South African lender FirstRand said on Thursday its full-year profits were likely to be more than 20% lower than in 2019, due to a spike in bad debts and falling revenues.

The bank expects its headline earnings per share - the main profit measure in South Africa - for the year to June 30 to decline significantly from the 497.2 cents it reported last year.

(Reporting by Emma Rumney; Editing by Alexander Winning)