Subscribe & Follow

Advertise your job vacancies

BizTrendsTV

RAPT BizTrendsTV: Bronwyn Williams: The Dark Forest, fat pigs, pitchforks, and giant monsters

Jobs

Financial Accountant Centurion
Digital Adoption and Enablement Specialist George
Motor Accounts Handler / Office Bound Business Developers George
Business Analyst George
Internship Finance 2026 George
Customer Care Champion Cape Town
Junior Bookkeeper /Accountant Cape Town
Actuarial Business Analyst – Data Science and Machine Learning Lead Western Cape
Reserving Actuarial Analyst Western Cape
Key Account Manager - Motor Dealer Channel Gauteng

FirstRand's profit rises despite UK motor loans charge

FirstRand posted a 4% rise in annual profit despite absorbing a R3bn ($167m) pre-tax accounting provision related to an investigation by Britain into the vehicle finance market.

By Nqobile Dludla

17 Sep 2024

Source: Reuters.

Its normalised earnings rose to R38bn in the year ended 30 June from R36.6bn the previous year, the bank said.

Excluding the provision, normalised earnings grew by 10%, group chief executive officer Mary Vilakazi said in a statement.

British lenders have been told by the Financial Conduct Authority to ensure they are adequately prepared to meet the potential costs of customer complaints arising from its review into the motor finance industry.

The regulator began looking into potential overcharging in the industry in January, amid rising tensions between thousands of consumers and lenders over commission arrangements.

In addition to the provision, R300m of legal and professional fees were incurred in relation to the UK probe, the bank said.

Source: Reuters

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

Go to: https://www.reuters.com/