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FirstRand Bank expects adoption of IFRS 9, IFRS 15 to hit CET1 ratio

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FirstRand Bank expects adoption of IFRS 9, IFRS 15 to hit CET1 ratio

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.