JARAA'IDJARAA'ID
Notification Show More
Latest News
Moody’s warns federal shutdown would be ‘negative’ for US debt rating
Business
Roger Federer exclusive – ‘I loved every moment’ – Tennis legend reflects on career and what he misses after Laver Cup
Sports
Ron DeSantis and Gavin Newsom to debate in November, Fox News says
United States
Germany leads push to delay electric vehicle tariffs between EU and UK
Business
Rugby World Cup 2023: Who has qualified for the quarter-finals? How do things stand in each pool?
Sports
Aa
  • Home
  • Local News
  • Africa
  • United States
  • Europe
  • Asia
  • Sports
  • Videos
  • Live Score
  • More
    • Business
    • Market Data
      • Stocks
      • Commodities
      • Cryptocurrency
      • Forex
    • Weather
Reading: S.Africa’s Standard Bank reports 33% rise in annual profit
Share
Aa
JARAA'IDJARAA'ID
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Business
  • Sports
  • Videos
Search
  • Home
  • Local News
  • Videos
  • World
    • Africa
    • United States
    • Europe
    • Asia
  • Market Data
    • Stocks
    • Commodities
    • Cryptocurrency
    • Forex
  • More
    • Sports
    • Business
    • Weather
    • Live Score
Have an existing account? Sign In
Follow US
JARAA'ID > Africa > S.Africa’s Standard Bank reports 33% rise in annual profit
Africa

S.Africa’s Standard Bank reports 33% rise in annual profit

News Room
Last updated: 2023/03/10 at 4:13 AM
News Room Published March 10, 2023
Share
SHARE

JOHANNESBURG, March 9 (Reuters) – S.Africa’s Standard Bank Group (SBKJ.J) reported a 33% rise in full year profit helped by higher interest rates and credit card, payment and insurance transactions.

Its headline earnings per share rose to 2,087.1 South African cents for the year ended Dec. 31, up from 1,573 cents a year earlier.

South African banks, amongst the biggest on the continent, had a good run last year on the back of increasing interest rates and a rebound in economic activity post COVID-19.

But with the current power supply crisis in the country, inefficient rail and port infrastructure and high unemployment, lenders are concerned about future growth.

Standard Bank, the continent’s largest lender by assets, said in 2023 it expects its net interest income – the main growth metric for banks – to be driven by renewables and infrastructure and higher interest rates, the lender said.

Its chief executive Sim Tshabalala said however there were risks this year in the form of sovereign debt defaults in Africa, a prolonged Ukraine war which could mean food shortages across the continent and a hawkish U.S. Federal Reserve.

But the bank draws confidence from its strong client base which largely has “no overdue debt,” he said.

The lender announced a dividend of 691 cents per share which equates to a final dividend payout ratio of 60%.

The company’s return on equity (RoE) – amongst the main profitability measures – was at 16.4%, up from 13.5% last year but a tad lower than pre-COVID levels.

Tshabalala declined to comment on whether 2023 RoE will be better than 2019 levels or not, but said it would reach its 2025 target of an RoE of 17% to 20% ahead of plan.

Its shares were down marginally in afternoon trade in line with the broader index (.JALSH).

Reporting by Promit Mukherjee; Editing by Himani Sarkar, Shri Navaratnam, Alexandra Hudson

Our Standards: The Thomson Reuters Trust Principles.

Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room March 10, 2023
Share this Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular News

Moody’s warns federal shutdown would be ‘negative’ for US debt rating

News Room News Room September 25, 2023
Roger Federer exclusive – ‘I loved every moment’ – Tennis legend reflects on career and what he misses after Laver Cup
Ron DeSantis and Gavin Newsom to debate in November, Fox News says
Germany leads push to delay electric vehicle tariffs between EU and UK
Rugby World Cup 2023: Who has qualified for the quarter-finals? How do things stand in each pool?
The Republican case against Biden takes a body blow … from Fox News
EU and China may ‘drift apart’ due to political tensions and economic disputes, warns Dombrovskis
Amazon/AI: tech arms race continues with Anthropic investment
- Advertisement -
Ad imageAd image

You Might also Like

Africa

Mali postpones February presidential election due to ‘technical issues’

September 25, 2023
Africa

Somaliland rejects talk of unification with Somalia after Museveni comment

September 25, 2023
Africa

Second round of negotiations on Ethiopia’s mega-dam wrap up

September 25, 2023
Africa

France to withdraw ambassador, troops from Niger after coup

September 24, 2023
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Cryptocurrency
  • Forex
  • Stock Market

About US

Jaraa'id is your one-stop website for the latest global and local news and updates, follow us now to get the news that matters to you.
Quick Link
  • Privacy Policy
  • Terms of use
  • Press ReleaseSubmit
  • Advertise
  • Contact
Top Sections
  • Business
  • Sports
  • Videos
  • Market DataLive
  • Weather

Subscribe US

Subscribe to our newsletter to get our Latest articles instantly!

I have read and agree to the terms & conditions

2023 © Jaraa'id. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?