Unaudited interim results and cash dividend declaration for the six months ended 31 December 2021
(Incorporated in the Republic of South Africa)
Registration number: 1966/010753/06
JSE ordinary share code: FSR; ISIN code: ZAE000066304
JSE B preference share code: FSRP; ISIN code: ZAE000060141
NSX ordinary share code: FST
(FirstRand or the group)
UNAUDITED INTERIM RESULTS AND CASH DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2021
FirstRand's portfolio of integrated financial services businesses comprises FNB, RMB, WesBank and Aldermore. The group operates in South Africa, certain markets in
sub-Saharan Africa and the UK, and offers a universal set of transactional, lending, investment and insurance products and services.
"This is a respectable performance from the group, with ROE at 20.1% rising further into the group's stated range of 18% to 22%.
Economic profit has rebounded strongly and pre-provision operating profit growth was robust at 6%.
Balance sheet strength is demonstrated in the healthy capital and liquidity levels, and conservative provisions have been maintained.
The group's operating businesses, FNB, RMB, WesBank and Aldermore, are well positioned to further capitalise on the economic recovery."
Alan Pullinger - CEO
Six months ended
R million 2021 2020 % change
Basic and diluted normalised earnings per share (cents) 280.6 196.8 43
Normalised earnings 15 742 11 042 43
Headline earnings 15 776 11 154 41
Normalised net asset value per share (cents) 2 893.6 2 588.3 12
Ordinary dividend per share (cents) 157 110 43
Normalised ROE (%) 20.1 15.6
Basic and diluted headline earnings per share (cents) 281.4 198.9 41
Basic and diluted earnings per share (cents) - IFRS 282.1 198.5 42
Normalised net asset value per share (cents) - IFRS 2 892.6 2 588.8 12
Advances (net of credit impairment) 1 305 463 1 222 120 7
Deposits 1 644 630 1 556 904 6
Credit loss ratio (%) 0.61 1.46
OVERVIEW OF RESULTS
When interpreting the results for the six months to 31 December 2021, the comparative period still represents a low base given the prevailing impact of the Covid-19
pandemic. The high level of impairments and reduced volumes resulted in a significantly depressed performance for that six-month period.
The 43% increase in the group's normalised earnings compared to the six months to 31 December 2020 was mainly driven by the unwind of provisions which reflects
the economic recovery across the jurisdictions in which the group operates.
Pleasingly, at 20%, the group's normalised ROE has tracked further into its stated range of 18% to 22%. The group produced R4 557 million of economic profit
(December 2020: R437 million), or net income after cost of capital (NIACC), which is its key performance measure.
The group's Common Equity Tier 1 (CET1) ratio increased to 13.6% (December 2020: 12.4%) and the group is paying a dividend at the bottom end of its cover range
FIRSTRAND GROUP FINANCIAL HIGHLIGHTS
Six months ended Year ended
31 December 31 December 30 June
R million 2021 2020 % change 2021
NII 33 478 32 017 5 64 511
NIR* 23 659 22 434 5 44 980
Operating expenses (29 925) (28 733) 4 (57 342)
Impairment charge (4 027) (9 414) (57) (13 660)
Normalised earnings 15 742 11 042 43 26 551
NIACC 4 557 437 +100 4 857
ROE % 20.1 15.6 18.4
Gross advances 1 355 666 1 275 510 6 1 274 052
Credit loss ratio (%) 0.61 1.46 1.06
Stage 3/NPLs as a % of advances 4.02 4.80 4.76
* Includes share of profits from associates and joint ventures after tax.
SOURCES OF NORMALISED EARNINGS - period-on-period
Six months ended 31 December Year ended 30 June
% com- % com- % com-
R million 2021 position 2020 position % change 2021 position
FNB 9 560 60 7 267 66 32 16 180 61
RMB 3 644 23 3 159 28 15 7 006 26
WesBank 782 5 668 6 17 1 216 5
UK operations* 1 506 10 1 043 10 44 2 743 10
- Aldermore*,** 1 164 770 1 764
- MotoNovo* 342 273 979
Centre*,#,& 576 4 (807) (7) +100 6 -
Other equity instrument holders (326) (2) (288) (3) 13 (600) (2)
Normalised earnings 15 742 100 11 042 100 43 26 551 100
* During May 2019, a new legal entity, MotoNovo Finance Limited, was established under the Aldermore group where all new MotoNovo business since
May 2019 has been originated (also referred to as the MotoNovo front book). In the UK operations management view, shown in the table above and on pages 53 to
55 of the results booklet, Aldermore refers to Aldermore excluding MotoNovo front book and MotoNovo refers to the standalone performance of MotoNovo, which
includes the front book and back book. This differs from the segment report disclosed on pages 40 to 51 of the results booklet, as MotoNovo front book is included
under Aldermore and MotoNovo back book is included in FCC.
** After the dividend on the contingent convertible securities of R88 million (£4 million) (December 2020: R91 million (£4 million) and June 2021: R177 million
# FCC including Group Treasury - includes capital endowment, the impact of accounting mismatches, and interest rate, foreign currency and liquidity management.
& Includes FirstRand Limited (company).
NORMALISED EARNINGS PER OPERATING BUSINESS – rolling six-month view
Six months ended December December June
2021 2021 2021
vs December vs June vs December
31 December 30 June 31 December 30 June 2020 2021 2020
R million 2021 2021 2020 2020 % change % change % change
FNB 9 560 8 913 7 267 3 011 32 7 23
RMB 3 644 3 847 3 159 2 222 15 (5) 22
WesBank 782 548 668 (135) 17 43 (18)
UK operations* 1 506 1 700 1 043 (312) 44 (11) 63
Centre** 576 813 (807) (1 093) +100 (29) >100
Other equity instrument holders (326) (312) (288) (437) 13 4 (8)
FirstRand group 15 742 15 509 11 042 3 256 43 2 40
* Including Aldermore and MotoNovo front and back books.
** FCC (including Group Treasury), excluding MotoNovo back book.
PRE-PROVISION OPERATING PROFIT
Six months ended December
31 December 30 June 31 December 2020
R million 2021 2021 2020 % change
FNB 16 768 15 646 16 752 -
RMB 5 216 6 054 5 336 (2)
WesBank 1 840 1 701 2 096 (12)
UK operations 2 325 2 090 2 681 (13)
UK operations (£ million) 113 105 126 (10)
- Aldermore 79 70 77 3
- MotoNovo 34 35 49 (31)
Centre 298 138 (1 861) +100
Total group 26 447 25 629 25 004 6
The group delivered robust pre-provision operating profit growth of 6% period-on-period.
The composition reflects outcomes emerging from specific investment strategies implemented by Group Treasury and credit origination strategies executed by the
operating businesses, within a defined group risk appetite anchored to the South African macroeconomic dynamics, normalising operating environment and emerging
The movements in Group Treasury's profits, reflected in the table as the Centre, continued as expected given the financial resource management (FRM) strategies
implemented during the pandemic. The period-on-period positive swing was driven by asset and liability management (ALM) strategies, including the management of
liquidity, interest rate risk and foreign exchange mismatch positions. In addition, certain one-off income further boosted overall performance.
Regarding the operating businesses, FNB's pre-provision operating profit performance mainly reflects the credit origination approach in the retail segment to focus on
better-quality, lower-risk credit customers. This impacted net overall credit origination volumes and resulted in subdued net interest income (NII) growth. In addition, the
stronger growth in residential mortgages relative to unsecured resulted in margin pressure.
This NII drag was to some degree offset by solid growth in transactional volumes due to the strong economic rebound and continued customer acquisition. Absolute NIR
growth was impacted by certain fee reductions on the back of new customer propositions as FNB responded to competitive pricing in certain customer subsegments.
FNB remains the largest gatherer of SA retail deposits. This financial capacity also contributed to Group Treasury's pre-provision operating profit as the deposit funding
replaced institutional funding, lowering the cost of funds for the group. With growth in customer deposits exceeding growth in advances, Group Treasury further invested
into treasury bills and other high-quality liquid assets (HQLA) investments, boosting NII.
WesBank's pre-provision operating profit was also impacted by muted advances growth, in part due to an origination tilt to better-quality, lower-risk customers. In addition,
there was a mix shift to a higher proportion of floating-rate loans, reducing new business margins.
The reduction in RMB's pre-provision operating profit was mainly from pressure on NII due to subdued credit demand from the corporate sector. Whilst core advances
grew 6% period-on-period, average advances decreased. RMB continued to be disciplined on pricing to protect returns. This considered origination approach offset a
rebound in NIR given a solid performance from markets.
The group believes this approach will ensure that the customer-facing businesses will capture a higher market share of better-quality, lower-risk business, whilst satisfying
the credit demand from customers as incomes recover from the effects of the pandemic.
Costs continue to be a focus, and 4% growth period-on-period is pleasing. The cost trend does include important investment strategies, which will support future growth
and returns. In addition, whilst structural costs are receiving ongoing attention, certain of these will re-emerge in the short to medium term as the working environment
adjusts post pandemic.
Aldermore delivered growth in pre-provision operating profit in pound terms. This was driven by better-than-expected new business origination in the commercial
business, off the back of a stronger rebound in the UK economy than had been predicted. Good growth in customer savings resulted in a lower cost of funding which
provided further support to NII. Cost pressures remained given ongoing investment.
MotoNovo NII benefited from lower cost of funds and increased new business origination due to the improving economic environment. Total pre-provision operating profits
were, however, impacted by provisions raised for certain operational events.
REVENUE AND COST OVERVIEW
Overall group NII increased 5% period-on-period with some support from a return to growth in advances and continued strong deposit growth. NII was further supported
by increased capital balances. The growth from the group's deposit franchises resulted in lower institutional funding requirements and, consequentially, lower funding
Net interest margin (NIM) improved 10 bps to 4.37% (including Aldermore). This was mainly due to ALM strategies and positive capital endowment.
FNB delivered retail and commercial advances growth of 1% and 9% respectively. Retail advances growth remained muted as FNB's origination focused on lower-risk
customers. Commercial advances grew strongly in line with a focus on specific sectors. Deposit growth benefited from ongoing momentum in savings and investment
products, and particularly good growth from the commercial segment. Overall FNB rest of Africa advances remained flat although deposits grew strongly, up 10% (5% in
RMB's core advances growth of 6% reflects improved underlying client demand in the latter part of the reporting period. Deposit growth of 3% remained healthy, with
some margin contraction primarily due to the low-rate environment across all jurisdictions.
WesBank advances declined as the business continued to focus on lower-risk origination against a highly competitive lending environment. Advances further declined due
to the high level of non-performing loan (NPL) write-offs, whilst performing advances continued to grow.
Advances in the UK operations increased marginally, supported by some growth in vehicle asset finance (VAF), and strong growth in business finance. Retail mortgages
contracted off the back of higher redemptions and continued competition.
Growth in advances and deposits is unpacked by operating business below.
Growth in Growth in
advances % deposits %
FNB 3 9
- Retail 1 9
- Commercial 9 9
- Rest of Africa - 10
- WesBank (2) n/a
RMB* 6 3
UK operations** 1 7
* Advances growth for RMB based on core advances, which exclude assets under agreements to resell.
** In pound terms. Growth in deposits refers to customer savings.
Total group operational non-interest revenue (NIR) increased 5%. This was supported by 3% growth in fee and commission income and 14% growth in trading and fair
value income, but partly offset by a 7% decline in insurance income.
FNB's NIR increased 4%, benefiting from good growth (+12%) in transactional volumes and customer growth of 3%.
The reduction in insurance income was mainly due to the ongoing economic impact of the pandemic, resulting in an increase in mortality and retrenchment claims and
provisions raised. This was partly offset by growth in premiums of 11% driven by healthy sales of life and short-term products.
RMB's NIR grew 7%, with trading activities producing a resilient performance, driven by the equities, foreign exchange and commodities desks. Private equity also
delivered annuity income growth of 5% as the underlying portfolio companies started to benefit from the economic recovery.
Growth in operating expenses for the group was contained at 4%, reflecting the continued focus on cost management across the business. It was also achieved despite
ongoing investment in:
- insurance and asset management;
- build-out and consolidation of the domestic enterprise platform;
- build-out of the group's footprint and platform in the rest of Africa; and
- process and system modernisation in the UK business.
Additional costs associated with managing employee and customer well-being on premises and in branches, and the facilitation of remote working for a significant
proportion of employees, continue to be incurred. The cost-to-income ratio improved marginally to 52.4% (December 2020: 52.8%).
FirstRand's credit performance continues to reflect positive underlying trends supported by the improving macroeconomic forward-looking outlook, with positive revisions
to key economic variables compared to June 2021.
Advances growth for the six months ended 31 December 2021 was driven by the residential mortgage, corporate and commercial portfolios in SA and vehicle finance in
the UK. Retail unsecured and SA VAF growth, however, remained subdued. The composition of advances also reflects positive trends as stage 2 and 3 advances continue
Despite this general improvement, FirstRand believes maintaining conservative balance sheet provision stock is appropriate given ongoing uncertainties, rising inflation,
increasing interest rate pressure and the settlement of the revised debit order process. Management retained the stress scenario albeit at a lower weighting. Overall
performing coverage decreased to 1.83% from 1.91% at June 2021, reflecting the improving macro environment combined with the change in mix with lower arrear
stage 2 advances.
NPLs have decreased 11% since December 2020, and 10% since June 2021. NPLs as a percentage of advances decreased to 4.02% (December 2020: 4.80%;
June 2021: 4.76%) benefiting from the cure of paying NPLs, slower inflow given conservative origination strategies, strong collections and advances growth.
This drove the 57% reduction in the overall impairment charge to R4.0 billion (December 2020: R9.4 billion) as analysed in the following table. The credit loss ratio of
73 bps excluding the UK operations (61 bps for the total group) remained below the through-the-cycle range of 100 bps to 110 bps.
ANALYSIS OF IMPAIRMENT CHARGE
Six months ended December
2021 December June 2021
vs December 2021 vs December
31 December 30 June 31 December 30 June 2020 vs June 2021 2020
R million 2021 2021 2020 2020 % change % change % change
Performing book provisions 627 (2 228) 663 8 950 (5) (+100) +100
NPL provision (1 042) (544) 3 347 4 868 (+100) 92 (+100)
Credit provision (decrease)/increase (415) (2 772) 4 010 13 818 (+100) (85) (+100)
Modification loss 412 348 294 513 40 18 18
Gross write-off* and other** 5 405 7 940 6 267 5 115 (13) (32) 27
Post write-off recoveries (1 375) (1 270) (1 157) (997) 19 8 10
Total impairment charge 4 027 4 246 9 414 18 449 (57) (5) (55)
Credit loss ratio (%) 0.61 0.67 1.46 2.87
Credit loss ratio excluding UK operations (%) 0.73 0.90 1.64 3.15
* Write-off of gross balances excluding prior period provisions held.
** Net interest recognised on stage 3 advances of R1 630 million (December 2020: R1 662 million; June 2021: R3 369 million) is excluded from write-off and other
and included in the NPL provision.
The above table demonstrates the move in impairments on a rolling six-month view, based on movements in the balance sheet. The R627 million portfolio provision
increase reflects advances growth and judgemental out-of-model provisions recognised, which offset the improvement in macro assumptions, and the release of
Covid-19-related provisions. Refer to pages 204 to 210 of the online version of the results booklet for the updated forward-looking information (FLI) and scenario
weightings. Despite maintaining coverage, the NPL provision release reflects the relative improvement in performance discussed below.
The next table deals with the rolling six-month change in group NPL balances. It is pleasing to see that the reduction in operational NPLs has continued due to slower
inflow and ongoing workout and write-offs. Collection efforts remained strong and resulted in paying NPLs curing and thus decreasing R2.5 billion period-on-period
(R3.1 billion decrease since June 2021).
Overall NPL coverage increased to 48.5% (December 2020: 45.7%; June 2021 45.3%), mainly driven by a large portion of paying NPLs (with lower coverage) curing into
performing, in line with expectations. The remaining NPLs reflected a marginal deterioration and product coverage was largely maintained. Increases in the UK operations
were driven by the owner-occupied mortgage and MotoNovo portfolios.
CHANGE IN NPLs
31 December 2021 vs 31 December 2020 31 December 2021 vs 30 June 2021
to overall to overall
R million % change NPL increase R million % change NPL increase
Operational NPLs* (5 217) (13) (8) (3 420) (9) (5)
Covid-19 relief paying NPLs** (1 635) (48) (3) (2 411) (58) (4)
Other paying NPLs# (839) (9) (1) (667) (7) (1)
NPLs (excluding UK operations) (7 691) (15) (12) (6 498) (13) (10)
UK operations 884 11 1 271 3 -
Change in total group NPLs (6 807) (11) (11) (6 227) (10) (10)
* Include advances that received Covid-19 relief, other advances and debt-review 90 days or more in arrears.
** Include Covid-19 relief loans less than 90 days in arrears still subject to curing criteria.
# Include debt-review and other advances less than 90 days in arrears still subject to curing criteria.
SA retail NPLs decreased 12% from R37.3 billion at June 2021 to R32.7 billion at December 2021 (December 2020: R37.3 billion). NPLs as a percentage of advances
decreased to 7.85% (December 2020: 9.01%; June 2021: 9.05%) driven by the curing of paying NPLs, slower inflows, ongoing write-offs, strong collections and
workouts, and support from higher advances.
SA commercial NPLs declined 20% to 4.31% of advances (December 2020: 5.80%; June 2021: 5.21%). The decline was due to workouts and write-offs, curing of a few
large counterparties and lower stage 3 inflows in various portfolios.
NPLs in the SA corporate and investment banking (CIB) including HQLA portfolio decreased 24% to 0.76% of advances (December 2020: 1.12%; June 2021: 1.07%),
reflecting part settlement and curing of several counterparties.
The rest of Africa NPL ratio decreased from 5.84% at June 2021 (December 2020: 6.36%) to 5.43% driven by lower NPLs in Botswana and Zambia following high
write-offs and a slowdown in new inflows.
In the UK operations, NPLs were at 2.96% of advances, marginally up from 2.89% at December 2020, however, down from the 3.16% level at June 2021. This was
mainly due to curing and settlement in the Aldermore commercial portfolio, supported by advances growth in the commercial and MotoNovo books. Retail NPLs continued
to be affected by the previous ban on collateral repossessions in the UK which constrained the workout process.
With regard to the Covid-19 relief books, overall gross advances decreased from R167.1 billion to R136.3 billion as customers continued to repay and no new relief was
granted. The performance of the relief book was stable and slightly better than expected. The proportion of the portfolio under relief declined to 10% of advances from
13% at June 2021.
The group continues to accrete capital, resulting in a healthy CET1 level, which provides sufficient capacity for growth. The board is therefore comfortable to maintain a
dividend cover of 1.8 times and considers this level of distribution to be appropriate and sustainable over the medium term.
In South Africa the group expects the current credit cycle to gather further momentum, as consumer and corporate incomes continue to recover, supported by pent-up
private sector demand. These trends will accelerate advances growth, mainly driven by the retail secured and commercial portfolios. Corporate advances growth is
expected to improve. The group anticipates a slowdown in deposit growth as consumers draw down on precautionary savings.
The rest of Africa portfolio is expected to show a steady improvement as many of the jurisdictions where it operates continue to benefit from the commodity cycle.
The rebound in the UK economy is expected to be maintained. Despite the government's withdrawal of its various stimulus packages unemployment has remained low,
which is supportive of a better than expected credit experience, and the UK business remains appropriately provided. The absolute growth in earnings for the full year is
now expected to be stronger than previously guided.
FirstRand expects its normalised ROE to remain in the stated range of 18% to 22% for the full year despite capital generation exceeding demand. Growth in earnings for
the full year is still expected to exceed the group's long-term target of real growth in earnings (defined as real GDP plus CPI), as the last tailwinds of the pandemic
recovery are felt.
Changes to the directorate are outlined below.
Resignation Effective date
F Knoetze (Non-executive director) 1 December 2021
CASH DIVIDEND DECLARATIONS
The directors declared a gross cash dividend totalling 157 cents per ordinary share out of income reserves for the six months ended 31 December 2021.
Six months ended
Cents per share 2021 2020
Interim (declared 2 March 2022) 157.0 110.0
The salient dates for the final ordinary dividend are outlined below.
Last day to trade cum-dividend Tuesday, 29 March 2022
Shares commence trading ex-dividend Wednesday, 30 March 2022
Record date Friday, 1 April 2022
Payment date Monday, 4 April 2022
Share certificates may not be dematerialised or rematerialised between Wednesday, 30 March 2022, and Friday, 1 April 2022, both days inclusive.
For shareholders who are subject to dividend withholding tax (DWT), tax will be calculated at 20% (or such lower rate as is applicable if a double taxation agreement
applies for foreign shareholders).
For South African shareholders who are subject to DWT, the net interim dividend after deducting 20% tax will be 125.6000 cents per share.
The issued share capital on the declaration date was 5 609 488 001 ordinary shares and 45 000 000 variable rate NCNR B preference shares.
FirstRand's income tax reference number is 9150/201/71/4.
B PREFERENCE SHARES
Dividends on the B preference shares are calculated at a rate of 75.56% of the prime lending rate of FNB, a division of FirstRand Bank Limited.
DIVIDENDS DECLARED AND PAID
Cents per share dividends
25 February 2020 - 31 August 2020 306.0
1 September 2020 - 22 February 2021 253.6
23 February 2021 - 30 August 2021 273.9
31 August 2021 - 28 February 2022 270.7
WR JARDINE AP PULLINGER C LOW H KELLAN
Chairman CEO Company secretary CFO
2 March 2022
This announcement covers the unaudited condensed consolidated financial results of FirstRand Limited for the six months ended 31 December 2021 based on
International Financial Reporting Standards. The primary results and accompanying commentary are presented on a normalised basis, as the group believes this most
accurately reflects its economic performance. The normalised results have been derived from the IFRS financial results. A detailed description of the difference between
normalised and IFRS results is provided on pages 176 and 177 of the Analysis of financial results booklet, which constitutes the group's full announcement. It is available
at www.firstrand.co.za/investors/financial-results/. Commentary is based on normalised results, unless otherwise indicated.
The content of this announcement is not audited. The directors take responsibility for the preparation of this announcement.
Any forecast financial information contained herein has not been reviewed or reported on by the group's external auditors.
Shareholders are advised that this announcement represents a summary of the information contained in the Analysis of financial results (the full announcement) and does
not contain full or complete details. Any investment decisions by investors and/or shareholders should be based on consideration of the announcement as a whole.
Shareholders are encouraged to review the full Analysis of financial results, which is available for viewing on the group's website and on
The full Analysis of financial results is available for inspection and/or collection from FirstRand's registered office, 4 Merchant Place, corner Fredman Drive and Rivonia
Road, Sandton, and the offices of the sponsors, Rand Merchant Bank (a division of FirstRand Bank Limited), at 1 Merchant Place, corner Fredman Drive and Rivonia Road,
Sandton. The Analysis of financial results can be inspected by investors and/or shareholders at no charge during normal business hours from today, 3 March 2022.
WR Jardine (chairman), AP Pullinger (chief executive officer), HS Kellan (financial director), M Vilakazi (chief operating officer), JP Burger, GG Gelink, RM Loubser,
TS Mashego, Z Roscherr, SP Sibisi, LL von Zeuner, T Winterboer
COMPANY SECRETARY AND REGISTERED OFFICE
4 Merchant Place, Corner Fredman Drive and Rivonia Road
PO Box 650149, Benmore 2010
Tel: +27 11 282 1808
Fax: +27 11 282 8088
Rand Merchant Bank (a division of FirstRand Bank Limited)
1 Merchant Place, Corner Fredman Drive and Rivonia Road
Tel: +27 11 282 8000
Fax: +27 11 282 4184
Simonis Storm Securities (Pty) Ltd
4 Koch Street
TRANSFER SECRETARIES - SOUTH AFRICA
Computershare Investor Services (Pty) Ltd
1st Floor, Rosebank Towers
15 Biermann Avenue
Rosebank, Johannesburg, 2196
Private Bag 61051, Marshalltown, 2107
Tel: +27 11 370 5000
Fax: +27 11 688 5248
TRANSFER SECRETARIES - NAMIBIA
Transfer Secretaries (Pty) Ltd
4 Robert Mugabe Avenue, Windhoek
PO Box 2401, Windhoek, Namibia
Tel: +264 612 27647
Fax: +264 612 48531
4 Lisbon Lane
Deloitte & Touche
5 Magwa Crescent
3 March 2022
Date: 03-03-2022 08:30:00
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