FirstRand earnings forecast will jump on economic recovery in South Africa

FirstRand Ltd. sees earnings spike more than expected after the South African economy bounced back sharply from the early stages of the coronavirus pandemic.

Africa’s largest bank by market value sees earnings per share rise at least 35% over the course of the year through June, according to a statement made Monday. The impairment losses are significantly lower than expected and the borrowing costs have improved, said the Johannesburg-based company.

“Current trends suggest that customers are using discretionary savings as the economy opens up,” said FirstRand. “Consumer spending is now back to pre-Covid levels.”

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