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FirstRand
FirstRand (FSR) investor relations material
FirstRand H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary5 Mar, 2026
Executive summary
Normalised earnings rose 11% to R23.2bn for the six months ended 31 December 2025, with ROE at 21.1% and strong topline growth across all major franchises (FNB, RMB, WesBank).
Net interest income grew 8% and non-interest revenue rose 12%, with credit loss ratio at 0.86% and net income after cost of capital up 26% to R7.8bn.
Dividend per share increased 18% to 259 cents, reflecting strong capital generation and a CET1 ratio of 14.4%.
All domestic and broader Africa franchises contributed to earnings, though Botswana and Mozambique faced macro pressures.
Group’s diversified portfolio and disciplined capital/resource allocation underpinned performance despite challenging macroeconomic and regulatory conditions.
Financial highlights
NII up 8%, NIR up 12% year-over-year; cost-to-income ratio improved to 48.7% and NAV up 7% to R222.5bn.
Credit loss ratio at 0.86% (86bps), below the midpoint of the through-the-cycle range.
Ordinary dividend per share up 18% to 259 cents; market capitalisation up 19%.
Net income after cost of capital up 26% to R7.8bn.
Cost growth at 9%, with ongoing investment in technology and distribution.
Outlook and guidance
Guidance for FY2026 unchanged: NII expected to grow mid to high single digits, NIR growth to continue, and credit loss ratio to trend down.
Mid-teen earnings growth guidance for FY2026 (excluding UK motor provision) confirmed.
Cost growth to remain above inflation due to staff increases and ongoing investment; effective tax rate to rise.
Dividend payments expected to continue, even under UK FCA redress scenarios.
No update to UK motor commission provision until FCA’s final scheme is published.
Drivers of FNB Africa profit contraction
RMB advances margin expansion factors
Aldermore credit normalisation drivers
Surplus capital plans post-FCA redress clarity
Sustainability of RMB's distribution strategy
Impact of PayShap migration on fee income margins
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Next FirstRand earnings date
H2 202610 Sep, 2026
FirstRand
Next FirstRand earnings date
H2 202610 Sep, 2026
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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.
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