By Michael Susin
Standard Bank Group Ltd. said Friday that net profit for the first half of the year rose and that it expects net interest income and revenue to grow in 2022, supported by a strengthening balance sheet as pandemic-related impacts ease.
The bank said net interest income growth is expected to be in low double digits for the full year, while non-interest revenue growth is expected to ease to high-single digits.
The South African lender said net profit for the first six months of the year rose to 15.67 billion South African rand ($929.1 million) from ZAR11.41 billion for the same period last year.
Net interest income also rose to ZAR34.41 billion from ZAR29.97 billion a year ago.
Common equity Tier 1 ratio--a key measure of balance-sheet strength--at June 30 was 13.7%, up from 13.5%% a year earlier. Return on equity improved to 15.3%, and the company expects to reach the range of 17% to 20% in 2025.
The board declared an interim dividend of ZAR5.15 a share.
Write to Michael Susin at firstname.lastname@example.org
(END) Dow Jones Newswires
August 19, 2022 02:54 ET (06:54 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.