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Standard Bank posts 34% jump in interim profit
![Source: Reuters.](https://biz-file.com/c/2308/709251-700x364.jpg?5)
The lender posted a headline earnings per share of R12.8 for the six months ended 30 June, up from R9.55 a year earlier.
South African banks are among the largest on the continent and are known for their well-capitalised balance sheets, conservative lending practices and strong retail customer base.
But local daily power blackouts and a rapid rise in interest rates - by 350 basis points in the last 12 months - have put retail and small business customers of banks under extreme pressure, leading to a spike in bad loans.
Standard Bank said its credit loss ratio, a measure of bad loans as a percentage of total loans, stood at 97 basis points (bps), close to the upper range of its target of 100 bps or 1.0%.
The lender said it would hover at this level for the rest of the year.
Source: Reuters
![](https://biz-file.com/b/2104/2217641.jpg?5)
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/![](https://cdn.bizcommunity.com/f/2408/Loeries-Tote-bag-competition.gif)
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