FirstRand Sees Earnings Jump on South Africa Economic Rebound

(Bloomberg) — FirstRand Ltd. sees profit rising more than expected after the South African economy rebounded strongly from the early stages of the coronavirus pandemic.

Africa’s biggest bank by market value sees earnings per share rising by at least 35% in the year through June, according to a statement on Monday. Impairments are significantly lower than anticipated and the cost of credit has improved, the Johannesburg-based company said.

“Current trends indicate that customers are utilizing discretionary savings as the economy has opened up,” FirstRand said. “Consumer spending is now back at pre-Covid levels.”

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