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Johannesburg - The country's biggest banking
group in terms of assets, Standard Bank has reported attributable
earnings of R7.217bn on an IFRS basis for the nine months ended
September.
On a normalised basis earnings amounted to R8.031bn.
The figures were contained in information provided to the Industrial
and Commercial Bank of China Limited (ICBC), which owns 20% of the South
African banking group.
Standard Bank is required to disclose to ICBC sufficient information to
enable ICBC to equity account the group's results on a quarterly basis.
The bank said the normalised results include adjustments to account
for two accounting anomalies, the IFRS treatment of the Black Economic
Empowerment initiative and shares held for the benefit of Liberty
policyholders.
- I-Net Bridge