Rand Merchant Bank, FirstRand’s corporate and investment banking arm, was proactive in provisioning against its credit book to safeguard for times to come and demonstrated solid growth in its markets business in the year to June 30, with profit before tax up 21%.
Despite the challenging environment compounded by global uncertainty, its annual results show that the bank remained resilient, growing pre-provision operating profit by 14%.
Due to the significant impact of Covid-19 on credit provisions, normalised earnings were down 17%.
RMB provided R40 billion in support to clients through direct funding, payment holidays and covenant waivers.
With strong capital and liquidity levels, RMB will continue to partner clients to collectively rebuild the economy.
RMB CEO James Formby unpacks the results in more detail.
Brought to you by Rand Merchant Bank (RMB).