Half Year 2022 FirstRand Ltd Earnings Call Transcript
Good morning, everybody, and welcome to FirstRand's Half Year Results for the 6 months ended 31 December 2021.
The group metrics on Slide 2 continue to reflect what we refer to as rebound performance against the base driven by much lower credit loss ratio. Normalized earnings, up 43% to ZAR 15.7 billion. Pre-provision operating profit, pleasingly up 6% to ZAR 26.4 billion. Point-in-time return on equity, sharply up to 20.1% and NAV in the group increasing by 12%. Operating leverage, showing a slight improvement. Core equity Tier 1 accreting further to 13.6%. A dividend of ZAR 1.57, in line with the growth in earnings.
Moving on to Slide 3. We see the performance and distribution at a per share level on a rolling 6-month basis. It is apparent when one looks at this slide that the normalization journey for earnings is materially complete.
On this next slide, on the left, we reflect our generation of economic profit. So that is our accounting profit charged for a cost of the capital that we have consumed in
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