Standard Bank of RSA report full year earnings rise of 23.4%
by Richard Kilner
The Standard Bank Group of South Africa has today declared that its full year headline earnings per share this year have risen by 23.4% to R1 033.4.
However, the Group also warned that its sale of a 20% stake to ICBC, China’s largest lender, would have a short term negative impact.
The Group, which is the largest in terms of assets in Africa, reported a normalised return on equity of 24.8% and a normalised return per share of 20.6%.
The firm predicted in February that it would see an increase of between 18% and 22% this year, for full year headline earnings per share.
Although it has stated there will be a negative affect on the firm in 2008 from the ICBC stake and the economic environment, the Group has asserted that its medium term targets remain on course.
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