Solid growth for Standard Bank, attracts more digital clients in SA

The Standard Bank Group has reported headline earnings of R22 billion for the half year to end-June 2024.

That is an increase of 4% over the previous financial year.

Headline earnings per share (HEPS) increased to 1,328.7 cents from 1,280.6 cents.

Standard Bank said this performance is underpinned by continued franchise growth in their banking businesses, and robust earnings growth in their insurance and asset management business.

The Group declared an interim dividend of 744c per share, up 8% from the previous year.

Their South African franchise delivered double-digit earnings growth supported by improving credit trends.

Active clients grew by 5% to 19.5-million, with growth recorded in both SA and Africa regions. 

In South Africa, the number of digitally active retail clients grew by 7%. 

Stephen Grootes talks to Group CEO Sim Tshabalala about the results and asks about the growth in digital clients in particular.

"It's a fantastic result, produced by 20 million clients and 51 000 dedicated staff."

"In terms of the evolution of the South African market, clients are increasingly wanting to deal with their transactions as in all other parts of their lives and they do not want to go to a branch except for complicated negotiations and discussions around estate planning and so forth."

"We've invested a huge amount of money in our IT systems and in creating personalised solutions for our clients, and in particular we're very proud of the app we have which allows you to do all of your banking on your phone."

Sim Tshabalala, CEO - Standard Bank Group

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