Standard Bank reels in retail clients
Retail deposit growth exceeds corporate deposit expansion in SA, helping to drive margins along with strong showing in rest of Africa
Standard Bank, Africa’s biggest lender by assets, is adding 100,000 new retail clients a month in its core market of SA. But it will take years for this to translate into a big jump in profitability, the bank said.
The boost in new retail clients has resulted in “high single-digit growth” in the lender’s more than 9-million active clients in SA so far this year, the group’s financial director, Arno Daehnke, said on a pre-close call on Monday. The growth in retail deposits is also exceeding growth in corporate deposits, helping to boost profit margins, which are being further enhanced by strong growth in the rest of Africa, he said...