South Africa’s Standard Bank sees up to 50% slump in annual profit

PUBLISHED: Wed, 03 Mar 2021 06:16:22 GMT

March 3 (Reuters) – South Africa’s Standard Bank said on Wednesday it expects annual earnings to drop in the range of 40%-50% as Africa’s largest bank by assets battles soaring bad loans.

The lender said it expects headline earnings per share, a key metric for South African firms, to be in the range of 883.4 cents to 1,060 cents for the year ended Dec. 31, compared with 1,766.7 cents a year earlier. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Ramakrishnan M.)

(c) Copyright Thomson Reuters 2021. Click For Restrictions –

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.