South Africa’s Standard Bank H1 profit up 9%

By bne IntelliNews August 12, 2010
Africas largest lending bank by assetsreported a 9% rise in H1, assisted by a decline in bad debts, but remainscautious due to slow recovery in SA. Standard Bank, which is 20% owned byIndustrial and Commercial Bank of China, said HEPS for H1 to year-end Junetotalled ZAR 381.9 cents, against ZAR 351.3 cents a year earlier. The bank saidthat this month (July) it expected profits to rise by 6% to 12%. Analysts saythat it is too soon to declare a full recovery as personal debt levels andunemployment remain high following the recession which ended last year.

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