FirstRand Bank Ltd. said it expects the adoption of new accounting standards to reduce its common equity Tier 1 ratio by between 35 and 45 basis points on a fully loaded basis, as of June 30, 2018.
The South Africa-based bank said it will release further details in November this year about the impact of adopting IFRS 9 and IFRS 15.
FirstRand Bank's normalized earnings attributable to ordinary equity holders reached 20.17 billion South African rand in 2018, up from 18.09 billion rand a year ago. Normalized headline earnings increased on year to 20.08 billion rand from 18.27 billion rand.
FirstRand Bank is a unit of FirstRand Ltd.
As of Sept. 6, US$1 was equivalent to 15.35 South African rand.