Standard Bank 14% profit increase for 2017

CAPE TOWN- The Standard Bank Group announced on Thursday that its global headline earnings for the year to end-December 2017 increased by 14% over the previous year to R26.3bn.

The bank registered R127.5 billion in the financial year. Full-year dividends per share rose to R9.10, 17% more than the previous year’s R7.20.

The group statement said that market fluctuations affected their results , “Although less marked than in the first half of the year, currency movements continued to adversely impact the group’s reported results, reducing group and banking headline earnings growth by four percentage points year on year.

“On a constant currency basis, group headline earnings grew by 18%”.

“We believe that the positive steps already taken by the ruling party subsequent to its leadership conference will improve business and consumer confidence. This positive sentiment, as well as pent-up demand, should begin to reflect in key economic indicators,”

Sim Tshabalala of Standard Bank Group said the bank is optimistic about economic prospects in South Africa for the coming year.

Photo Credit- OStudio Post



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