Full Year 2024 Standard Bank Group Ltd Earnings Call Transcript
Key Points
- Standard Bank Group Ltd (SBGOF) achieved a headline earnings growth of 4% in 2024, with a 14% increase in constant currency terms.
- The company declared dividends of ZAR15.7 per share, marking a 6% increase from the previous year.
- The return on equity for the year was 18.5%, well within the target range of 17% to 20%.
- The cost to income ratio improved to 50.5%, indicating effective cost management.
- Insurance and asset management business units showed strong growth, with earnings increasing by 17% to ZAR3.3 billion.
- Weaker African currencies, particularly the Nigerian naira and the Angolan kwanza, reduced rand earnings by 9%.
- Headline earnings growth was moderate at 4%, compared to 35% in 2022 and 27% in 2023.
- The net interest income growth was relatively subdued at 3%, impacted by lower margins and pricing pressures.
- Credit impairments on financial investments increased due to sovereign credit risk deterioration in Malawi and Mozambique.
- The devaluation of subsidiary currencies against the rand had a meaningful impact on the income statement, particularly in West Africa.
Good morning everyone. On behalf of the Board and management of the Standard Bank Group, it's my great pleasure to welcome you to the presentation of our financial results for 2024. As is customary, I begin by placing our strategic achievements and rapid financial growth in their broader context.
Our Chief Financial Officer, Dr. Arno Daehnke, will then take us through the results in detail and will then provide our 2025 guidance. I will conclude by discussing our strategy and medium-term outlook.
This slide summarizes the main points we will be covering this morning. We have a large and growing client base that is doing more with us. We managed costs and risks effectively. Our diversified portfolio of operations in 26 countries has achieved strong growth in constant currency throughout our banking, insurance, and asset management businesses.
We are delivering on our promises. We are doing, what we said we would do to the end of 2025. We are completely confident that we will reach our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
