Standard Bank is warning its annual headline earnings will be 40 to 50-per cent lower than 2019. South Africa’s largest lender has been grappling with pressure on consumers and businesses as a result of COVID-19.
The bank said the high number of retrenchments and salary cuts that its customers have been faced with has led to an increase in stage-three provisions.
Stage-three provisions refer to bad debt provisions for loans that have exceeded the 90-day non-payment threshold.
When the pandemic hit last year, the big banks offered payment holidays and other relief measures for customers struggling to meet their debt obligations.
In other news – Rest in peace baby – Fans send touching messages to actress Linda Mtoba
One Night KwaMxolisi actress Linda Mtoba has announced recently that she lost her puppy Penguin.
The actress is shattered because she got her first experience at being a mom through her dog, honing the title ‘mom dog. Learn more