FirstRand | Muted pre-close guidance
FirstRand (FSR) will release H1 '20 (to Dec '19) results on 10 Mar '20. Based on our pre-close discussion with management, we have reduced our earnings growth expectations due to lower revenue growth (particularly lower non-interest revenue and lower NIMs) and higher than expected growth in operating expenses (management expects flat or negative JAWS). While the muted earnings growth is disappointing, the outcome highlights that FSR continues to gain profitable market share in FNB SA.FirstRand is a holding company, engaged in providing banking, insurance and investment products and services to retail, commercial, corporate and public sector customers. Co.'s segment comprised of: First National Bank (FNB), which is engaged in providing transactional and deposit-taking, card acquiring, credit facilities and FNB distribution channels; Rand Merchant Bank, which is engaged in providing advisory, financing, trading, corporate banking and principal investing solutions; and WesBank, which is engaged in providing vehicle and asset finance in the retail, commercial and corporate segments operating through alliances and JVs with motor manufacturers, suppliers and dealer groups.
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