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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.
