Standard Bank, Led By South African Banker Sim Tshabalala, Posts 2.4 Billion Earnings

Standard Bank, Africas biggest lender by assets led by South African banker Sim Tshabalala, has reported a solid financial performance for the 2024 fiscal year, with headline earnings rising to 2.43 billion. The growth was driven by higher net interest income and non-interest revenue.

According to the banks newly released annual report , headline earnings increased by 3.62 percent, climbing from R42.95 billion 2.34 billion in 2023 to R44.5 billion 2.43 billion in 2024. Total net income also saw a 2.32-percent uptick, reaching R181.73 billion 9.91 billion. The improvement was supported by a 3.12-percent rise in net interest income to R101.25 billion 5.52 billion and a 1.49-percent increase in non-interest revenue.

Standard Bank, which operates in 20 countries across Sub-Saharan Africa, highlighted the growing impact of its regional operations. These markets accounted for 41 percent of the groups headline earnings, reinforcing the banks deep footprint across the continent.

CEO Sim Tshabalala credited the banks expansion in key African marketsincluding Angola, Ghana, Kenya, Mauritius, Mozambique, Nigeria, Uganda, and Zambiaas a major driver of growth. He also noted that South Africa, the banks home market, delivered double-digit earnings growth due to higher client activity and improving credit conditions.

Our results reflect the strength of our diversified business and the resilience of our Africa Regions franchise, Tshabalala said. Despite macroeconomic challenges, weve sustained growth in key markets and remain well-positioned to serve clients across the continent.