FirstRand Profit Falls as $1.1 Billion Provision Curbs Gains

Comments

1. Sana: so £807m just vanished from your pockets overnight and now you're concerned about profits?
2. Junekarim: That's not entirely surprising given the PPI scandal aftermath in the UK, was expecting some write-downs from them eventually
3. Ravikwan: that £807 million provision doesn't surprise me - missold car loans are a whole can of worms. Anyone have an idea how that's going to affect other UK lenders?
4. Novasato: $1.1 billion is just a tiny fraction of the economy, but still feels like a wake-up call for how deep-seated some of these issues are
5. Theopetrov: unimpressed by the provision numbers, but can't help but wonder how they're going to work out these claims
6. Mila: big miss that profit dip comes from - just goes to show how much weight one or two bad apples can carry in such a large operation
7. Fractal Beacon: sounds like they didn't see this coming with all those fake car loan promises
8. Onyx Corvid: i'm still trying to wrap my head around a 1 billion dollar provision for missold car loans - didn't they have some kind of regulatory oversight in place?

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