Firstrand Ltd. (FSRJ.J): 11M26 trading update conference call takeaways

Research evidence excerpt

Firstrand Ltd. (FSRJ.J): 11M26 trading update conference call takeaways

Equity Research

23 June 2026 | 8:28PM GST

Firstrand hosted a conference call today post the 11M26 trading update. Key Kazim Andac

+971(4)214-9958 |

takeaways are as follows: kazim.andac@gs.com

Goldman Sachs International

We expect a broadly neutral share price reaction post the call. Management Ashwath P T, CFA

+971(4)376-3439 | ashwath.pt@gs.com

reiterated their guidance for the full year of 4–9pp drag to the normalized Goldman Sachs International

earnings growth guidance of 10-15% yoy, with ROE also expected to be slightly Gokul Vinayak L

below the lower end of the target range of 18%-22%. Management reiterated +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

that the Aldermore disposal process is progressing as planned, with a preferred

bidder expected by year-end and completion likely in FY27. Elevated costs are

temporary according to management, and driven by UK separation,

restructuring and strategic investment expenses.

n NII: Management sees upside to their previous guidance on NII, as the loan

growth has been strong and the new origination has been booked at higher

margins.

n NIR: Management noted that NIR trends came in slightly below expectations,

primarily due to weaker private equity realization activity.

n Opex: Management note that operating expenses increased above original

guidance due to several one-off factors: UK-related costs, HSBC integration

expenses, and Other strategic investment initiatives. Around 800 roles are being

transitioned from the UK to India, and management expects these costs to be

temporary and excluded from the future operating cost base.

n Aldermore Group: Management note that Aldermore Group will be reported as