Firstrand Limited · JSE:FSR
Firstrand — Corporate Update (November 2024)
6 slides from Firstrand's corporate update, Nov 26, 2024
Slide 1: Pre-close investor update
Pre-close investor update 26 November 2024
Slide 2: Long-term growth and return targets remain unchanged
2 Long-term growth and return targets remain unchanged • Group’s long-term earnings growth: NGDP + 0%-3% • ROE in the target range of 18% to 22% • 30 June 2024 results commentary was to expect growth “at the top end of the range”
Slide 3: Operational performance in line with guidance
3 Operational performance in line with guidance • Macroeconomic context as expected • Rate cycle more constructive than anticipated • Expected additional repo rate cuts to 7% by June 2025 • Rand strength will have a translation impact on earnings generated in the UK and broader Africa • FirstRand's
Slide 4: Operational performance of operating business
4 Operational performance of operating business • RMB: • Strong advances growth and pipeline • Good knowledge-based fee income, however weak start to year for global markets • Good growth in broader Africa (in constant currency) • UK operations • Advances and deposit growth better than expected, wit
Slide 5: Financial performance broadly in line with guidance
5 Financial performance broadly in line with guidance • Net-interest income (NII) in line with guidance • ALM strategy partially mitigating endowment impact • Advances growth remains tilted to commercial and corporate, resulting in overall NIM pressure • Non-interest revenue (NIR) continues to refle
Slide 6: Update on the UK Court of Appeal process
6 Update on the UK Court of Appeal process • Application for appeal to the UK Supreme Court lodged on 22 November 2024 • Accounting provision of £127.4 million raised at 30 June 2024 • Remains appropriate, given the prevailing legal and regulatory uncertainty and based on the information available