Africa focus pays off for Standard Bank

09 August 2019 | Sakenuus
Standard Bank’s profit for the six months ended 30 June 2019 rose 5% compared to the same half-year in 2018, with net income increasing to R13.2 billion. Headline earnings for the period under review were R13.4 billion, up 6%, an announcement on the Namibian Stock Exchange (NSX) shows. After adjusting for currency impacts, in particular the weaker South African rand, group headline earnings grew 5% on a constant currency basis, Standard Bank said. “On the back of continued strong earnings growth, Africa Regions' (AR) contribution to banking headline earnings grew to 34% from 32% in 1H18. The top six contributors to AR's headline earnings were Angola, Ghana, Kenya, Mozambique, Nigeria and Uganda,” the bank said. AR’s personal and business banking (PBB) loans to customers grew 17% R70 billion. “Business lending remains the largest contributor, at roughly a third of the portfolio, followed closely by mortgages, primarily in Namibia, and personal unsecured lending,” Standard Bank said. An interim dividend of 454 cents per share was declared, an increase of 6% on the prior period. Photo Nampa/Reuters

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