Information  X 
Enter a valid email address

Firstrand Bank Ltd. (96CF)

  Print   

Friday 24 April, 2020

Firstrand Bank Ltd.

Withdrawal of guidance for FirstRand Bank's parent

RNS Number : 8485K
Firstrand Bank Ltd.
24 April 2020
 

FirstRand Bank Limited

24 April 2020

 

Withdrawal of financial guidance for FirstRand Bank Ltd.'s parent for the year to 30 June 2020

 

FirstRand Bank Limited is a wholly-owned subsidiary of FirstRand Limited (FirstRand or the group), which is listed on the Johannesburg Stock Exchange and the Namibian Stock Exchange. FirstRand Bank represents approximately 75% of the group's balance sheet and earnings base. FirstRand Bank noteholders are therefore referred to the announcement released by FirstRand Limited on the JSE Stock Exchange News Service earlier today, in which it withdrew the guidance it had provided in its interim results announcement on 10 March 2020 on the group's expected earnings and ROE for the full year to 30 June 2020. This financial guidance was based on the group's macroeconomic view in early March 2020.

 

The escalation of the COVID-19 pandemic and the current lockdown scenarios in most of the markets in which the group operates, has required significant revisions to the group's macroeconomic forecasts. As a result, FirstRand Bank's noteholders are hereby advised that FirstRand's 30 June 2020 financial performance guidance has been withdrawn and expected earnings and ROE performance for the full year to 30 June 2020 remain under review.

 

Once FirstRand has sufficient certainty regarding its expected performance for the full year to 30 June 2020, it will update shareholders and FirstRand Bank noteholders accordingly.

 

The information contained in this announcement has not been reviewed or reported on by the group or bank's external auditors.

 

For further information, please contact:

Melanie Kleinhans

FirstRand Investor Relations

4 Merchant Place

Corner of Fredman Drive and Rivonia Road

Sandton

2196

South Africa

Tel: +27 11 282 8312

Email: [email protected]

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCEADLLADSEEFA

a d v e r t i s e m e n t