FirstRand’s credit-loss provision more than doubles

📆 9/10/2020 10:26 AM
📰 BDliveSA

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Profits fell by over a third in the group’s year to end-June, and it is bracing for further fallout from the Covid-19 pandemic

An FNB branch in Rosebank, Johannesburg. Picture: SUNDAY TIMES

The group provided payment relief and reported a decline in transaction volumes in its year to end-June, when the pandemic added further pressure to an “already extremely weak domestic position”. FNB transaction volumes decreased 1%. Electronic volumes remained flat despite banking app volumes being up 28%, whileThe group reported a total impairment charge of R24.4bn, from R10.5bn previously, while its credit-loss ratio rose to 1.91%, from 0.88% previously.

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