Standard Bank has posted flat profits as economic conditions continue to deteriorate both locally and in the rest of Africa. Headline earnings which is a measure of profit grew just 1 percent to R28-billion. The bank says the weak economy has been weighing on consumers and credit impairment charges are up by 23 percent.
Full list: Standard Bank to close 100 branches The number of active clients in SA dropped 1 percent to 7.3 million, though active clients in the group’s rest-of-Africa operations grew 8 eprcent to 5.3 million.
Standard Bank expects trading conditions to remain challenging due to technological changes in the industry and increasing competition.
In other news – DJ Tira joining #TheQueenMzansi
Let’s hope he isn’t just saying, we really looking forward to his grand entrance! DJ Tira aka Malum’Bearings is a man of many talents, having said that, it seems as if the renowned DJ is ready to add another title to his impressive resume.