Standard Bank Group Expects to Report Higher 2023 Earnings
By Elena Vardon
Standard Bank Group said it expects to report that earnings per share rose last year.
The South African bank said its headline earnings per share for the year ended Dec. 31 should come in between 2,522.0 and 2,624.5 South African cents ($1.32-$1.37), or 23% to 28% higher than the 2,050.4 cents it reported for 2022.
EPS is expected to be between 2,592.6 and 2,696.3 cents, up 25% to 30% from the previous year's 2,074.1 cents.
The company said it expects its net interest margin and credit loss ratio to be higher than previously guided for the year due to an amendment in the methodology for the recognition of interest on its stage 3 loans. This change doesn't affect headline earnings per share, earnings per share, gross loans and advances, balance sheet provisions or coverage, it said.
The lender will publish its annual results on March 14.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 28, 2024 03:33 ET (08:33 GMT)
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