the g spot
Sim Tshabalala: how Standard Bank aims to nab 25m clients
It’s hard to get excited about Standard Bank’s performance over the past five years. On the JSE, its shares are up just 24% against Capitec’s 228% rise, for example. Arguably a tanker in the legacy banking fleet, Standard has, however, set out an ambitious growth plan for the next four years, after posting a 41% recovery in first-half headline earnings of R10.9bn from last year’s Covid lows. Return on equity — what the bank makes in profit relative to its shareholder equity — is righting itself, at 13.3%. The FM spoke to CEO Sim Tshabalala.
You said last week you want 25-million customers by 2025 (from 15-million now) and a return on equity of between 17% and 20%. Those are big promises. Can shareholders hold you to them?..