FirstRand Group pays out biggest annual dividend in Company’s History

FirstRand Boss Alan Pullinger says

“Looking forward as inflation subsides and economic reforms gather pace, the group is well positioned to play strongly into an overall improving domestic economic backdrop. Despite this year’s high level of payout to shareholders, given its superior return profile, FirstRand remains capital generative and has the necessary financial capacity to increase momentum in risk-weighted asset growth in the 2023 financial year. The growth in advances that took place in the last quarter of the year under review is evidence of increasing momentum.
The group’s ROE is expected to remain comfortably within the target range of 18% to 22% and earnings growth will revert to group’s long-term target of real GDP plus CPI plus (0% to 3%).”

Pullinger is also cautiously optimistic on South Africa’s macro economic fundamentals.