Standard Bank Group Net Profit Rose On Net Interest Income Growth

By Elena Vardon

Standard Bank Group posted a rise in net profit for first half of 2023 as net interest income bumped up its revenue over the period.

The South African bank on Thursday posted a net profit of 21.92 billion South African rand ($1.14 billion) for the six months ended June 30, up from ZAR16.10 billion a year prior.

Headline earnings were ZAR21.23 billion, up 35% on-year, or headline earnings per share of 1,281 cents each. It attributed the rise to earnings growth across its three banking businesses as well as better earnings and returns in its insurance and asset management branches.

It posted total income of ZAR87.16 billion--which included net interest income of ZAR46.31 billion-- compared with ZAR67.71 billion.

Return on equity rose to 18.9% from 15.7% a year prior, it said, while its common equity Tier 1 ratio--a key measure of balance-sheet strength--edged down to 13.4% from 13.7%.

The lender declared an interim dividend of 690 South African Rand cents per share.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

August 17, 2023 02:39 ET (06:39 GMT)

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