FIRSTRAND Ltd. declared an interim dividend after withholding its final payout last year while Africa battled the worst of the coronavirus pandemic, delivering a sign of confidence even with the continent’s vaccine plans at an early stage.
Africa’s biggest lender by market value said it’s acting “in anticipation of the expected rebound in the economy and to support the resultant balance sheet growth.”
The Johannesburg-based lender has brought its dividend cover to the bottom end of its long-term range of 1.8 to 2.2 times, according to a statement on Thursday.
FirstRand’s adjusted earnings per share beat estimates as profits excluding some items and accounting adjustments dropped 21% to R11 billion ($730 million) in the six months through December.
That was partly due to provisions for souring loans as borrowers struggled with lockdowns and other hardships related to Covid-19.
With global vaccination programs underway and prospects for faster economic rebound, FirstRand
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