Standard Bank Expects Record Early 2023 Revenue Growth; Sees 1st Half EPS Rising
June 20 2023 - 4:56AM
Dow Jones News
By Joe Hoppe
Standard Bank Group said Tuesday that it saw record revenue
growth in the first five months of the year and expects first-half
earnings per share to rise.
The South African bank said revenue growth from banking
activities in the five months to May 31 was above 20% on year,
while higher-than-expected average interest rates across most of
its markets and balance sheet growth supported further net interest
income growth.
Credit impairment charges in the period were up almost 50% on
year and the credit loss ratio for the five months--while
elevated--was within the company's target range of 70-100 basis
points.
Headline earnings per share and earnings per share for the first
half of the year are expected to rise more than 20% than those
reported for the comparable period. In 2022, Standard Bank reported
headline EPS and EPS of 961.4 South African cents (52.85 U.S.
cents) and 936.2 South African cents, respectively.
For the full year, the company expects return on equity to show
continued progress toward its target range of 17%-20%. It expects
higher net interest income growth than the low-teen guidance given
in March and higher non-interest revenue growth than its earlier,
mid-single digit guidance.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
June 20, 2023 04:41 ET (08:41 GMT)
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