Profits jump at South Africa bank

source: BBC

Africa’s largest bank, the Standard Bank of South Africa, enjoyed a 32% rise in profits in 2007.

The bank called it “a momentous year” in which it had “weathered the global financial stresses”.

Profit after tax was 16.57bn rand, (£1.07bn; $2.11bn), up from 18.36bn the year before.

Standard Bank reported strong growth in loans as the number of personal and business current accounts grew, while the number of mortgages also rose.

“The group’s strategy of building revenue streams in other emerging markets started to show results in 2007,” a company statement said.

Standard Bank’s home market of South Africa accounted for a 15% growth in earnings. But businesses in the rest of Africa increased their contribution by 58% and those outside Africa by 98%.

Expansion

The group has recently been on a shopping spree, buying [continue reading]



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