Standard Bank Declares Dividend Despite fall in Profit – Report

Standard Bank declared a final dividend of 240 cents per share  for the 2020 financial year.

The bank reported a 43% plunge in headline earnings to R15.9 billion from a previous R28.2 billion. Its personal and business banking unit was the hardest hit, with headline earnings declining 61% to R6.3 billion.

The group said the Covid-19 pandemic placed considerable strain on its retail, business and corporate clients, especially in its South African main market. Throughout the pandemic, the bank provided R129 billion in relief to individuals and businesses, while it provided R25 billion to its corporate clients.

Its share price was down more than 2% by Thursday midday.

Business Insider SA

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