South Africa’s Standard Bank H1 Profit Up 5%

Enterprise Television- South Africa’s Standard Bank H1 Profit Up 5%

South African lender, Standard Bank on Thursday said that it’s first-half profit record an increase by 5 per cent, helped by a strong showing from its businesses outside its home market.

Headline EPS, the main profit measure in South Africa that strips out one-off items, came in at 794 cents in the six months ended June, compared with 756 cents a year earlier.

South African banks have struggled to grow lending at a faster rate in their home market as a stagnant economy, job losses, and high personal debt levels hit investment and spending.

But Standard Bank has fared relatively better thanks to its extensive operations elsewhere on the continent, where a rebound in commodity prices have spurred transaction volumes and lifted demand for loans.

However, the non-interest revenue, or income from transaction fees, rose 8 per cent to 22 billion rand ($1.53 billion) while net interest income, a measure of lending profitability, edged up 1.3 percent to 29.1 billion rand.

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