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FirstRand, a leading financial services group led by South African banker Mary Vilakazi, reported a full-year profit of $2.6 billion in 2025, a 10 percent increase from the previous year, supported by solid performances across its retail, commercial, and investment banking operations.
The financial services group’s profit for the year, jumped by 10.05 percent, from R40.98 billion ($2.36 billion) last year to R45.1 billion ($2.6 billion) for the fiscal year ending June 30, 2025. Profit growth was fueled by double-digit gains at First National Bank (FNB), Rand Merchant Bank (RMB) and WesBank, along with stronger treasury earnings.
Deposits rose 10 percent to R2.18 trillion ($125.5 billion), while loans grew 9 percent to R1.75 trillion ($100.7 billion) on higher demand for vehicle and commercial finance.
Retail and commercial banking anchor growth
FNB, the group’s retail and commercial arm, posted an 8 percent earnings rise to R23.6 billion ($1.36 billion), passing the R1 trillion ($57 billion) deposit mark for the first time. Growth was broad-based across deposits, lending and transactions, with African subsidiaries adding double-digit profit gains.
Rand Merchant Bank earned R10.7 billion ($616 million), up 10 percent, supported by investment banking, private equity and structured lending, helped by steady corporate activity and disciplined capital management.
Vehicle finance rebounds, UK steady
WesBank profit rose 20 percent to R2.4 billion ($138 million), lifted by stronger vehicle finance volumes and solid credit performance. In the UK, earnings edged up 2 percent in pound terms, held back by higher motor commission costs, though lending and deposits remained resilient.
Group Treasury delivered a 29 percent profit jump to R4.6 billion ($265 million), supported by balance-sheet management, calmer African currency markets and interest-rate gains.
CEO Mary Vilakazi, who took over in 2024, said FirstRand expects mid- to high-single-digit net interest income growth in fiscal 2026, underpinned by stronger retail lending, commercial advances and continued deposit inflows. She forecast earnings growth in the mid-teens, with return on equity moving toward the upper end of the 18–22 percent target range.
Mary Vilakazi reshapes South African banking
FirstRand was founded in 1977 by Laurie Dippenaar and has since grown into a $25.54 billion financial institution.
Under the leadership of CEO Mary Vilakazi, the first woman to serve as group CEO, FirstRand has been actively growing its footprint while also maintaining a strong balance sheet, the bank’s total assets expanded by 9.28 percent to R2.59 trillion ($148.81 billion) while its total equity grew by 11.94 percent to R240.97 billion ($13.86 billion), underscoring the group’s ability to deliver consistent returns within its stated range.
