South Africa’s Standard Bank Group Ltd reported a 4 percent rise in full-year profit on Thursday as the threat of a sovereign ratings downgrade weighed on its home market.

Standard Bank posted headline earnings per share (EPS) of 1,389 cents for the period to end-December, compared with 1,359 cents the previous year. Headline EPS is the main profit measure in South Africa and excludes certain one-off items.

“In South Africa, the threat of a sovereign downgrade by rating agencies to sub-investment grade persisted throughout the year. This in turn negatively impacted the already weak business and consumer confidence and further delayed much needed domestic investment and job creation opportunities,” Standard Bank said in a statement.

(Reporting by TJ Strydom; Editing by Subhranshu Sahu)