First Rand execs, shareholders score

Shareholders and executives of Firstrand, the country’s biggest banking group by market capitalisation, are smiling all the way to the bank after the lender declared its biggest dividend to date.

The group, which owns First National Bank (FNB), Rand Merchant Bank and Wesbank, among other assets, said it would pay R26.2-billion in dividends. This is as the group posted a 23% jump in headline earnings for the financial year ended June, lifting profit before tax to R46.68-billion.

The group’s good fortunes also saw its senior executives handsomely rewarded. Group CEO Alan Pullinger took home a total pay package of R48.29-million for the year, and FNB boss, Jacques Celliers, was paid a R41.61-million package.