FirstRand

FirstRand reported a 5% decline in reported annual profit due to an additional provision of £403m for its UK auto-finance unit, while adjusted profit rose 16% and profit from continuing operations increased 13%. The board raised the dividend by 16%; the common equity tier 1 (CET1) ratio stood at 13.9% and about ZAR 10bn of excess capital remain after the dividend. Management, after withdrawing from the UK retail banking market, will focus more on South Africa and expanded Africa and still expects growth in profit and net interest income. The share rose about 3% as investors rated the strong operating performance and capital strength higher than the one-off UK charge. » Altro su de.investing.com

Lesaka Technologies has entered into an amended revolving credit agreement with FirstRand Bank providing direct and indirect facilities totaling ZAR 1,143,901,000. In addition, settlement lines of ZAR 326,000,000 and an indirect guarantee facility of ZAR 57,700,000 are available. The agreement replaces the previous facility, is available for use from Monday, will be reviewed annually and requires an upfront fee of ZAR 3.45 million; other material contract terms remain largely unchanged. » Altro su de.investing.com