Business Report :

First Rand was hit by rising bad debts for the six months ended December 31, 2008, the financial services group said on Tuesday as it released its first-half results.

First Rand is made up of First National Bank, its retail and commercial bank, Rand Merchant Bank, its investment bank, WesBank, its instalment finance business, and Momentum, its life insurance business.

“The operating environment remained extremely difficult for the six months to December 31, 2008, characterised by further declines in asset prices, continued market volatility and a deteriorating economic outlook, both locally and internationally,” First Rand said.”

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