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Standard Bank Group’s adjusted full-year profit rose 1,1 percent, missing estimates, as a moribund South African economy weighed on the continent’s largest lender.
The increase was aided by a strong performance from Liberty.
Adjusted earnings per share before one-time items increased to R17,67 rand in the 12 months through December, Standard Bank said in a statement on Thursday.
That compares with the R17, 90 average estimate of 11 analysts. Credit impairment charges increased 23 percent, albeit off a low base, pushing the Johannesburg-based lender’s credit loss ratio to 68 basis points from 56 basis points the previous year.
The ratio is expected to remain “at the lower end” of Standard Bank’s 70-100 basis points range. – fin24.com
Online Reporter