SGBLY Standard Bank Group Ltd (PK)

By Joe Hoppe

Standard Bank Group said Tuesday that it saw record revenue growth in the first five months of the year and expects first-half earnings per share to rise.

The South African bank said revenue growth from banking activities in the five months to May 31 was above 20% on year, while higher-than-expected average interest rates across most of its markets and balance sheet growth supported further net interest income growth.

Credit impairment charges in the period were up almost 50% on year and the credit loss ratio for the five months--while elevated--was within the company's target range of 70-100 basis points.

Headline earnings per share and earnings per share for the first half of the year are expected to rise more than 20% than those reported for the comparable period. In 2022, Standard Bank reported headline EPS and EPS of 961.4 South African cents (52.85 U.S. cents) and 936.2 South African cents, respectively.

For the full year, the company expects return on equity to show continued progress toward its target range of 17%-20%. It expects higher net interest income growth than the low-teen guidance given in March and higher non-interest revenue growth than its earlier, mid-single digit guidance.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

June 20, 2023 04:41 ET (08:41 GMT)

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