Standard Bank announces annual results

by Richard Kilner

Story link: Standard Bank announces annual results

Standard Bank Group has reported its financial results for 2009.

Normalised headline earnings declined by 17% on 2008, from RB14.1bn to R11.7bn, with normalised headline earnings per share down 20% to 757 cents.

The firm achieved a return on equity of 13.6%, down from 18.2% in 2008.

The decline in earnings has been primarily attributed to the global recession of 2009.

Chief Executive Jacko Maree has said that the recession was the worst since the Second World War for many countries.

South Africa entered recession at the end of 2008 and remained there until the latter half of 2009.

Maree has forecast that the bank will improve on the 2009 results and will work hard to match the financial performance of 2008.