Africa’s Biggest Bank Posts Record Profit as Economies Recover
- Gains fueled by growth in Ghana, Kenya, Nigeria and Zimbabwe
- Lender expects revenue growth to beat rate of cost increases
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Standard Bank Group Ltd., Africa’s biggest bank by assets, reported a record pretax profit in the first half of 2023, driven by a recovery in sub-Saharan economies that helped the lender shake off the gloomy outlook in its home market of South Africa.
Profit attributable to ordinary shareholders climbed 36% to 21.9 billion rand ($1.1 billion) for the six months through June, fueled by gains in Ghana, Kenya, Mozambique, Nigeria, Uganda and Zimbabwe, the Johannesburg-based firm said Thursday.