SA’s largest banking group by assets StandardBankZA reported record-high full-year profits for the period ended in December 2023, as local banks benefit from the endowment effect of higher interest rates boosting top-line earnings. NtandoThukwana
South Africa’s largest banking group by assets Standard Bank reported record-high full-year profits for the period ended in December 2023, as local banks benefit from the endowment effect of higher interest rates boosting top-line earnings. Standard Bank noted that the revenue boost means that it is now ahead of its 2025 commitments. Group headline earnings surged 37% to R34.2 billion, the bank said on Thursday, while its return on equity improved to 16.4% from a previous 13.8%.
Standard Bank arranges R5.5bn ESG loan for Grit During the reporting period, Standard Bank Activities saw headline earnings surge 22% to R30.5 billion, compared with a previous R24.9 billion, while its pre-provision profits increased 26% to R60 billion, up from R47.8 billion. In its ‘Banking Solutions’ division, Standard Bank saw headline earnings rise 25%, driven by loans and advances to customers growing by 9% to R1.4 trillion.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Liberia: The NPP Conundrum - Chairman Suspends Standard Bearer, Standard Bearer Suspends ChairmanInternal bickering has intensified within the National Patriotic Party (NPP) as two factions of the former ruling parties have are at each other's throat over alleged breach of the party's constitution.
Read more »
Standard Bank’s load shedding bill quadrupled last yearStandard Bank's load shedding bill quadrupled last year
Read more »
West Bank: Israeli forces kill six in raid on West Bank refugee campJENIN, West Bank, March 7 (Reuters) - Israeli forces raided a refugee camp in the West Bank city of Jenin on Tuesday, killing at least six Palestinian gunmen, including a Hamas member suspected of shooting dead two brothers from a Jewish settlement near the village of Huwara.
Read more »
Mustek profit slumps despite increased revenueMustek reported much lower profits in its half-year results despite also recording substantially higher revenues.
Read more »
PlayStation VR2 – The new standard for VR gamingThe PlayStation VR2 is now available in South Africa, setting a new standard in VR gaming for PlayStation 5 owners.
Read more »
BMW SA updates 3 Series with fresh designA BMW curved display is now standard fitment across the range
Read more »