Standard Bank, Africa’s biggest lender by assets, reported a 10% rise in half-year headline earnings on Thursday, supported by sustained growth in fee and trading revenues, while credit impairment charges fell.
The South Africa (SA) based bank said headline earnings rose to $1.62 billion in the six months ended June 30 from a year earlier.
In its banking operations, net interest income grew by 4% to $3.1 billion, helped by healthy deal flow in its Corporate and Investment Banking unit and modest loan growth in its business and personal banking units.
Net interest margin narrowed to 472 basis points from 489 basis points, reflecting the lower interest rate environment and competitive pricing pressures in some retail and business portfolios, the lender said.
–Reuters–
