Strong numbers

Commenting on the results, Laurie Dippenaar, Group CEO said that FirstRand Group produced an excellent performance.

Highlights

> Headline earnings + 32%

> Headline earnings (excluding currency translations) + 20%

> Dividend per share + 20%

> Return on equity 26.7%

> Net Asset value + 14%

FNB achieved solid profit growth of 18%. Asset growth was very strong, particularly in the second half of the year, with no strain on the bad debt line. The NIR growth of 23% indicates that FNB achieved double digit growth in customer numbers.

RMB fired on all cylinders in 2005 to produce an outstanding set of results growing net income before tax by 33% to R1,9 billion (2004: R1,43 billion).

This growth is largely attributable to a very strong performance by the equity businesses, Private Equity, Corporate Finance, Structured Finance and Equities Trading, which have produced increasingly significant contributions to overall results following a decision taken a few years ago to increase the focus on them.

WesBank had an exceptionally good year with earnings increasing by 33.8%, continuing an extended period of sustained profit growth. Growth was driven by increases in new business volumes and market share.

Momentum experienced yet another year of consistent earnings growth with headline earnings increasing 19% to R1.3 billion. Organic growth was strong particularly in the local insurance and asset management businesses.

RMB Asset Management had a particularly good year growing pre tax profits by 63% and experience very strong inflows of institutional and retail funds.

Discovery produced a strong performance reflecting a combination of good organic growth and increased efficiencies across all its businesses. This performance translated into a 32% increase in headline earnings to R350 million.