Standard Bank’s double-digit earnings growth puts it streaks ahead
Standard Bank is the only one of the big four banks to report a double-digit increase in headline earnings so far this earnings season, raising this number 12% to R12.1bn in the first half of 2017, beating consensus estimates. Headline earnings per share for the six months to June were R7.555, 11% stronger than the previous period and more than the R7.427 forecast by analysts. Competitors Barclays Africa and Nedbank earlier reported tepid growth in earnings, with figures of 5% from Barclays Africa and 6.7% from Nedbank’s own managed operations. Including losses from pan-African associate Ecobank Transnational, Nedbank’s earnings contracted for the first time since the global financial crisis. Standard Bank CEO Sim Tshabalala said the bank’s growth in earnings showed its strategy (focusing on clients, digitisation and its vision of being the leading financial services organisation across Africa) was working. "We have had a very good performance in our South African operations," he sa...
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