Headline earnings: R12 111 million, up 12% Headline earnings per share (HEPS): 756 cents, up 11% Interim dividend per share: 400 cents, up 18% Total capital adequacy ratio: 16.2% (1H16: 15.9%) Net asset value (NAV) per share: 9 554 cents up 2% Return on equity (ROE): Improved from 14.4% to 16.1% Cost-to-income ratio: Declined from 56.8% to 56.3% Credit loss ratio: Declined marginally from 105ps to 96bps
Standard Bank Group’s results for the period ended 30 June 2017 were robust, underpinned by its universal client offering, geographic diversity and increasingly digital capabilities. Currency movements dampened the group’s reported results. Group headline earnings grew 12% period on period in ZAR, but 19% on a constant currency (CCY) basis, supported by Africa Regions which grew by 46% in CCY.
Despite the dilution impact from ZAR strength, Africa Regions increased its contribution to banking headline earnings to 29% and contributed positively to group HEPS growth and ROE.
Against a backdrop of adverse macro-economic developments, policy uncertainty and rating agency downgrades The Standard Bank of South Africa’s (SBSA) asset and income growth were constrained. Despite these headwinds, SBSA demonstrated its resilience and grew its headline earnings 18% on the back of good cost management and muted credit impairment charges.
The group’s capital position remains strong and in excess of the group’s target ranges.
For more information on our Group financial results, visit reporting.standardbank.com.