Standard Bank 2021 Net Profit Rose; 2022 Started With Strong Business Momentum
March 11 2022 - 2:22AM
Dow Jones News
By Anthony O. Goriainoff
Standard Bank Group Ltd. said Friday that 2021 net profit rose
as total income increased, and that 2022 has started with strong
business momentum.
The South African bank said net profit was 24.87 billion South
African rand ($1.65 billion), compared with ZAR12.36 billion for
2020.
Earnings per share rose to ZAR15.15 from ZAR7.74. Headline
earnings per share rose to ZAR15.73 from ZAR10.03, it said.
Total income rose to ZAR132.98 billion from ZAR123.67 billion,
it said.
Common equity Tier 1 ratio---a key measure of balance-sheet
strength--as of Dec. 31 was 13.8%, up from 13.2%, it said.
The board declared a dividend of ZAR8.71, compared with ZAR2.40
in 2020.
The company said that although its direct exposure to Ukraine
and Russia was limited, it is "giving due consideration to the
potential secondary impacts across our countries of operation, for
example financial markets, trade, transport logistics, commodity
and food prices."
The company said it expects higher average interest rates to
support margins that, together with higher average balance sheets,
will support net interest income.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
March 11, 2022 02:07 ET (07:07 GMT)
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