Standard Bank Group Ltd., Africa’s largest bank, said full-year profit fell 3 percent as revenue slumped and it incurred costs from firing staff.
Net income dropped to 10.8 billion rand ($1.57 billion) from 11.1 billion rand a year earlier the Johannesburg-based lender said in a statement today. Diluted earnings per share for the period fell 5 percent to 6.96 rand, beating the 6.94 rand median estimate of 11 analysts surveyed by Bloomberg.
WHAT TO WATCH: * BAE Systems Plc holds a media day in Johannesburg. * South Africa’s Cabinet holds a press conference at 10 a.m. * Grain SA, a South African grain growers’ organization, holds a press conference in Pretoria from 11 a.m. * Tina Joemat-Pettersson, South Africa’s agriculture minister, addresses a press conference in Jozini about an outbreak of foot-and-mouth disease from 11 a.m. * Statistics South Africa, the national statistics agency, releases monthly power production and consumption statistics from 1 p.m. * Royal Dutch Shell Plc briefs the media in Johannesburg from 1:45 p.m. on its applications to explore for shale gas in South Africa. * Kgalema Motlanthe, South Africa’s deputy president, responds to questions in parliament in Cape Town. MARKETS: * The rand gained 0.2 percent against the dollar to 6.863 by 8:15 a.m. in Johannesburg. * The FTSE/JSE Africa All-Share Index fell 0.2 percent to close at 31,973.09 yesterday. * The yield on the government R157 bond fell eight basis points to 7.68 percent. * Gold for immediate delivery fell 0.6 percent to $1,429.05 an ounce as of 8.15 a.m. Johannesburg time. Platinum declined 0.8 percent to $1,840.75 an ounce. * The Dow Jones Industrial Average climbed 0.1 percent to 12,066.80. * The Stoxx Europe 600 Index fell 0.7 percent to 282.76. EQUITY MOVERS: * Aspen Pharmacare Holdings Ltd. (APN SJ): The southern hemisphere’s biggest maker of generic medicines releases annual earnings. * Freeworld Coatings Ltd. (FWD SJ): The manufacturer of industrial coatings said the Competition Commission will decide on Kansai Paint Co. Ltd.’s takeover of the company after March 11. * Keaton Energy Holdings Ltd. (KEH SJ): The coal exploration company said investor Rutendo Holdings Ltd. sold 1.3 million Keaton Energy shares in an off-market transaction at 4.50 rand per share for a total of 5.85 million rand. * RMB Holdings Ltd. (RMH SJ): The South African investment company said basic earnings per share for the six months through December are expected to rise between 100 percent and 120 percent compared with a year earlier.