FNB: Bad Debts Up 180%!

Moneyweb reports:

FirstRand reports bad debts at R4,7bn

FirstRand Ltd, South Africa's second-biggest banking group by assets, reported a 13 percent fall in full-year normalised headline earnings on Tuesday, and said credit market conditions remained challenging.

The firm, the last of the country's four big banks to report full-year results, said normalised headline earnings for the year to end June were 8.8 billion rand.

FirstRand said it had been hit by slower asset growth and higher bad debts at its retail units. Bad debts at its retail unit were at 4.7 billion rand versus 2.6 billion rand in the previous corresponding period.