Standard Bank lifts first-half earnings

JOHANNESBURG – South Africa’s biggest bank, Standard Bank, said yesterday first-half earnings rose 14,6 per cent, helped by solid growth at its core domestic banking operations as lending increased.

The group, Africa’s biggest bank by assets, lifted headline earnings 14,6 per cent to 3,39 billion rand. Headline earnings per share (EPS) rose 14 per cent to 252,5 cents for the six months to end-June.Headline EPS strips out non-trading, capital and extraordinary items.”This result was achieved despite the adverse effect of the stronger rand on the translation of earnings from the group’s foreign operations and the negative impact of reduced net interest margins in the group’s domestic banking operations,” Standard Bank chief executive Jacko Maree said in a statement.Standard Bank said it expected full-year business to produce returns to shareholders in line with its targets.Its 20 per cent Return on Equity target and headline earnings growth target of more than 10 per cent remained unchanged.But analysts said the interim results, although meeting expectations, failed to impress some investors.Standard Bank stock fell 2,1 per cent to 42,00 rand, with its decline pushing the JSE banking index 0,61 per cent lower by 1013 GMT.-Nampa-ReutersHeadline earnings per share (EPS) rose 14 per cent to 252,5 cents for the six months to end-June.Headline EPS strips out non-trading, capital and extraordinary items.”This result was achieved despite the adverse effect of the stronger rand on the translation of earnings from the group’s foreign operations and the negative impact of reduced net interest margins in the group’s domestic banking operations,” Standard Bank chief executive Jacko Maree said in a statement.Standard Bank said it expected full-year business to produce returns to shareholders in line with its targets.Its 20 per cent Return on Equity target and headline earnings growth target of more than 10 per cent remained unchanged.But analysts said the interim results, although meeting expectations, failed to impress some investors.Standard Bank stock fell 2,1 per cent to 42,00 rand, with its decline pushing the JSE banking index 0,61 per cent lower by 1013 GMT.-Nampa-Reuters