FirstRand (FSR) investor relations material

Macroeconomic and operational context

• Global macroeconomic pressures, including geopolitical tensions and oil market disruptions, have led to higher inflation forecasts and weaker consumer confidence in key markets.

• Supportive commodity prices and ongoing economic reforms in South Africa and other African jurisdictions have provided some resilience.

• Fiscal consolidation and structural reforms in South Africa are anchoring currency and interest rate stability.

Financial performance and guidance

• A further pre-tax provision of £510 million was raised for the UK motor commission redress scheme, with total provision now at approximately £750 million.

• Normalised earnings are expected to contract by 4% to 9%, with ROE slightly below the bottom end of the stated range.

• Excluding the UK provision, underlying operational performance remains strong and previous guidance on earnings and ROE growth is maintained.

Segment and regional performance

• Balance sheet growth is healthy, with advances growth accelerating in the second half, especially in South Africa and broader Africa.

• FNB's retail advances and WesBank's vehicle asset finance book show strong growth; RMB's corporate advances turned positive in the second half.

• UK operations face margin compression and softer performance, with the entire UK business to be disclosed as discontinued operations.