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FirstRand Profit Falls 5% as $1.1 Billion Provision Curbs Gains
Source: Bloomberg
Corporate EarningsLegal & LitigationAutomotive & EVCompany Fundamentals
FirstRand's profit declined for the first time in six years after it booked a £807 million ($1.1 billion) provision for UK customer claims related to missold car loans at its British motor-finance business. The provision outweighed growth in lending and fee income, creating a material earnings headwind and legal-risk overhang for the group.
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