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Group overview
FirstRand Group
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The FirstRand Group consists of a portfolio of South Africa’s leading financial services operations, the most important of which are First National Bank (retail and commercial banking), Rand Merchant Bank (investment banking), WesBank (instalment finance) and Momentum (life insurance). |
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Against what must be the most difficult macro background in FirstRand’s history (exacerbated by losses from certain international strategies which have since been terminated) FirstRand’s portfolio of banking and insurance businesses produced a disappointing outcome. Its pro-forma normalised earnings decreased 31% to R7,2 billion, with a normalised return on equity (ROE) of 14% (2008: 22%).
The relative contributions to normalised earnings reported by the FirstRand Group were as follows:
| Year ended 30 June |
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| Rmillion |
2009 |
2008 |
% change |
| Pro-forma normalised earnings |
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|
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| for ordinary shareholders |
|
|
|
| derived from: |
|
|
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| – FirstRand Banking Group |
6 056 |
8 814 |
(31) |
| – Momentum Group |
1 649 |
2 004 |
(18) |
| – FirstRand Ltd |
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|
|
| (including pref. div. payments) |
(554) |
(420) |
(32) |
| Group normalised earnings |
7 151 |
10 398 |
(31) |
| Attributable to RMBH* |
2 057 |
3 103 |
(34) |
