Standard Bank has reported that its overall earnings has increased by 4% to R22 billion for the six months ended June 2024. The bank attributed this growth to reduced credit impairment charges, following a shift in lending focus from individuals to businesses and governments. Client numbers increased by 5% to 19.5 million, with the group’s South African franchise division achieving double-digit earnings growth, driven by improving credit trends. Looking ahead, Standard Bank anticipates robust performance across its sub-Saharan African markets, with real GDP in the region growing at above 4% in the short term and closer to 5% over the medium and longer term. Revenue growth is also expected to match or exceed operating expenses, keeping the cost-to-income ratio flat or lower, while ROE remains within the 17% to 20% target range.
