SA’s top-two banks expect double-digit profit growth

said its full-year diluted headline earnings per share likely grew by between 18 and 22 percent, in line with the 19,5 percent average increase in a survey of 13 analysts by Reuters.
Smaller rival FirstRand said its diluted normalised EPS grew by 24-28 percent in the six-month period to end-December.
Headline and normalised EPS, earnings measures commonly used in South Africa, exclude certain one-time items.
Johannesburg-based Standard Bank, which is 20 percent owned by Industrial and Commercial Bank of China, will report its results on March 8. FirstRand’s announcement is scheduled for February 28.
South African banks have been helped by steady declines in bad debts, which surged during the 2009 recession. However, demand for credit still remains muted.
Standard Bank said in January that it lent 50 percent more to its South African personal and business customers in 2011.
Smaller rival Absa Group posted a 21 percent increase in full-year profit earlier this month.
Standard Bank said on Wednesday it would be co-operating with Japan’s second largest-lender by assets Mizuho Financial Group on bringing more Japanese clients to Africa, confirming an earlier Reuters report.
Shares of Standard Bank, which has operations in at least 17 sub-Saharan countries, are up over 10 percent so far this year and those of FirstRand have gained 9,6 percent.
Standard Bank was up 0,4 percent  while FirstRand rose more than 1 percent to 22,97 rand.
The blue-chip Top-40 index was up 0,2 percent. — Reuters.