Standard Bank finding it tough to turn off the tap to wean clients off support
Quarterly update offers a glimpse of the number of consumers still in financial trouble
20 October 2020 - 10:53
UPDATED 20 October 2020 - 23:53
Standard Bank’s quarterly update reveals the continent’s largest bank by assets is finding it tough to wean customers off the relief offered during the hard lockdown and is still providing "significant support" to clients across its various businesses.
The bank published a trading update on Tuesday for the nine months ending September, which showed loans extended through the group’s corporate and investment banking division that needed to be restructured increased from R48bn at the end of June to R70bn at the end of September, indicating that it is not just consumers who are feeling the pinch...
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