Financial services group FirstRand which owns FNB, Rand Merchant Bank and WesBank has taken a hefty profit hit as consumers struggled to repay loans.
Headlines earnings were down 38 percent.
The group noted a sharp increase in the number of customers applying for debt relief as a result of the COVID-19 pandemic.
More than 300,000 individuals applied.
The retail arm FNB took a 31 percent drop in normalised earnings at its retail segment.
No final dividend was declared by the bank.
In other news – Boity Thulo’s fragrance Pink Sapphire pre-orders sold out
After launching her debut fragrance Pink Sapphire this week Boity Thulo took to her social media pages to announce that the pre-orders were all sold out.
Last night she posted an announcement stating: “OMG YOU GUYS DID THAT! WE SOLD OUT OUR FIRST 1,000 BOTTLES PRE-SALES!! Thank you so much for supporting us fam!! Learn more
Source: eNCA
