1 minute read
5 Mar 2015
2:36 pm

Standard Bank group earnings R21 billion


Standard Bank Group's headline earnings from continuing operations increased by 20 percent to R21.1 billion for 2014, it said on Thursday.

Picture: Thinkstock

“However, headline earnings which were affected by the performance of the discontinued global markets outside Africa business, increased by only one percent to R17.3bn,” the group said in a statement.

“Total income grew by 15 percent and expenses were 11 percent higher than 2013, while credit impairments were two percent lower. Net income before taxation grew by 31 percent and profit from continuing operations was 32 percent higher.”

The bank concluded the sale of 60 percent of its interest in the global markets business outside Africa. The completion was announced on February 2.

Group co-chief executive Ben Kruger said the transaction delivered the final major piece in the repositioning of capital allocation to focus on customers and clients in Africa.

The headline loss from the discontinued operation was R3.7bn.

Personal and business banking achieved headline earnings of R9.8bn, which was 17 percent higher than in 2013.

Liberty’s headline earnings for the year decreased by three percent to R3.9bn, and R2.1bn was attributable to the group.

Standard Bank Group said South Africa continued to face structural and cyclical headwinds in 2015, exacerbated by an under-supplied electricity market.

Some relief was however likely from the fall in the price of oil, the bank said.