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Stanbic Bank group profits down 17%

Stanbic Bank group profits down 17%

By Kofi Ahovi
The headline earnings of Standard Bank Group, the parent company of Stanbic Bank Ghana, were down by 17% recording SAR 11,718 billion in 2009.
The bank also recorded a 20% reduction in its headline earnings per share recording 757 cent per share in the same year. The group further recorded 13.6% return on equity (ROE) compared to 18.2% in 2008.

Based on this, the bank maintained its total distribution per ordinary share at the same level as 2008, resulting in a total distribution for the year of 386 cents per share.

Announcing the annual results of the bank for 2009, the Group Chief Executive, Jacko Maree said “It was an extremely tough year, but one in which our focus on developing markets stood us in good stead. Our vision to be a leading emerging markets financial services organization remains unchanged. Our resilience in the face of the severe challenges of the past two years confirms that the group is strategically well placed.”

Emerging markets accounted for two-thirds of global growth in 2009, growing their share of global GDP to 31% in 2009 from 20% in 1998.
Net interest income was down 2%, and non-interest revenue grew by 6% with trading revenue also recording 12% increase.

The bank’s non performing loans stood at 6.2% compared to 3.4% in 2008. The credit loss ratio for the year was 1.6% as against 1.5% in 2008.

According to the bank, the recovery from the global financial crisis in 2010 is likely to be hesitant and employment and credit conditions are expected to remain under pressure, adding that most of the growth in the global economy are likely to originate from emerging markets especially Asia.

“We anticipate that the group’s normalized headline earnings will recover from the 2009 base and management’s immediate focus will be to restore earnings to 2008 levels. The financial impact of possible regulatory interventions is currently being assessed and may impact results and returns over the long term.” The Chief Executive stated.

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