Standard Bank 2017 Net Profit Rose 18%; Optimistic on Prospects
March 08 2018 - 2:07AM
Dow Jones News
By Ian Walker
Standard Bank Group Ltd. (SBK.JO) Thursday reported an 18% rise
in 2017 net profit and said it remains optimistic about the
prospects in its home market of South Africa
Africa's biggest lender by assets made a profit of 26.24 billion
South African Rand ($2.21 billion) for the year compared with
ZAR22.21 billion in 2016. Headline earnings--the bank's preferred
profit measure that strips out certain exceptional and one-off
items--rose 14% to ZAR26.27 billion.
Total income rose to ZAR127.56 billion from ZAR121.22
billion.
The bank said gross loans and advances to customers fell 2% in
the period, while credit impairments fell 1% to ZAR9.4 billion.
The Johannesburg-based bank declared a final dividend of 510
South African rand cents a share, taking the total payout for the
year to 910 cents, up from 780 cents a year earlier.
The bank's common equity tier 1 ratio--a measure of financial
stability--slipped to 13.5% from 13.9% in 2016.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
March 08, 2018 01:52 ET (06:52 GMT)
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