Standard Bank reported low double-digit revenue growth in 5 months

By Joe Hoppe

Standard Bank Group Ltd. said on Tuesday it had posted low double-digit revenue growth in the first five months of the year and expected higher earnings per share in the first half.

The South African bank said revenue growth for the first five months outpaced cost growth, despite higher staff costs and general inflationary pressures.

Credit impairment charges during the period were slightly lower year-on-year and the five-month credit loss ratio was at the lower end of the company’s target range of 70 to 100 basis points. base.

Overall earnings per share and earnings per share for the first half of 2022 are expected to increase by more than 20% compared to those published for the comparable period. In 2021, Standard Bank reported EPS and EPS of 721.4 South African cents (44.7 cents) and 717.4 cents respectively.

The company said the integration of Liberty Holdings Ltd. was on track with its earnings being 100% consolidated from February 1.

Guidance for the full year remains largely unchanged with strong net interest income growth and expense growth expected, although the company said trading income is subject to market volatility and customer activity.

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