April 24, 2020 / 1:16 PM / a month ago

South Africa's FirstRand bank pulls FY20 forecast

April 24 (Reuters) - South African lender FirstRand Ltd on Friday withdrew its financial performance outlook for the year against the backdrop of the coronavirus crisis and related restrictions.

The bank said the expected earnings for the full year ending June 30, and Return on Equity remain under review.

“The escalation of the COVID-19 pandemic and the current lockdown scenarios in most of the markets in which the group operates, has required significant revisions to the group’s macroeconomic forecasts,” FirstRand said in a statement.

Earlier this month, Fitch Ratings and Moody’s downgraded big South African lenders’ credit ratings to junk, placing them on risk of further downgrades if the situation worsens. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber)

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