FirstRand is the only lender so far to release a big chunk of its Covid provisions, in what’s becoming a bone of contention for bank investors.
Despite SA banks’ huge cash provisions taken during the pandemic uncertainty, FirstRand is the only bank so far to have returned a chunk of it directly to shareholders.
“We generate enough capital to be able to do this,” FirstRand CEO Alan Pullinger tells the FM. No talk about clinging to the excess provisions here...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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