Standard Bank CEO Sim Tshabalala is a happy man and smiling on the way to the bank as his banking group recorded 26% profit. Headline earnings were up 37%, to R34 247 billion (compared to R25 billion for 2021). With such positive results, Shabalala is going to receive a golden handshake with the bag of cash from shareholders.
Headline earnings per share (HEPS) jumped 33% to 2,087 cents per share. The banking group reported positive results despite the ongoing load shedding in the country.
According to Shabalala, “the group is ahead of plan and confident it will deliver its 2025 targets.” The bank declared a final dividend of 691c per share, which it says equates to a final dividend payout ratio of 60%.
Speaking to Talk Radio 702’s Bruce Whitfield, said he has no doubt the banking group will continue growing.
“We’re on a trajectory to meet our commitment to the investment community by 2025… We have every confidence we are going to keep producing these results… We’re hoping to get into the ROE range [return on equity] of between 17% and 20% this year. (currently at 16.4%), adds Tshabalala.
“The performance of the South African business was great – up 26%, but the real star was the African region business which now makes up roughly 26% of our headline earnings. East Africa was up roughly 42%, South Central up 52%, and West Africa 12%, he added.”
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