{"id":13588,"date":"2012-08-17T02:51:48","date_gmt":"2012-08-17T00:51:48","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/update-2-standard-banks-africa-costs-weigh-on-profit\/"},"modified":"2012-08-17T02:51:48","modified_gmt":"2012-08-17T00:51:48","slug":"update-2-standard-banks-africa-costs-weigh-on-profit","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-standard-banks-africa-costs-weigh-on-profit\/","title":{"rendered":"UPDATE 2-Standard Bank&#8217;s Africa costs weigh on profit"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* H1 Headline EPS 458.2 vs 421.3 cents<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Net interest income R15.69 bln vs R13.32 bln<\/p>\n<p><span><\/span><\/p>\n<p>* Credit impairments rise 35 pct<\/p>\n<p><span><\/span><\/p>\n<p>* Shares up 18 pct this year<\/p>\n<p><span><\/span><\/p>\n<p>By Helen Nyambura-Mwaura<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, Aug 16 (Reuters) &#8211; Standard Bank will<br \/>\npress ahead with expensive plans to open another 30 branches in<br \/>\nsub-Saharan Africa this year, aiming to cash in on booming loan<br \/>\nand deposit growth even as the costs of such investment hit its<br \/>\nbottom line.<\/p>\n<p><span><\/span><\/p>\n<p>Africa&#8217;s biggest bank by assets, Standard is 20 percent<br \/>\nowned by Industrial and Commercial Bank of China<br \/>\n. It blamed a below-forecast 9 percent increase in<br \/>\nfirst-half profit on Thursday on costs of investment.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;It really has been growing rapidly and we&#8217;ve continued to<br \/>\ninvest, which is part of the reason for the cost growth that<br \/>\nyou&#8217;ve seen,&#8221; Chief Executive Jacko Maree told Reuters Insider,<br \/>\nreferring to its 16 operations across the continent.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;But if you look at the profitability in Africa you saw the<br \/>\nprofits growing by some 80 percent, just looking at the<br \/>\non-the-ground banks on the continent, which is a very big jump.&#8221;<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* H1 Headline EPS 458.2 vs 421.3 cents * Net interest income R15.69 bln vs R13.32 bln * Credit impairments rise 35 pct * Shares up 18 pct this year By Helen Nyambura-Mwaura JOHANNESBURG, Aug 16 (Reuters) &#8211; Standard Bank will press ahead with expensive plans to open another 30 branches in sub-Saharan Africa this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-13588","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=13588"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13588\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}