Standard Bank's impairments have surged almost 50%, and it expects another rate hike in 2023 | Business

📆 20/06/2023 03:30 م
📰 News24

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Africa's biggest lender Standard Bank says more customers are falling behind with their debt repayments after a rapid rise in interest rates, while it is also battling with increased risk of sovereign defaults on the continent. | News24_Business

The bank's South African consumer banking franchise's credit loss ratio is now higher than its target range.

In an update on Tuesday, it warned impairment charges surged almost 50% in the five months to end-May, hit by consumer strain, greater risk of sovereign defaults, but also growth in its loan book.

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