Standard Bank Records Steady Growth

Headline earnings grew by 8 percent to R14,1 billion (P11.28 billion) and headline earnings per share declined by 2 percent to 942,6 cents per share. Net asset value per share grew by 32 percent and a return on equity of 18,2 percent was achieved. Growth in headline earnings per share has been diluted by the issue of new shares to ICBC in March 2008.

Net asset value grew by R27,5 billion or 47 percent in 2008 to R85,9 billion (P68.7 billion). In addition to the R15,9 billion of equity raised by the issue of shares to ICBC, earnings of R14,1 billion were recorded plus a further R5,2 billion of currency translation and associated hedging gains accounted for directly in reserves. Dividends of R6,1 billion(P4.88 billion) were paid to ordinary shareholders.