Standard Bank’s profit rises by 4 percent despite weak economic growth in Africa

Standard Bank, Africa’s largest banks by assets, has reported that its 2016 headline earnings rose by 4 percent despite stagnant growth across the continent’s commodity-dependent economies.

The Johannesburg-based bank said headline earnings rose to 23 billion rand ($1.6 billion) or 1,440 cents per share. The bank said total income rose 10 percent to 99.86 billion rand ($7.5 billion) driven by strong growth in interest income owing to higher average interest rates and improved loan pricing.

Standard Bank said its banking businesses in Africa contributed 30 percent to the group’s total income and 25 percent to headline earnings. Nigeria was the largest contributor to the group’s earnings outside South Africa, closely followed by Mozambique and Uganda, the bank said.