Firstrand Limited · JSE:FSR
Firstrand — Corporate Update (June 2023)
5 slides from Firstrand's corporate update, Jun 21, 2023
Slide 1: Pre-close investor update: Key takeouts
PRE-CLOSE INVESTOR UPDATE Key takeouts 21 June 2023
Slide 2: Macroeconomic outlook has deteriorated since March
2 Macroeconomic outlook has deteriorated since March • SA macroeconomic backdrop has weakened in second half relative to expectations in March • Higher levels of loadshedding • Sticky inflation and the steeper rise in interest rates than forecast • GDP growth forecast for calendar 2023 reduced: now
Slide 3: Prospects statement in March
3 Prospects statement in March • Operational run rate should deliver underlying earnings growth in the second half similar to first half: • Assuming non-repeat of the Ghana sovereign debt default impact and private equity realisation benefit • However, impairment charge may be further impacted by de
Slide 4: Superior ROE and quality of earnings maintained
4 Superior ROE and quality of earnings maintained • Performance reflects disciplined execution of strategy • ALM strategies – c. 50% of endowment calibrated to rate cycle • Origination tilt – playing out in relatively lower cost of credit • Optimising for risk-adjusted margins and economic profit (N
Slide 5: www.firstrand.co.za
wwwfirstrand.co.za FirstRand
FirstRand — Corporate Update (June 2023) on 6ix