Biggest African Lender Standard Bank Says Profit Dips on ICBC [Financial Post (Toronto, Ontario, Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Standard Bank Group Ltd., Africa's biggest lender by assets, said first-half profit fell 2% after earnings from its joint venture with China's largest lender almost halved. Net income declined to 21.5 billion rand ($1.2 billion) in the six months ended June 30, the Johannesburg-based company said in a statement Thursday. That's in line with the median estimate in a Bloomberg survey. Headline earnings from ICBC Standard Bank, the lender's joint venture with Industrial and Commercial Bank of China, dropped 48%, overshadowing growth in the bank's African businesses that included a double-digit earnings increase in its South African franchise. The shares gained 1.8% at the open in Johannesburg. The bank's rest-of-Africa operations saw so-called headline earnings climb 35%, with Angola, Ghana Kenya, Mauritius, Mozambique, Nigeria, Uganda and Zambia r
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