South Africa's Standard Bank posts 27 pct profit rise

by Reuters 0

South Africa’s Standard Bank reported a 27 percent rise in full-year profit on Thursday after offloading loss-making operations outside Africa.

Standard Bank said headline earnings per share (EPS) totalled 1,359 cents for the period to end-December, from 1,070 cents the previous year. Headline EPS is the main profit measure in South Africa and excludes certain one-off items.

The results were largely in-line with expectations after the lender said last week headline earnings would be between 25 and 30 percent higher.

Standard Bank last year completed the disposal of its controlling interest in its British unit, since renamed ICBC Standard Bank, to China’s ICBC, which also holds a 20 percent stake in the South African bank.