• 38% increase in Headline Earnings to ?19.4m in first half of 2017
• Return On Equity (ROE) rises to 17.6%
• Return on Regulatory Capital (RORC) increases to 20.9%
The international division of Standard Bank, Wealth International, which is based in the Isle of Man as well as Jersey, Mauritius, London and South Africa, has today announced a positive set of results for the first half of 2017.
Headline Earnings (which is the primary measure of earnings after tax and other adjustments) rose from ?14.1m to ?19.4m while ROE (an important gauge for investors) increased from 15.3% to 17.6% versus prior year, with Client Deposits increasing by 17.8% to ?4.9 bn and Assets Under Management rising by 29.1% to ?2.4 bn.
The results build on a strong 2016 for Standard Bank Wealth International. Last year, Headline Earnings were ?27.9m - an 18% increase on 2015.
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 interim results at Group level. Headline Earnings were South African Rand 12.1 bn, up 12% on the first half of 2016. Dividend per share increased by 18% to 400 cents (1st half, 2016: 340 cents), cost-to-income ratio stood at 56.3% (56.8%) and ROE was 16.1% (14.4%).
Jonathan Peake, Chief Financial Officer of Standard Bank Wealth International, said: “These latest results demonstrate that our strategy continues to deliver and is proving resilient in a challenging environment. With a mixed macroeconomic picture the first six months of the year have proven demanding, however we have delivered this robust set of interim results through the hard work of a talented team committed to serving our clients, many of whom have a strong connection to Africa. Our performance not only benefits the continent but also creates prosperity in the Isle of Man, where Wealth International has been proud to be based for 25 years.”
Photo - Jonathan Peake
