Full Year 2020 FirstRand Ltd Earnings Call Transcript
All right. Good morning, ladies and gentlemen, and welcome to the presentation of FirstRand's results for the year ended 30 June 2020. These are unusual times. I've got a lot of ground to cover because there's some additional insights that we're going to be giving in the presentation. And so it's going to be a little longer than usual, but we're going to keep the pace up.
Right. So this slide shows the impact that COVID-19 and the resultant lockdowns have had on the performance for the last 6 months. You can see driving normalized earnings down for the year to probably 2014 levels and showing a decline of 38% year-on-year. And of course, you can see the dramatic impact that has had on return on equity coming in at 12.9%. The Board also decided not to declare a final dividend in line with guidance from the Prudential Authority.
Slide 3 reveals our track record in the generation of economic profits. And then just to remind everybody, economic profits essentially are IFRS accounting earnings and then we charge those
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