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Standard Bank expects 22% profit jump

Feb 23 2012 08:58 Reuters

Company Data

Top 40 [JSE : J200]

Last traded R29,074.19
Change R-63.65
% Change -0.22%
Cumulative volume 93.53m
Market cap R0.00

Last Updated: 25/05/2012 at 19:33. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Standard Bank Group Ltd [JSE : SBK]

Last traded R113.00
Change R-0.10
% Change -0.09%
Cumulative volume 3.20m
Market cap R179.93bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Absa Group Limited [JSE : ASA]

Last traded R150.00
Change R0.00
% Change 0.00%
Cumulative volume 1.30m
Market cap R107.73bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - Standard Bank Group [JSE:SBK], Africa's biggest lender by assets, said on Thursday full-year profit probably rose as much as 22%, largely in line with analysts’ forecasts.

Standard Bank said diluted headline earnings per share likely grew by between 18% and 22%, in line with the 19.5% average increase in a survey of 13 analysts by Reuters.

South African banks have been helped by a decline in bad debts, which is helping to offset weak demand.

Smaller rival Absa Group [JSE:ASA] posted a 21% increase in full-year profit earlier this month.

Johannesburg-based Standard Bank, which is 20% owned by Industrial and Commercial Bank of China, will report its results on March 8.

The 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, outpacing a 6.4% rise by the blue chip Top 40 - (Tradeable) [JSE:J200] index.

 

 
 
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