The deposit base is what's holding up the margin story here, and that's not something FirstRand can lean on…by @mogale_morning on $ABG

The deposit base is what's holding up the margin story here, and that's not something FirstRand can lean on the same way. If you're in this for five years and rates stabilize even halfway, the earnings power comes back without needing much else to go right. At 215.97 the dividend yield covers the downside pretty well, which is why I'm not worried about the NIM chop near term.