Standard Bank ups dividend by almost a fifth thanks to Africa boost
Africa's largest bank by assets Standard Bank benefitted from a strong showing in the rest of Africa, which helped it grow its profits by over a quarter and its dividend by almost a fifth in 2023. While a surge in impairments weighed on its business in SA, it's at least a little more optimistic about the country's economic prospects.
Headline earnings rose 27% to R42.9 billion to end-December, with the group's Africa regions - 42% of the total - outperforming SA with 49% growth versus 3%. Credit impairment charges rose by more than a third in SA, where consumers have been beset by high interest rates, inflation, as well as load shedding and logistics dysfunction.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.
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