First Rand - FNB in the driving seat
The reported results for the twelve months ended 30 June 2019 were good with FNB in the driving seat in percentage growth and overall contribution. Ingham Analytics had forecast growth in normalised earnings at 5.9% and the result is 5.6% growth for the year. In this punchy analysis Ingham does give the salient points of the result and it has a warning about the banking sector as whole. They reiterate that banks as an asset class are sensitive to bond yields, which, are affected by negative political and fiscal factors. There is no change to estimates for earnings following these annual results and the target price is unchanged.
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