There are times when you can poke a sharpened stick in the eye of management for some egregious blunder they have made, and other times when you have to sympathise because they’ve been sandbagged by circumstances entirely beyond their control.

Standard Bank’s results may not look pretty, but it is the result of what the company describes as "the worst economic shock in living memory", and there’s no doubt that this is a quality operation doing what it can to adapt to a uniquely challenging economic environment...

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