Finweek English Edition - - INVESTMENT -

Ned­bank Cap­i­tal re­cently up­dated its val­u­a­tions on Stan­dard Bank and is­sued a price of R115.51. This fol­lows the an­nounce­ment of man­age­ment changes within the group with the new CEO struc­ture be­ing brought to mar­ket. An­a­lyst Nigel McKen­zie ad­vised: “Stan­dard Bank Lon­don Plc losses widen ma­te­ri­ally due to fur­ther one-off hits. Stan­dard Bank Lon­don’s R3.0bn loss was sig­nif­i­cantly worse than ex­pected and con­tin­ued to be a drag on Group earn­ings. Go­ing for­ward, we ex­pect a ma­te­rial im­prove­ment in the re­sult driven by an es­ti­mated $100m cost sav­ings, the non-re­peat of one-off re­struc­ture charges of $80m, lower reg­u­la­tory and com­pli­ance costs as as­sets have been moved to SA ($32.5m in 2012) and a bet­ter credit ex­pe­ri­ence fol­low­ing ad­di­tional im­pair­ments ($131m in 2012) in the dis­con­tin­ued Mid­dle East port­fo­lio.”

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.