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Standard Bank posts FY'17 profit rise, lifts medium-term ROE target

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Standard Bank posts FY'17 profit rise, lifts medium-term ROE target

South Africa-based Standard Bank Group Ltd. reported full-year 2017 profit attributable to ordinary shareholders of 26.24 billion South African rand, up from 22.21 billion rand in 2016.

EPS for the year was 16.18 rand, compared to 13.71 rand a year earlier.

Net interest income for the year came in at 60.13 billion rand, up from the year-ago 56.89 billion rand, while noninterest revenue came in at 43.04 billion rand, up from 42.97 billion rand. Income from investment management and life insurance activities also rose to 24.39 billion rand from 21.37 billion rand.

The net interest margin on banking activities stood at 4.74%, compared to the year-ago 4.48%.

Credit impairment charges amounted to 9.41 billion rand in 2017, narrowing from 9.53 billion rand in 2016.

Return on equity stood at 17.1% in 2017, compared to 15.3% in 2016. The group raised its medium-term ROE target range to between 18% and 20% from between 15% and 18% previously.

As of 2017-end, the group's common equity Tier 1 ratio reached 13.5%, compared to 13.9% at the end of 2016. Its total capital adequacy ratio stood at 16.0% at 2017-end, compared to 16.6% at the end of 2016.

The group declared a final dividend of 510 cents per share, resulting in a total dividend of 910 cents per share for 2017, a 17% increase from a year earlier.

As of March 7, US$1 was equivalent to 11.89 South African rand.