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FirstRand's profit drops 5% for the first time in six years as $1.1 billion in provisions offset growth.
FirstRand Ltd.'s profit fell for the first time in six years, dropping 5% as its UK motor finance unit set aside $1.1 billion for customer compensation claims related to mis-sold car loans, offsetting growth in lending and fee income. The Johannesburg-based South African bank announced on Thursday that its earnings for the year ended June decreased to 39.7 billion rand (approximately $2.5 billion), yet still surpassed the 39.3 billion rand expected by analysts surveyed by Bloomberg.
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