Standard Bank Hits R45B Profit, Strengthens Digital and Africa Growth
Standard Bank posted R45B earnings, 18.5% ROE, strong digital growth, robust Africa expansion, and record sustainable finance progress in 2024.
In the twelve months ended 31 December 2024 (FY24), Standard Bank Group (the group or Standard Bank) recorded headline earnings of R45 billion and delivered a return on equity (ROE) of 18.5%. This performance is underpinned by continued balance sheet growth, lower credit impairment charges and flat costs in the banking franchise and a robust performance in Insurance & Asset Management.
In 2024, the group’s client franchise health showed improvements across several metrics. Active clients grew by 4% to 20 million clients, driven largely by growth in South Africa. Digitally active retail clients in South Africa grew by 6% as more clients transitioned to our convenient digital channels.
Our South African franchise delivered double-digit earnings growth supported by increased client activity and improving credit trends. Our Africa Regions’ franchise delivered another exceptional performance, growing earnings by 22% in local currency. After taking the currency headwinds into account, most notably in the West Region, the Africa Regions’ portfolio delivered earnings of R18.0 billion, marginally down on the prior period, and a ROE of over 28%. In FY24, Africa Regions contributed 41% to group headline earnings. Key contributors to Africa Regions’ headline earnings were Angola, Ghana, Kenya, Mauritius, Mozambique, Nigeria, Uganda and Zambia.
– Excerpt from the Overview of the Group Results
Active capital and liquidity management across our portfolio remains key to driving attractive ROEs and funding dividend payments to shareholders. The group ended the year with a strong common equity tier 1 ratio of 13.5%. The group board approved a final dividend of 763 cents per share which equates to a final
dividend payout ratio of 56%. When combined with the interim dividend, the dividend declared for the year was 1 507 cents per share, up 6% year on year.
We are pleased to report that we are well on our way to meet our target of more than R250 billion of sustainable finance mobilisation by the end of 2026. Since we began recording this data in 2022, Standard Bank has cumulatively mobilised over R177 billion in sustainable finance, R74 billion of which was added in 2024 alone.
– Excerpt from the Overview of the Group Results
