This week, Standard Bank Group delivered record headline earnings of R15.3 billion for the six months to 30 June 2022, up 33% on the prior period. This performance was underpinned by continued balance sheet and franchise growth.
Standard Bank Activities and Liberty Holdings Limited ) recorded headline earnings growth of 25% to R13.6 billion and ROE improved to 15.0% .Liberty’s performance improved period on period as the pandemic-related impact waned. The group remains the third largest investment services business on the continent by AUM/AUA, with a combined AUM/AUA of R1.4 trillion.
Standard Bank’s Africa Regions’ franchise grew revenue by 26% driven by a larger balance sheet, higher interest rates, higher transactional volumes, a recovery in international trade as lockdowns eased, and double-digit growth in trading revenue. Further monetary tightening in South Africa is expected to negatively impact confidence and demand and constrain real GDP growth to 2.3% in 2022. Electricity supply issues may constrain growth further. Inflation is expected to peak in 2H22, averaging 6.5% in 2022.
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