Isle of Man News - POSTED Mon last week

Strong year for Standard Bank supports boost to Isle of Man economy

by LC

Strong year for Standard Bank supports boost to Isle of Man economy

• 18% increase in Headline Earnings to £27.9 million in 2016
• Deposits up by 20% to £4.8 billion
• Recent growth sees staff levels rise to 125 in Douglas office

The international division of Standard Bank, Wealth International, which has a significant presence in the Isle of Man, with offices also in Jersey, Mauritius, London and South Africa, has today announced a positive set of results for 2016, reflecting an encouraging year for the business.

Headline Earnings for Standard Bank Wealth International were £27.9 million for the full year - an 18% increase on the previous year’s results.

Further demonstrating Wealth International’s robust performance, the business achieved a return on equity of 15%, with a 20% increase in deposits to £4.8 billion, and Assets Under Management of £2.2 billion at 31 December 2016.

Standard Bank is proud that its strong performance has supported the local economy in the Isle of Man over so many years, currently employing 125 people in the Island, following recent growth.

Standard Bank Wealth International, which this year celebrates the 25th anniversary of the business in the Isle of Man, is 100% owned by Standard Bank Group, the largest bank in Africa by assets. The division’s positive results mirrored a strong set of results at Group level. Headline Earnings were R23 billion (equivalent to US$1.6 billion, £1.3 billion) up 4% on 2015. Dividend per share increased by 16% to 780 cents (2015: 674 cents), cost-to-income ratio stood at 56.3% (2015: 56.5%) and return on equity was 15.3% (2015: 15.6%).

Jonathan Peake, Chief Financial Officer of Standard Bank Wealth International, said: “This fantastic set of results reflects the collective efforts of a talented team committed to serving our clients, most of whom have a strong connection to Africa. This achievement is also built on the quality and reputation of the jurisdictions in which we operate, a relentless focus on delivering for our clients and the economic strength of the African continent. Our strong performance not only benefits Africa but also creates prosperity in the Isle of Man, where Wealth International has been proud to be based for 25 years.”

Photo - CFO Jonathan Peake.

 

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