S.Africa's FirstRand warns of over 20% profit fall

South African lender FirstRand said on Thursday its full-year profits were likely to be more than 20% lower than in 2019, due to a spike in bad debts and falling revenues.

South African lender FirstRand said on Thursday its full-year profits were likely to be more than 20% lower than in 2019, due to a spike in bad debts and falling revenues. The bank expects its headline earnings per share - the main profit measure in South Africa - for the year to June 30 to decline significantly from the 497.2 cents it reported last year.