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Africa's largest bank by assets Standard Bank benefitted from a strong showing in the rest of Africa, which helped it grow its profits by over a quarter and its dividend by almost a fifth in 2023. While a surge in impairments weighed on its business in SA, it's at least a little more optimistic about the country's economic prospects.
Headline earnings rose 27% to R42.9 billion to end-December, with the group's Africa regions - 42% of the total - outperforming SA with 49% growth versus 3%.
Credit impairment charges rose by more than a third in SA, where consumers have been beset by high interest rates, inflation, as well as load shedding and logistics dysfunction.
