Standard Bank Shares Tumble as Growth Outlook Disappoints
- Business outside South Africa accounted for 42% of earnings
- Rest-of-Africa business profit jumped 49% in full year
An automated teller machine unit, operated by Standard Bank Group Ltd., in Pretoria.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Shares of South Africa’s Standard Bank Group Ltd. slumped the most in more than six months after the lender’s earnings outlook for 2024 disappointed some investors.
The stock dropped as much as 5.4% in Johannesburg, the biggest intraday loss since Sept. 13. The bank flagged low to mid-single-digit growth in net interest income, mid-single-digit gains in fee and commissions and lower trading revenue for this year, Morgan Stanley said in a note after the earnings report.