Firstrand Ltd (OTCPK:FANDY)

$ 42.16 -0.13 (-0.31%) Market Cap: 23.63 Bil Enterprise Value: 26.39 Bil PE Ratio: 11.47 PB Ratio: 1.98 GF Score: 82/100

Full Year 2020 FirstRand Ltd Earnings Call Transcript

Sep 10, 2020 / NTS GMT

Release Date Price: $21.83

Transcript

Alan Patrick Pullinger

FirstRand Limited - CEO & Executive Director

All right. Good morning, ladies and gentlemen, and welcome to the presentation of FirstRand's results for the year ended 30 June 2020. These are unusual times. I've got a lot of ground to cover because there's some additional insights that we're going to be giving in the presentation. And so it's going to be a little longer than usual, but we're going to keep the pace up.

Right. So this slide shows the impact that COVID-19 and the resultant lockdowns have had on the performance for the last 6 months. You can see driving normalized earnings down for the year to probably 2014 levels and showing a decline of 38% year-on-year. And of course, you can see the dramatic impact that has had on return on equity coming in at 12.9%. The Board also decided not to declare a final dividend in line with guidance from the Prudential Authority.

Slide 3 reveals our track record in the generation of economic profits. And then just to remind everybody, economic profits essentially are IFRS accounting earnings and then we charge those

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