FirstRand Annual Report 2009

R million	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	Compound growth %
Banking Group
Return on average ordinary equity (%)	20.7	25.0	26.0	27.2	22.2	24.2	24.2	23.6	27.4	21.5	12.9
Cost to income ratio (%)	61.5	60.3	59.9	57.6	57.0	57.5	56.6	53.8	51.7	52.6	58.1
Bad debts as a percentage of advances (%)	1.5	1.3	0.9	1.1	0.8	0.4	0.3	0.4	0.7	1.3	1.8
Bad debts as a percentage of average advances (%)	2.9	1.4	1.0	1.1	0.8	0.4	0.3	0.5	0.8	1.2	1.8
Other operating income as a percentage of total income (%)	52.8	55.5	52.9	53.9	44.4	49.6	55.1	59.0	59.8	55.3	52.8
Return on average total assets (%)	1.2	1.5	1.6	1.6	1.5	1.8	1.8	1.7	1.9	1.5	0.8
Interest margin on average advances (%)	4.9	4.8	4.8	4.3	5.0	4.5	4.3	4.0	4.0	4.1	4.1
Momentum Group
Return on average ordinary equity (%)	22.4	25.0	27.4	28.6	27.0	24.3	24.5	24.1	25.3	30.3	22.6
New business	29 153	30 594	28 740	31 151	25 975	28 734	42 689	59 403	56 097	65 338	60 470	8
Funds received from clients	32 628	34 461	32 751	35 848	30 307	33 171	47 226	64 661	62 268	72 098	68 086	8
Net flow of funds	13 399	12 439	4 685	3 724	2 247	727	3 562	2 069	40 011	9 689	34 030	10
Embedded value	8 340	9 391	10 306	9 532	10 002	9 666	11 856	14 438	15 453	16 039	16 086	7
Exchange rates
Rand/US$
– Closing	6.03	6.77	8.07	10.31	7.56	6.18	6.68	7.13	7.07	7.82	7.73
– Average	5.95	6.40	7.42	9.19	8.89	6.77	6.19	6.44	7.21	7.30	8.88
Rand/£
– Closing	9.51	10.26	11.35	15.75	12.47	11.20	11.97	13.15	14.17	15.60	12.71
– Average	9.63	9.88	10.81	14.81	14.12	11.83	11.50	11.48	13.99	14.66	14.08
Balance Sheet¹ US$
Total Assets	33 510	32 896	33 647	36 350	52 090	68 741	69 243	84 516	102 059	105 364	104 794	12
Advances	15 542	15 159	15 290	16 989	24 890	33 798	33 234	44 023	54 741	57 070	53 893	13
Deposit and current accounts	19 136	17 358	17 536	19 535	28 532	35 447	36 820	46 580	59 628	62 458	61 864	12
Total equity	1 827	2 087	2 056	1 851	2 751	3 869	4 481	5 123	6 160	6 226	6 470	13
Assets under administration	42 357	44 841	46 294	45 887	64 603	85 605	92 330	111 458	127 319	130 702	124 933	11
Income Statement² US$
Earnings attributable to ordinary shareholders	418	477	482	489	508	838	1 152	1 370	1 597	1 549	732	6
Headline earnings	417	460	497	515	545	846	1 085	1 260	1 450	1 359	781	6
Normalised earnings	417	460	465	456	605	900	1 175	1 391	1 643	1 450	805	7
Balance Sheet¹ £
Total Assets	21 259	21 717	23 912	36 350	31 564	37 932	38 622	45 825	50 922	52 817	63 699	12
Advances	9 860	10 008	10 866	16 989	15 082	18 650	18 537	23 870	27 313	28 608	32 759	13
Deposit and current accounts	12 140	11 459	12 462	19 535	17 289	19 560	20 537	25 256	29 751	31 309	37 604	12
Total equity	1 159	1 378	1 461	1 851	1 667	2 135	2 499	2 778	3 073	3 121	3 933	13
Assets under administration	26 871	29 602	32 900	45 887	39 146	47 238	51 499	60 433	63 525	65 518	75 940	11
Income Statement² £
Earnings attributable to ordinary shareholders	258	309	331	489	320	480	621	769	823	771	462	6
Headline earnings	258	298	341	515	343	484	585	707	776	677	493	7
Normalised earnings	258	298	319	456	381	516	633	780	847	722	508	7

1 The balance sheet is converted using the closing rate as disclosed.
2 The income statement is converted using the average closing rate as disclosed.

TEN YEAR REVIEW