Standard Bank Group shows good growth in the first half of 2014

[Standard Bank Team]

Standard Bank Group’s financials for the first half of 2014 shows that its continued to grow. Our operations in Africa (excluding South Africa) has grown especially well from the red last year this time. We operate in 20 countries on the continent.

Overall, Standard Bank Group grew overall headline earnings 2% on first half of 2013 to R9 338-million thanks to the strong growth in our subsidiaries in the rest of Africa. Losses on loans was also managed well and dropped 1%, mostly because of lower credit losses from corporate clients.

This period’s reporting separates the group’s "continuing operations" from its "discontinued operation", which includes the global markets business outside Africa that Standard Bank Group proposes selling to ICBC. The "continuing operations" are based mainly in Africa.

Here is a snapshot of Standard Bank Group’s financial performance for the first six months of 2014 to 30 June:

• Headline earnings: R8 306 million, up 2% on first half of 2013 (1H13)
• Headline earnings from continuing operations: R9 338 million, up 12% on 1H13
• Headline earnings per share (HEPS): 513 cents, up 1% on 1H13
• Dividend per ordinary share: 259 cents, up 11% on 1H13
• Capital adequacy: Tier 1 capital adequacy ratio of 12.7% (FY13: 13.2%)
• Cost to income ratio: 55.3% from 55.5% in 1H13
• Credit loss ratio: 1.13% from 1.24% in 1H13
• Return on equity (ROE): Decreased to 12.7% from 13.8% in 1H13
• Net asset value (NAV) per share: Increased 8% to 8 269c from 1H13

You can get all the details at www.standardbank.com/reporting.

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