* FY headline EPS 860.4 cents vs 708.6 cents
* Net interest income up 7 pct to R28.8 bln
* Credit impairments fall 13 pct to R6.5 bln
* Shares up over 9 pct this year
(Adds details, analyst)
By Helen Nyambura-Mwaura
JOHANNESBURG, March 8 (Reuters) – South Africa’s
Standard Bank Group Ltd reported a 21 percent rise in
full-year profit on Thursday, helped by a drop in bad debts and
its refocus on fast-growing African markets.
Africa’s top lender by assets has been expanding in
sub-Saharan countries such as Nigeria, as part of a retooled
strategy that led it to exit Russia and Argentina over the last
year.
Johannesburg-based Standard Bank has operations in at least
17 sub-Saharan markets including a new licence in South Sudan.
It has said it no longer has ambitions to buy or build
commercial banking operations outside of Africa.
“The one thing we were keeping a close eye on … was the
rest of Africa operation,” said Imara analyst Darren Coulter,
referring to a rise in earnings from the continent outside South
Africa to 1.03 billion rand.
Continued…
