Standard Bank of RSA report full year earnings rise of 23.4%

by Richard Kilner

Story link: Standard Bank of RSA report full year earnings rise of 23.4%

The Standard Bank Group of South Africa has today declared that its full year headline earnings per share this year have risen by 23.4% to R1 033.4.

However, the Group also warned that its sale of a 20% stake to ICBC, China’s largest lender, would have a short term negative impact.

The Group, which is the largest in terms of assets in Africa, reported a normalised return on equity of 24.8% and a normalised return per share of 20.6%.

The firm predicted in February that it would see an increase of between 18% and 22% this year, for full year headline earnings per share.

Although it has stated there will be a negative affect on the firm in 2008 from the ICBC stake and the economic environment, the Group has asserted that its medium term targets remain on course.