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Africa’s Most Valuable Bank Sees Profit Rebound as Payrolls Jump

  • FirstRand says non-interest revenue trajectory has improved
  • Earnings in six months through December to drop 20% to 25%

FirstRand Ltd., Africa’s biggest bank by market value, experienced a better-than-anticipated recovery in the past four months after payrolls recovered to pre-coronavirus levels.

The improvement resulted in fees and commissions “strongly” rebounding, while the lender said its credit-loss ratio also improved from the 1.91% reported for the six months through June. That led to the stock reversing earlier losses to trade 0.7% higher as of 4:28 p.m. in Johannesburg.