision related to an investigation by Britain into the vehicle finance market.
Source: Reuters.
Its normalised earnings rose to R38bn in the year ended 30 June from R36.6bn the previous year, the bank said.
Excluding the provision, normalised earnings grew by 10%, group chief executive officer Mary Vilakazi said in a statement.
British lenders have been told by the Financial Conduct Authority to ensure they are adequately prepared to meet the potential costs of customer complaints arising from its review into the motor finance industry.
The regulator began looking into potential overcharging in the industry in January, amid rising tensions between thousands of consumers and lenders over commission arrangements.
In addition to the provision, R300m of legal and professional fees were incurred in relation to the UK probe, the bank said.
Source: Reuters
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