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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
FirstRand
FirstRand (FSR) investor relations material
FirstRand H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary10 Sep, 2026
Executive summary
Earnings increased 16% year-over-year on a normalized basis, with ROE at 21.5%, despite a 5% contraction in reported earnings due to a large U.K. motor commission provision; dividend also grew 16%.
The group exited the U.K. consumer finance business (Aldermore) after FCA's final redress scheme, resulting in a significant provision and Aldermore classified as discontinued; 75% decline in Aldermore earnings.
Strong operational performance in core franchises (FNB, RMB, WesBank) drove robust earnings, improved ROE, and economic profit growth.
Continuing operations now form the basis for future earnings growth, returns, and capital generation.
Financial highlights
Normalized earnings up 16% year-over-year; reported earnings down 5% due to U.K. provision.
Continuing operations delivered 13% earnings growth at a 24.9% ROE; NAV increased 9%.
Dividend per share up 16%, supported by strong capital position and excluding U.K. provision impact.
Economic profits grew 24% to ZAR 20 billion; cost-to-income ratio improved to 48%.
Group margin increased by 29 basis points, with NII up 8% and NIR up 12%.
Outlook and guidance
Medium-term ROE target range updated to 21%-26%; earnings growth expected in high single to low double digits.
FY27 guidance: high single-digit NII growth, mid single-digit NIR growth, CLR to remain below mid-point of TTC range, lower opex growth, and ROE at top end of range.
Focus on growth in South Africa and broader Africa, leveraging improved macro conditions and structural reforms.
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Latest events from FirstRand
- Strong African performance offsets UK challenges; earnings guidance and dividend policy maintained.FSR
Trading update - Earnings up 11% with ROE at 21.1%, dividend up 18%, and strong capital position maintained.FSRH1 2026
- Earnings up 10% to R41.8bn, ROE at 20.2%, and capital position strengthened despite UK provision.FSRH2 2025
- All AGM resolutions passed; board addressed governance, performance, and emerging risks.FSRAGM 2024
- Earnings grew 4% with resilient topline, strong deposit growth, and improved capital ratios.FSRH2 2024
- Earnings up 10% to R20.9bn, ROE 20.8%, with strong capital, cost efficiency, and credit quality.FSRH1 2025
Next FirstRand earnings date
H1 20274 Mar, 2027
FirstRand
Next FirstRand earnings date
H1 20274 Mar, 2027
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Frequently asked questions
FirstRand Limited is a prominent financial holding company that provides a wide range of banking and related financial services. The company operates through several subsidiaries, offering products such as deposit services, loans, debit and credit cards, insurance solutions, and investment management services. It caters to a diverse clientele, including retail and commercial customers, corporate entities, and wealthy family clients. FirstRand's operations span across South Africa, sub-Saharan Africa, the United Kingdom, and India. Additionally, the company has a significant footprint in the banking sector through its subsidiaries in several African countries and the UK. The company is headquartered in Sandton, South Africa, and its shares are listed on the Johannesburg Stock Exchange.