{"id":831,"date":"2014-10-17T10:27:00","date_gmt":"2014-10-17T08:27:00","guid":{"rendered":"http:\/\/www.remgro.com\/ar2014\/?page_id=831"},"modified":"2014-10-28T14:16:55","modified_gmt":"2014-10-28T12:16:55","slug":"banking","status":"publish","type":"page","link":"https:\/\/www.remgro.com\/ar2014\/index.php\/reports-to-shareholders\/investment-reviews\/banking\/","title":{"rendered":"Banking"},"content":{"rendered":"<p class=\"lead\"><!-- page 39 --><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.remgro.com\/ar2014\/wp-content\/themes\/remgro\/images\/ar2014\/p39-top.png\" alt=\"\" class=\"investment-pics\"\/><\/p>\n<div class=\"osc-res-tab tabbable   osc-tabs-left\"><div style=\"clear:both;width: 100%;\"><ul class=\"nav osc-res-nav nav-tabs osc-tabs-left-ul\" id=\"oscitas-restabs-1-banking-36494\"><li class=\"active\"><a href=\"#ert_pane1-0\" data-toggle=\"tab\">RMBH<\/a><\/li><li class=\"\"><a href=\"#ert_pane1-1\" data-toggle=\"tab\">FirstRand<\/a><\/li><\/ul><\/div><div style=\"clear:both;width: 100%;\"><ul class=\"tab-content\" id=\"oscitas-restabcontent-1-banking-36494\"><li class=\"tab-pane active\" id=\"ert_pane1-0\"><img decoding=\"async\" src=\"http:\/\/www.remgro.com\/ar2014\/wp-content\/themes\/remgro\/images\/ar2014\/p39.png\" alt=\"\" class=\"investment-pics\"usemap=\"#Map1\" border=\"0\"\/><\/p>\n<map name=\"Map1\">\n<area shape=\"rect\" coords=\"7,902,178,940\" href=\"http:\/\/www.rmbh.co.za\/\" target=\"_blank\">\n<\/map>\n<div class=\"row\">\n<div class=\"col-sm-6\">\n<p class=\"Investment-reviews_Investment-blue-caps-bold\">RMB HOLDINGS LIMITED (RMBH)<\/p>\n<p class=\"Body-text\">Since the restructuring of RMBH\u2019s banking and insurance interests during 2011, its only asset is a fully diluted interest of 33.9% in FirstRand Limited and its performance is therefore directly related to that of FirstRand Limited.<\/p>\n<\/div>\n<div class=\"col-sm-6\">\n<p class=\"Body-text\">The contribution of RMBH to Remgro\u2019s headline earnings for the year under review increased to R1&nbsp;793&nbsp;million (2013: R1&nbsp;460&nbsp;million) due to strong operational performances of all three of the main FirstRand brands (FNB, RMB and WesBank).<\/p>\n<\/p><\/div>\n<\/div><\/li><li class=\"tab-pane \" id=\"ert_pane1-1\"><img decoding=\"async\" src=\"http:\/\/www.remgro.com\/ar2014\/wp-content\/themes\/remgro\/images\/ar2014\/p40.png\" alt=\"\" class=\"investment-pics\" usemap=\"#Map2\" border=\"0\"\/><\/p>\n<map name=\"Map2\">\n<area shape=\"rect\" coords=\"6,1014,222,1052\" href=\"http:\/\/www.firstrand.co.za\" target=\"_blank\">\n<\/map>\n<div class=\"row\">\n<div class=\"col-sm-6\">\n<p class=\"Investment-reviews_Investment-blue-caps-bold\">FIRSTRAND LIMITED (FIRSTRAND)<\/p>\n<p class=\"Body-text\">FirstRand\u2019s contribution to Remgro\u2019s headline earnings represents Remgro\u2019s 4.0% direct interest in FirstRand and excludes the indirect contribution from FirstRand through Remgro\u2019s interest in RMBH. The contribution of FirstRand to Remgro\u2019s headline earnings for the year under review increased to R749 million (2013: R617&nbsp;million).<\/p>\n<p class=\"Body-text\">FirstRand\u2019s results for its year ended 30 June 2014 reported that headline earnings increased by 22% to R18 671 million (2013: R15&nbsp;327&nbsp;million), as all three franchises delivered strong operational performances and continued to out&#173;perform the market. The group\u2019s net interest income and non-interest revenue grew by 23% and 18% respectively year on year as operating cost increases were limited to 15%, reflecting the continued investment in electronic platforms and FirstRand\u2019s African operating footprint.<\/p>\n<p class=\"Body-text\">The group believes that normalised earnings more accurately reflect operational performance and therefore headline earnings are adjusted to take into account non-operational items and accounting anomalies.<\/p>\n<\/div>\n<div class=\"col-sm-6\">\n<p class=\"Body-text\">FirstRand\u2019s normalised earnings for the year under review increased by 21% to R18&nbsp;663&nbsp;million (2013: R15&nbsp;420&nbsp;million). FNB\u2019s&nbsp;contribution to normalised earnings increased by 18% to R9&nbsp;462&nbsp;million (2013: R7&nbsp;998&nbsp;million). This was driven by continued customer acquisition, loan and deposit growth, strong growth across the African foot&#173;print and increased transactional volumes across all of its platforms, particularly its electronic platform. RMB contri&#173;buted R5&nbsp;342&nbsp;million (2013: R4&nbsp;383&nbsp;million) to FirstRand\u2019s normalised earnings, representing an increase of 22% from the previous year, as its diversified investment banking and corporate portfolios delivered strong profit growth, with a growing contribution from activities in the rest of Africa. The contribution of WesBank to normalised earnings increased by 2% to R2&nbsp;830&nbsp;million (2013: R2&nbsp;774&nbsp;million), as it continued to grow new business volumes across all portfolios, but was offset by increased credit impairments.<\/p>\n<p class=\"Body-text\">During June 2013 FirstRand launched its investment management franchise, Ashburton Investments, whose long-term strategic objective is to become the leading new-generation investment manager in Africa. Ashburton is managed separately from the banking business, avoiding any potential conflicts of interest and has grown its assets under management to R115 billion at the end of this financial year.<\/p>\n<\/p><\/div>\n<\/div><\/li><\/ul><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":448,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-full-width.php","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banking - Remgro Limited<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.remgro.com\/ar2014\/index.php\/reports-to-shareholders\/investment-reviews\/banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking - 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