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Standard Bank misses earnings estimate as credit impairments rise sharply

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Deteriorating economic conditions in SA and parts of Africa weighed on the group in its year to end-December

Standard Bank, SA’s second-largest bank by market capitalisation, missed earnings expectations in its full-year to end-December, when credit impairment charges rose almost a quarter due to the deteriorating economic performance of SA and parts of Africa.

Credit impairment charges rose 23% to R7.96bn, with the group saying it expected sustained economic weakness in SA in the absence of tangible progress by the government in pursuing its reform programmes.

 

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