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Johannesburg - Standard Bank, Africa's biggest banking group by assets, has seen healthy growth in revenues in the first four months of the calendar year, Chief Executive Officer Jacko Maree said on Tuesday.
"Revenues across the group reflect healthy growth, both in net interest income and non-interest revenue. Net interest income reflects the benefit of stable margins and the continued momentum of growth in loans and advances," Maree told the group's annual shareholders meeting.
Maree said the banking group's experience of credit defaults was in line with that of last year while impairment charges for bad loans were within expectations.
South Africa's big four banks, Standard, Absa, FirstRand unit First National Bank (FNB) and Nedbank, have all said bad debts may rise after a series of interest rate hikes last year.
Standard Bank experienced continued momentum in loans and advances while non-interest revenue grew strongly on solid transactional growth and higher trading income from Standard's corporate and investment banking operations, Maree added.
Shares in Standard Bank rose 0.36% to R110.10, in line with the JSE Securities Exchange's banking sector.