Standard Bank headline earnings increase by 5%

STANDARD Bank reported a 5 percent increase to R12.7 billion in headline earnings for the six months to end June, boosted by 32 percent growth in its Africa regions.

The group said yesterday that the top five contributors in the Africa regions were Angola, Ghana, Mozambique, Nigeria and Uganda.

Chief executive Sim Tshabalala said their focus on Africa was and would remain their main source of sustainable competitive advantage.

Standard Bank is the largest African bank by assets, with a footprint across 20 African countries.

Return on equity improved to 16.8 percent from 16.1 percent as compared to the first half of 2017.

Tshabalala said: “In South Africa, while consumer confidence has improved, delays in resolving key policy issues remain an obstacle to business confidence, fixed investment and growth. Inflation is expected to remain inside the 3 to 6 percent target range, supporting a flat interest rate outlook for the rest of the year.”

Personal and business banking (PPB) grew its headline earnings by 8 percent to R6.6bn, while corporate and investment banking grew its headline earnings by 7.5 percent to R5.7 bn.

Headline earnings from PBB Africa regions improved to R201 million, up from R91m. In South Africa PPB grew headline earnings 5 percent to R6bn.

Standard Bank Group shares gained 1.59 percent on the JSE yesterday to close at R187.18.