Half Year 2024 Standard Bank Group Ltd Earnings Call Transcript
Key Points
- Standard Bank Group Ltd (JSE:SBK) delivered record headline earnings of ZAR22 billion for the first half of 2024.
- The company declared its highest dividend ever of ZAR7.44 per share, growing at 8% with a payout ratio of 56%.
- Return on equity improved to 18.5%, reflecting strong financial performance.
- The group achieved a 10% increase in fee income in personal and private banking in South Africa.
- Assets under management in South Africa grew by 11%, showcasing robust asset growth.
- Currency weakness in several major African economies negatively impacted the group's costs and income.
- Economic challenges in Nigeria and Kenya led to reduced confidence and slower growth in these regions.
- The banking business experienced pricing pressures, particularly in South Africa, Kenya, Angola, and Mozambique.
- The credit loss ratio remained high at 92 basis points, indicating ongoing credit risk concerns.
- West Africa's performance was down by 17% in ZAR due to currency devaluation, particularly in Nigeria and Angola.
Good morning, everyone. On behalf of the Board and management of the Standard Bank Group, it's my pleasure to welcome you to the presentation of our financial results for the first half of 2024. This has been a half of disciplined, steady, and successful execution. We have delivered excellent organic growth throughout our businesses. I will begin by placing our strategic achievements and rapid franchise growth in their broader context.
Our Chief Financial Officer, Dr. Arno Daehnke, will then take us through the results in detail. I will conclude by discussing our strategy and outlook.
The performance of the world economy was dampened by continuing serious geopolitical tension, including major wars in Europe and the Middle East. Deglobalization, destructive trade rivalries, and the disruption of formally well-established supply chains have continued and even accelerated over the half.
More than 1 billion people have already voted this year. We've seen serious political uncertainty and
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