(2 minutes read)
· Standard Bank’s interim results are out and there is nothing much to cheer. Rather a lot to ponder over about the bottom lines of the bank
· Headline earnings declined by 44% to R7.5 billion compared with nearly R13.4 billion in the same six months last year.
Standard Bank’s interim results are out and there is nothing much to cheer. Rather a lot to ponder over about the bottom lines of the bank . Headline earnings declined by 44% to R7.5 billion compared with nearly R13.4 billion in the same six months last year. That translates into the headline earnings of R4.74 per share (R8.37 in the first half of the previous financial year).Income before capital items and equity-accounted earnings declined by a much larger 54% than the 44% decrease in headline earnings. Profit attributable to shareholders plummeted by 72%, from R13.2 billion in the first half of 2019 to less than R3.8 billion in the last six months.
Bank’s tax liability exceeded R10.5 billion in the financial year to December 2019, but will probably not reach R4 billion this year.Standard Bank is cautious about making promises related to itsprospects, only saying that the group is well capitalised, has strong capabilities, and has the appetite to reignite growth in a post Covid-19 recovery.
