Standard Bank revenue outside South Africa crashed by 46% in six months

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For the first six months, Standard Bank Group said that its interest income for the first half of the year outside of South Africa (its country of origin) crashed by 46%. Interest income for the rest of Africa fell to ZAR96 million compared to ZAR177 million posted in the year before. Performance in South Africa was better as the company reported ZAR5.6 billion compared to ZAR5 billion reported last year.

Standard Bank is a majority owner in Stanbic IBTC Bank PLC in Nigeria. Stanbic is expected to release its result in the coming weeks.

Stanbic IBTC had in the end of July announced that it will delay its results for the first half of 2017 to on or before 29 August 2017.

The company said in a filing that: This is to inform The Nigerian Stock Exchange as well as our Esteemed Stakeholders that our Board of Directors has decided to audit the Half Year Financial Results of Stanbic IBTC Holdings PLC (“Stanbic IBTC”). Accordingly, the Audited Results for the Half Year Ended 30 June 2017 will be presented to the Central Bank of Nigeria (CBN) for approval, following which the said Financial Statements will then be released to the Market.

The above is in compliance with Section 1.1.3 of the Rules for filing of Accounts and Treatment of Default Filing, Rule Book of The Exchange (Issuers Rule) which states that “An issuer that chooses, in addition, to audit its quarterly accounts shall file such accounts not later than sixty (60) calendar days after the relevant quarter.”

Having duly notified The Nigerian Stock Exchange of this development, the Management of Stanbic IBTC wishes to notify the market that we would aim to publish our 2017 Half Year Results on or before 29 August 2017, which is the due date for filing our Audited 2017 Half Year Financial Statements, in line with the extant Rules of The Nigerian Stock Exchange as cited above.

(PageOne)

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