20°C / 22°C
  • Sun
  • 33°C
  • 16°C
  • Mon
  • 33°C
  • 18°C
  • Tue
  • 29°C
  • 13°C
  • Wed
  • 28°C
  • 11°C
  • Thu
  • 33°C
  • 16°C
  • Fri
  • 32°C
  • 20°C
  • Sun
  • 20°C
  • 12°C
  • Mon
  • 18°C
  • 12°C
  • Tue
  • 21°C
  • 11°C
  • Wed
  • 18°C
  • 13°C
  • Thu
  • 19°C
  • 13°C
  • Fri
  • 17°C
  • 14°C
  • Sun
  • 34°C
  • 18°C
  • Mon
  • 36°C
  • 18°C
  • Tue
  • 33°C
  • 14°C
  • Wed
  • 30°C
  • 13°C
  • Thu
  • 36°C
  • 17°C
  • Fri
  • 34°C
  • 22°C
  • Sun
  • 35°C
  • 18°C
  • Mon
  • 34°C
  • 17°C
  • Tue
  • 29°C
  • 14°C
  • Wed
  • 30°C
  • 14°C
  • Thu
  • 35°C
  • 17°C
  • Fri
  • 33°C
  • 21°C
  • Sun
  • 31°C
  • 19°C
  • Mon
  • 24°C
  • 16°C
  • Tue
  • 18°C
  • 14°C
  • Wed
  • 29°C
  • 16°C
  • Thu
  • 23°C
  • 17°C
  • Fri
  • 26°C
  • 19°C
  • Sun
  • 21°C
  • 15°C
  • Mon
  • 18°C
  • 13°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 18°C
  • 12°C
  • Thu
  • 20°C
  • 11°C
  • Fri
  • 19°C
  • 13°C
  • Sun
  • 20°C
  • 11°C
  • Mon
  • 18°C
  • 10°C
  • Tue
  • 23°C
  • 8°C
  • Wed
  • 20°C
  • 10°C
  • Thu
  • 21°C
  • 11°C
  • Fri
  • 15°C
  • 13°C
  • Sun
  • 18°C
  • 13°C
  • Mon
  • 16°C
  • 11°C
  • Tue
  • 19°C
  • 10°C
  • Wed
  • 16°C
  • 12°C
  • Thu
  • 19°C
  • 12°C
  • Fri
  • 16°C
  • 13°C
  • Sun
  • 36°C
  • 18°C
  • Mon
  • 36°C
  • 22°C
  • Tue
  • 33°C
  • 17°C
  • Wed
  • 32°C
  • 15°C
  • Thu
  • 37°C
  • 18°C
  • Fri
  • 34°C
  • 22°C
  • Sun
  • 34°C
  • 16°C
  • Mon
  • 29°C
  • 14°C
  • Tue
  • 30°C
  • 10°C
  • Wed
  • 29°C
  • 14°C
  • Thu
  • 33°C
  • 11°C
  • Fri
  • 31°C
  • 12°C
  • Sun
  • 34°C
  • 15°C
  • Mon
  • 33°C
  • 17°C
  • Tue
  • 17°C
  • 13°C
  • Wed
  • 34°C
  • 13°C
  • Thu
  • 32°C
  • 16°C
  • Fri
  • 35°C
  • 18°C
  • Sun
  • 21°C
  • 13°C
  • Mon
  • 18°C
  • 10°C
  • Tue
  • 17°C
  • 10°C
  • Wed
  • 16°C
  • 10°C
  • Thu
  • 23°C
  • 8°C
  • Fri
  • 20°C
  • 14°C

Standard Bank bad debts tick higher

The bank says bad debts ticked higher in the first few months of 2014, a sign SA borrowers are under pressure.

FILE. The Standard Bank Group says bad debts ticked higher in the first months of 2014, a sign SA borrowers remain under pressure.Picture www.fourwayscrossing.co.za

JOHANNESBURG - Standard Bank Group, Africa's largest lender, said on Thursday that bad debts have ticked higher in the first four months of this year; the latest sign South African borrowers remain under pressure from a weak economy.

Borrowers in Africa's most developed economy are struggling with high unemployment and softer growth, making it harder for them to repay loans. Data this week showed the economy shrank in the first quarter, its first quarterly contraction since a recession five years ago.

Like Standard Bank, other lenders and retailers have recently cautioned about rising bad debts in South Africa, where household debt averages around 75 percent of disposable income.

"Credit impairments have increased moderately due mainly to a tougher domestic environment for our customers, but loss ratios remain within expectations," the bank said in a performance update for the first four months of the year.

It also said it had seen "good growth" in total income, helped by higher local interest rates and growth in fees and commissions.

Standard Bank is due to hold its annual general meeting on Thursday. Shares of the bank are up 9.7 percent this year, slightly outperforming an 8 percent rise in the benchmark Top-40 index.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus