Steady Gains: Standard Bank’s FY24 Performance Reflects Sustained Growth
Standard Bank maintained steady growth in FY24, increasing earnings, dividends, and shareholder value while improving efficiency, credit performance, and capital strength.
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%.
