Standard Bank Earnings to Drop

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Standard Bank said on Monday that its half-year earnings are expected to be more than 20 per cent from the previous year due to the impact of the coronavirus pandemic.

The bank, Africa’s largest by assets said headline earnings per share (HEPS), the main profit measure used in South Africa, for the six-month period ending June, 30, was expected to be more than 20 per cent lower compared with HEPS of 837.4 cents in the year ago period.

“There remains a high degree of uncertainty regarding the impact that the Covid-19 pandemic and the associated governmental responses will have on the economies in the markets in which the group operates, and in turn, on the group,” Reuters quoted the company to have said. Interim results are expected to be released on August 20.