Standard Bank Backs Guidance After Headline Earnings Rise

By Elena Vardon

Standard Bank Group maintained its guidance for 2024 as it posted a rise in headline earnings in the first half though net profit slipped.

The South African bank on Thursday posted a net profit attributable to shareholders of 21.49 billion South African rand ($1.19 billion) for the six months ended June 30, down from 21.92 billion rand a year prior.

Headline earnings were 22.01 billion rand, up 4% on-year, or 1,329 cents a share. It attributed the rise to franchise growth in its three banking businesses as well as better earnings in its insurance and asset management segment, despite a difficult economic environment.

It posted total income of 88.37 billion rand--which included net interest income of 50.66 billion rand--compared with 87.16 billion rand.

Return on equity was 18.5% compared with 18.9% a year prior, while its common equity Tier 1 ratio--a key measure of balance-sheet strength--edged up to 13.5% from 13.4%.

The lender reiterated its 2024 guidance and declared an interim dividend of 744 cents per share.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

August 15, 2024 02:28 ET (06:28 GMT)

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