CAPE TOWN – Rand Merchant Bank (RMB), the corporate and investment banking division of FirstRand Bank, has delivered a solid performance in the 2018 financial year. RMB’s overall pre-tax profit of R10.4 billion increased 6 percent to June 2018, from R9.8 billion in June 2017.
RMB also maintained its premium returns, delivering a ROE of 25.3 percent underpinned by high quality earnings.
Says RMB chief executive James Formby: “I am very proud of RMB’s results which were delivered against a challenging macro-economic and political backdrop. The performance demonstrates that our strategy to put clients at the centre of our business is working. I would like to thank our clients for continuing to work with RMB as their trusted banking partner.”
In a year that was characterised by tough credit markets and low growth, the investment banking and advisory activities delivered strong results. RMB originated and led a broad range of investment banking transactions across many sectors.
RMB also continued to provide support for the public sector through constructive engagement and deal activity. It supported inclusive economic development with lending for transformational infrastructure of close to R13 billion and BEE financing of close to R10bn, as well as advising on over R30bn of BEE deals in the year to June 2018.