Standard Bank hit as clients battle to stay afloat
The group says credit impairments were significantly higher in its first quarter, with net profit dropping by more than a quarter
22 April 2020 - 11:20
On only a hint of more damage to come, Standard Bank has taken "significantly higher" charges on soured loans as clients struggle to stay afloat during the lockdown.
Standard Bank and its rivals are bracing themselves for a wave of loan defaults as business and individual customers struggle to pay their debts in an economy that has ground to a halt in the five-week lockdown aimed at limiting the spread of the highly contagious virus...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.