South African financial institution Standard Bank Group has reported its financial results for 2010 including headline earnings of R11,283m (equating to US$1,541m).
This is a drop of 4% year-on-year, with headline earnings per share down 5% to 715.9 cents.
The bank also saw a drop in headline earnings from 2008 to 2009, of 17%.
Return on equity also fell compared to 2009, down from 13.6% to 12.5%.
Net interest income was down 8% due to a flat loan book and compressed margins, and non-interest income fell 4%, partly due to a 21% drop in trading revenue.
Total operating expenses were up 12% as Standard Bank incurred one-off restructuring costs in addition to continued investment in people, premises and systems.
Group Chief Executive Jacko Maree stated that the bank is in good health overall, and said that a refinement and tightening of the present strategy is needed to help ensure better results in the future.
Maree also emphasised that Africa was the core interest of Standard Bank, which no longer seeks to acquire additional businesses beyond the continent.
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