Standard Bank manages costs in tough environment

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Standard Bank manages costs in tough environment

Published Date: 2017-10-20 | Source: Stephen Gunnion | Author: Stephen Gunnion

Standard Bank manages costs in tough environment

The bank says its banking activities have been supported by a benign credit performance

Standard Bank says the past three months have been much the same as the first half of its 2017 financial year. While revenues remain under pressure, it says good cost control has resulted in better operational efficiency.

In a quarterly performance update yesterday, which the bank provides to 20% shareholder ICBC, it said results from banking activities had been supported by a benign credit performance in the three months to end September. Other banking interests had also contributed positively and attributable earnings rose 16% on the prior period. However, it said the relative strength of the rand continued to dampen reported earnings. The stronger rand also led to a decrease in its foreign currency translation reserve.

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Standard Bank said its common equity tier 1 capital ratio remained above its internal target range of between 11% and 12.5%.

For the six months to end June, Standard Bank grew headline earnings 12% on a reported basis and 19% in constant currency terms. Total income was down 1% due to a 7% decline in non-interest revenue.

Its shares closed 0.3% lower at R170.47.



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