Another bank has benefited from the economic recovery that has been seen since COVID-19 plunged South Africa’s already struggling economy into the doldrums.
Standard Bank posted record headline earnings of R15.3bn rand in the first half of its financial year. The record earnings allowed the bank to increase its dividend by 43%. The bank, which is Africa’s biggest lender by assets says it benefited from a larger client base and increased activity.
Liberty, its recently acquired insurance business, saw improvements in its performance in the period as the pandemic-related impact decreased.
The group’s South African banking business recorded a strong rebound. Revenue grew by double digits, boosted by strong trading performance and an ongoing recovery in activity-related fees.
Credit impairment charges declined, but they remain above pre-pandemic levels. But, as the bank’s CEO indicates, corporates continue to struggle and approached the bank for assistance.
Source: eNCA
In other news – Zozibini Tunzi opens up about her plan to launch a foundation to help people
Zozibini Tunzi opens up about her plan to launch a foundation to help people. Miss SA 2020 is set to unveil her philanthropic side with the foundation.
Speaking to Daily Sun, she said, “This will speak to my philanthropic side of just always trying to contribute positively to the world. It has three pillars. Learn more