Standard Bank expects scars from Covid-19 to last years
The increase in bad debt provisions is ‘understandable’ in the context of the pandemic, says Ashburton Investments
30 November 2020 - 14:00
Standard Bank, Africa’s largest bank by assets, says it will take years for losses from bad debts to recover to the group's targeted range, indicating the mountain the country's banks still have to climb to put the pandemic behind them.
Standard Bank group chief financial officer, Arno Daehnke, said on an investor call on Monday accompanying the group's trading update to end November that he expects it will "take a few years" for the group to return to its targeted band for bad debt expenses. ..
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