South Africa's Standard Bank posts 4 pct rise in FY profit

PUBLISHED: Thu, 02 Mar 2017 08:10:55 GMT

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)

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.