Standard Bank Group – Africa’s biggest bank by assets – reported on Friday that its core SA business delivered double-digit revenue growth last year. This played a key part in the group’s robust rebound from the 2020 financial fallout, which hit global markets following the outbreak of the Covid-19 pandemic. SBG said overall headline earnings for the twelve months to December 31, 2021 rebounded by 57% to R25 billion.
Our investment and insurance solutions grew headline earnings by 11% and by 3% respectively, supported by assets under management and policy base growth,” it added. SBG, which is bedding down its takeover of majority-owned insurance group Liberty Holdings, pointed out that the group has retained its position as the third largest asset manager on the continent. “The Liberty Holdings Limited minority buyout, announced in July 2021, was successfully completed and Liberty delisted on March 1, 2022.