Introduction
This report covers the unaudited financial results of FirstRand Limited (“FirstRand” or “the Group”) for the six months ended 31 December 2010 and deals with the financial and operating performance of its main business units. The Group consists of a portfolio of leading financial services franchises; these are First National Bank (“FNB”), the retail and commercial bank, Rand Merchant Bank (“RMB”), the investment bank, and WesBank, the instalment finance business.
Effective 30 November 2010 FirstRand unbundled its 100% shareholding in the Momentum Group. The results for the period under review therefore include five months of contribution from Momentum (treated as a discontinued operation). The unbundling resulted in a dividend in specie of R15 billion.
The results have been prepared on a normalised basis as the Group believes this most accurately reflects the economic performance. A detailed description of the normalised adjustments has been provided on page 98. Commentary is on a normalised basis, unless indicated otherwise and is focused on the continuing operations of the Group.
Continuing operations – financial highlights
|
|
