Standard Bank profits jump more than half as credit impairments ease
Headline earnings grew 57% in the group’s year to end-December, still down about 11% from 2019, as conditions for lending improved
11 March 2022 - 09:21
UPDATED 11 March 2022 - 13:44
Standard Bank, SA’s second most valuable lender, says its headline profit grew more than half in 2021, as low interest rates fuelled lending activity, even as credit impairments eased.
Headline earnings grew 57% to R25bn in the year to end-December, the group said on Friday, still 11% below 2019, with credit impairments more than halving relative to 2020. In that year, Covid-19 had forced lenders to brace for an increase in bad loans as lockdowns drove up unemployment and put the survival of businesses at risk...
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