• SA cities need foreigners

    We need to protect our cities' cosmopolitan nature, says Mzwandile Jacks.

  • Am I a racist?

    Does hating government's arrogance, nepotism and greed make me a bigot, asks Anton Ressel.

  • Recipe for disaster

    Malema's flames of frustration are fuelling white extremism, says Leopold Scholtz.

Loading...
See More

SA's top 2 banks see double-digit profit

Feb 23 2012 11:02 Reuters

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 175
Change -1
% Change -1
Cumulative volume 3552976
Market cap 0

Last Updated: 17-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

FIRSTRAND LIMITED [JSE:FSR]

Last traded 57
Change -1
% Change -1
Cumulative volume 6474894
Market cap 0

Last Updated: 17-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Banks move into Mzansi market

Standard Bank loans up 50% in 2011

Standard Bank expects 22% profit jump

FNB sees strong growth in unsecured loans

FirstRand's Zambian deal terminated

FirstRand falls as shares trade ex-dividend

 
Johannesburg - South Africa’s top two lenders said on Thursday they expect profits to rise by around 20%, in the latest sign that banks in SA are back on the road to recovery after a 2009 recession suppressed credit demand.

Standard Bank Group [JSE:SBK], Africa’s biggest lender by assets, said its full-year diluted headline earnings per share (EPS) likely grew by between 18 and 22%, in line with the 19.5% average increase in a survey of 13 analysts by Reuters.

Smaller rival FirstRand [JSE:FSR] said its diluted normalised EPS grew by 24-28% in the six-month period to end-December.

Johannesburg-based Standard Bank, which is 20% owned by Industrial and Commercial Bank of China, will report its results on March 8. FirstRand’s announcement is scheduled for February 28.

South African banks have been helped by steady declines in bad debts, which surged during the 2009 recession. However, demand for credit still remains muted. Standard Bank said in January that it lent 50% more to its South African personal and business customers in 2011.

Smaller rival Absa Group posted a 21% increase in full-year profit earlier this month.

Standard Bank said on Wednesday it would be cooperating with Japan’s second-largest lender by assets Mizuho Financial Group on bringing more Japanese clients to Africa, confirming an earlier Reuters report.

Shares of Standard Bank, which has operations in at least 17 sub-Saharan countries, are up over 10% so far this year and those of FirstRand have gained 9.6%.
absa  |  standard bank  |  firstrand  |  recession  |  sa economy

NEXT ON FIN24X

RMB appoints new CEO

2015-04-17 17:26

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Must see! The most luxurious dog house!

This dog house comes with a treadmill and hot tub, you have to see it!

 
 

Luxury living

WIN!
Ridiculous demands people with too much money make
8 of the priciest places to dock your yacht
Habits of the world’s richest people

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Government’s call for the private sector to add power to the grid is:

Previous results · Suggest a vote

Loading...