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Standard Bank boosts earnings – but flags consumer trouble

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Standard Bank boosts earnings – but flags consumer trouble
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Standard Bank has seen a small jump in profits, even as its personal and private clients struggle to pay back their loans.

Standard Bank’s credit losses remain elevated, even if the group has seen an increase in headline earnings.single digits from 5M23.

Higher average interest rates and increased client transactional volumes supported income growth over the period, but lower trading revenues lessened it. Growth in income and operating expenses were also lessened due to currency movements over the period, and total income growth exceeded operating expenses growth, resulting in positive jaws.“Higher charges in Business & Commercial Banking and Personal & Private Banking has slowed.“Sovereign debt provisions in Africa Regions, specifically Ghana and Malawi, were the key driver of higher CIB credit charges in the prior period.

The group’s earnings from its Insurance & Asset Management business increased period-on-period due to improved performance in its Shareholder Assets and Exposures portfolio.

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