Standard Bank 2017 Net Profit Rose 18%; Optimistic on Prospects

By Ian Walker

Standard Bank Group Ltd. (SBK.JO) Thursday reported an 18% rise in 2017 net profit and said it remains optimistic about the prospects in its home market of South Africa

Africa's biggest lender by assets made a profit of 26.24 billion South African Rand ($2.21 billion) for the year compared with ZAR22.21 billion in 2016. Headline earnings--the bank's preferred profit measure that strips out certain exceptional and one-off items--rose 14% to ZAR26.27 billion.

Total income rose to ZAR127.56 billion from ZAR121.22 billion.

The bank said gross loans and advances to customers fell 2% in the period, while credit impairments fell 1% to ZAR9.4 billion.

The Johannesburg-based bank declared a final dividend of 510 South African rand cents a share, taking the total payout for the year to 910 cents, up from 780 cents a year earlier.

The bank's common equity tier 1 ratio--a measure of financial stability--slipped to 13.5% from 13.9% in 2016.

Write to Ian Walker at [e-mail]; @IanWalk40289749

(END) Dow Jones Newswires

March 08, 2018 01:52 ET (06:52 GMT)

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