Standard Bank doubles down on face-to-face in South Africa

STANDARD Bank South Africa announces a significant expansion of its physical footprint across South Africa — with plans to add around 33 branches to its roster.

The bank said this expansion is coming as a response to customer demand, who, while increasingly embracing digital channels for their banking needs, still value the presence of a physical branch.

“Standard Bank is adopting the role of the traditional bank branch, focusing on specialised services that customers require in convenient locations,” it said.

Despite the global trend towards digital banking, Standard Bank noted that it has increased its number of branches from 619 to 652 in 2023 and is set to expand by just over 5% by 2024 — which works out to approximately 33 new branches.

Since 2020, Standard Bank branches have increased by 100 branches.

“While increasing our physical presence on the ground, we are reducing our overall square metre footprint. Our branches are now more focused on providing services that our customers may require at a location where they are,” said Kabelo Makeke, Standard Bank Head of Personal & Private Banking SA.

Reporting its full-year results for 2023, the group reported earnings growth of 27% and a return on equity of 18,8%.

Group net income grew to R177 billion (from R140,1 billion before), with headline earnings rose 27% to R42,9 billion.

“This strong performance is underpinned by our robust and growing franchise and reflects the positive momentum in all our businesses,” said Sim Tshabalala, Group Chief Executive Officer.

South African customers grew to 11,4 million from 10,7 million, adding just under 670 000 new customers over the 12 months.

Core customers — active customers with at least one banking product — rose to 8,92 million, up 7% from 8,38 million before (+540,000 core customers).