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Home Business Business News

Standard Bank profit up 125%

by Staff Writer
12/03/2013
in Business News
2 min read
0
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Standard Bank has reported a 125 percent profit jump to K7.9 billion from the previous year’s K3.5 billion, beating by far the bank’s forecast, despite operating in a hostile economic environment.

The published financial results indicate that year-on-year total assets jumped by 56 percent due to 47 percent increase in customer deposits and 29 percent increase in loans and advances to customers.

Operating income was 93 percent above prior year due to higher trading income as well as higher income on loans and advances from customers due to the positive endowment impact.

“Operating costs were 73 percent above prior year due to general price increases of commodities amid high inflation rates. However, the cost to income ratio has reduced 43 percent in 2011 to 39 percent due to cost containment drive by management,” says the bank in a statement signed by its chairperson Alex Chitsime and other directors.

Earnings per share (EPS)—the portion of a company’s profit allocated to each outstanding share of common stock—has grown to K37.39 billion in 2012 from K16.65 billion in 2011, an increase of 118 percent.

The bank says it expects to maintain its market share and will introduce new products in the coming year while keeping focus on customer service and also ensure continued profitability by having an efficient balance sheet and prudent cost control measures.

In their analysis, FDH Stockbrokers Limited has called Standard Bank’s financial results solid.

“The balance sheet of the bank looks solid with total assets (total equity and liabilities) growth of 55 percent at K118 billion [from K76 billion]. The resilience was supported by aggregated loans and advances increase of 82 percent at K80 billion in 2012,” says a commentary from FDH Stockbrokers.

The bank’s share price traded at K141 per share on Monday.

 

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