Standard Bank has announced its FY24 performance highlights. Standard Bank Group reported steady financial performance for the year, reflecting sustained growth despite a more moderate pace compared to previous years.
As always, our purpose remains constant: Africa is our home, we drive her growth. The main themes of our strategy also remain the same: transform client experience, execute with excellence and drive sustainable growth and value.
– Excerpt from Sim Tshabalala’s FY24 Results presentation
Some of the highlights of their performance highlights are as follows:
Headline Earnings: R45 billion, up 4% year-on-year (14% in constant currency).
Dividends: R15.07 per share, a 6% increase.
Tangible Net Asset Value per Share: Grew by 8%.
Return on Equity: 18.5% for the year.
Earnings Growth: 35% in 2022, 27% in 2023, and 4% in 2024.
Cost-to-Income Ratio: lower cost-to-income ratio of 50.5%
Credit Loss Ratio: improved credit loss ratio of 83 basis points.
Capital Position: Common equity tier 1 ratio of 13.5%.