FirstRand of South Africa Says First-Half Profit Will Rise at Least 20%

FirstRand Ltd., South Africa’s second-biggest financial-services company, said first-half profit will increase by at least 20 percent.

“This is due to the significant gain arising from the unbundling of Momentum,” the Johannesburg-based lender said in a statement today.

FirstRand merged its insurance unit, Momentum Group Ltd., with Metropolitan Holdings Ltd. earlier this year to create the third-biggest listed insurer in South Africa, after Sanlam Ltd. and Old Mutual Plc. Metropolitan subsequently changed its name to MMI Holdings Ltd. and the merged entity has a market value of 25.2 billion rand ($3.7 billion).

FirstRand gained 36 cents, or 1.8 percent, to 20.80 rand in Johannesburg trading, its biggest one-day gain since Nov. 12.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at

To contact the editors responsible for this story: Frank Connelly at Edward Evans at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.