SGBLY Standard Bank Group Ltd (PK)

By Anthony O. Goriainoff

Standard Bank Group Ltd. said Friday that 2021 net profit rose as total income increased, and that 2022 has started with strong business momentum.

The South African bank said net profit was 24.87 billion South African rand ($1.65 billion), compared with ZAR12.36 billion for 2020.

Earnings per share rose to ZAR15.15 from ZAR7.74. Headline earnings per share rose to ZAR15.73 from ZAR10.03, it said.

Total income rose to ZAR132.98 billion from ZAR123.67 billion, it said.

Common equity Tier 1 ratio---a key measure of balance-sheet strength--as of Dec. 31 was 13.8%, up from 13.2%, it said.

The board declared a dividend of ZAR8.71, compared with ZAR2.40 in 2020.

The company said that although its direct exposure to Ukraine and Russia was limited, it is "giving due consideration to the potential secondary impacts across our countries of operation, for example financial markets, trade, transport logistics, commodity and food prices."

The company said it expects higher average interest rates to support margins that, together with higher average balance sheets, will support net interest income.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

March 11, 2022 02:07 ET (07:07 GMT)

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