Standard Bank Group posts strong 2012 earnings

Standard Bank Group, the parent organisation of Stanbic Bank Ghana, produced a strong and robust 2012 financial performance across all segments of the business.

The group said its headline earnings rose by 10 percent to US$1.77 billion while attributable earnings grew by 23 percent to US$1.95 billion, buoyed by sales of its majority stake in Standard Bank Argentina.

“The group’s results for 2012 reflect divergent themes. On the one hand, they indicate the considerable challenges the group has faced.

"Many of the negative factors are evident in Corporate and Investment Banking results with headline earnings down 13 percent from 2011. On the other hand, the exciting prospects of our Africa-centred strategy are beginning to show in the performance across our business units,” said Jacko Maree, Group Chief Executive.

He said Standard Bank’s focus on maintaining its position in South Africa and growing in chosen markets in the rest of Africa paid off in 2012.

Revenues from the rest of Africa were up 38 percent as a result of the Standard Bank consistent efforts over the last few years to gain new customers, increase its reach through significant investment in systems and people.

“The results show that the growth areas aligned to our strategic focus did very well, with areas that we are in the process of scaling down performing worse than expected, a vindication of the new focus of the Group. It is a clear and positive demonstration of the new drive for the Bank which Stanbic Ghana is proud of,” said Alhassan Andani, Chief Executive, Ghana.

Standard Bank’s core franchise is healthy and its customer base is strong and it would continue to focus on the real economy providing customers with the financial services products and services they need to grow.

Meanwhile, Jacko Maree has stepped aside as Group Chief Executive of the Standard’s Bank Group after more than 13 years at the top of Africa’s biggest bank.

Mr Maree retires and resigns from the boards of directors of Standard Bank Group, the Standard Bank of South Africa and Liberty Holdings.

He will, however, remain in the employment of the Group as a senior banker focusing on key client relationships but will not perform an executive or managerial role.