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South African economy to remain ‘sluggish’ in 2014

Speaking today on Standard Bank Group’s financial results for the first half of 2014, our Chief Executive Ben Kruger said global growth in 2014 is expected to be influenced by developed market countries, while emerging markets are expected to struggle to match the growth rates achieved in 2013.

He made particular reference to the South African economy saying that the current “sluggishness” is expected to persist for the remainder of 2014. This will continue to leave South African consumers feeling less than confident.

Standard Bank Group shows good growth in the first half of 2014

Standard Bank Group’s financials for the first half of 2014 shows that its continued to grow. Our operations in Africa (excluding South Africa) has grown especially well from the red last year this time. We operate in 20 countries on the continent.

Overall, Standard Bank Group grew overall headline earnings 2% on first half of 2013 to R9 338-million thanks to the strong growth in our subsidiaries in the rest of Africa. Losses on loans was also managed well and dropped 1%, mostly because of lower credit losses from corporate clients.

CfC Stanbic Holdings posts 52% profit increase in first half of 2014

Standard Bank Group’s Kenyan operation, CfC Stanbic Holdings, recorded a 52% increase in profit after tax for the period ended June 2014. The earnings stood at Ksh3.4-billion (about US$3.8-million), up from the Ksh2.2-billion (US$2.5-million) posted over the same period last year.

CfC Stanbic Bank’s Chief Executive Greg Brackenridge says the growth was as a result of improved revenues from trade finance in South Sudan, cost discipline, growth in loans and advances, a lower credit impairment charge as well as improved performance from SBG Securities.

CfC Stanbic in Kenya boosts profits

Standard Bank Group’s Kenyan operation, CfC Stanbic Holdings, recorded a 52% increase in profit after tax for the period ended June 2014. The earnings stood at Ksh3.4-billion (about US$3.8-million), up from the Ksh2.2-billion (US$2.5-million) posted over the same period last year.

The growth was as a result of improved revenues from trade finance in South Sudan, cost discipline, growth in loans and advances, a lower credit impairment charge as well as improved performance from SBG Securities.

Reporting gets the nod from EY

Standard Bank Group has taken second place in EY’s 2014 Excellence in Integrated Reporting Awards for companies listed on the Johannesburg Stock Exchange. Liberty Holdings, of which Standard Bank Group is a majority shareholder, came in 8th.

The awards were hosted by EY (www.ey.com), an internationally recognised audit, tax and advisory firm, and are based on the evaluation of the top 100 JSE-listed companies. The awards recognise the “outstanding efforts of those companies that are the leaders in integrated reporting” to encourage the continued excellence in this field.

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