Mozambican President Armando Guebuza has praised the contribution that Standard Bank Group has provided to the growth and stability of the Mozambican economy, especially in the financial market and the socio-economic development of the country since it first set up operations in country in 1894.
President Guebuza was guest of honour at a gala dinner hosted by Standard Bank Group to commemorating its 120 years in Mozambique.
Standard Bank Group has been awarded the Long Term Partnership Award for its sponsorship of the Standard Bank Jazz Festival in Grahamstown, at the 17th Annual Business Day, Business and Arts South Africa (BASA) Awards.
Business Day BASA Awards recognise excellence and the real commitment of corporates towards building and sustaining the arts in South Africa.
The award reflects Standard Bank Group’s active support of the arts for more than three decades, while the iconic Jazz Festival in Grahamstown, South Africa, celebrated its 40th anniversary.
We’re celebrating 120 years in Mozambique with the opening of Standard Bank Mozambique’s new head office in Maputo.
The importance of this milestone is that Standard Bank Group has been in Mozambique through good and bad times. Through various political and economic transformations, we kept operating in the country and never left.
The powerful rise in household income in many of Africa's key frontier economies has allowed the formation and strengthening of a substantial middle class. Standard Bank Group’s economic analysts have been examining the growth of the middle class market in Angola, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, South Sudan, Sudan, Tanzania and Uganda.
The team found that the number of middle-class households in these 11 sub-Saharan African countries are expected to boom in the next 16 years from today’s 15-million to over 40-million by 2030.
Speaking today on Standard Bank Group’s financial results for the first half of 2014, our Chief Executive Ben Kruger said global growth in 2014 is expected to be influenced by developed market countries, while emerging markets are expected to struggle to match the growth rates achieved in 2013.
He made particular reference to the South African economy saying that the current “sluggishness” is expected to persist for the remainder of 2014. This will continue to leave South African consumers feeling less than confident.
Standard Bank Group’s financials for the first half of 2014 shows that its continued to grow. Our operations in Africa (excluding South Africa) has grown especially well from the red last year this time. We operate in 20 countries on the continent.
Overall, Standard Bank Group grew overall headline earnings 2% on first half of 2013 to R9 338-million thanks to the strong growth in our subsidiaries in the rest of Africa. Losses on loans was also managed well and dropped 1%, mostly because of lower credit losses from corporate clients.
Standard Bank Group’s Kenyan operation, CfC Stanbic Holdings, recorded a 52% increase in profit after tax for the period ended June 2014. The earnings stood at Ksh3.4-billion (about US$3.8-million), up from the Ksh2.2-billion (US$2.5-million) posted over the same period last year.
The growth was as a result of improved revenues from trade finance in South Sudan, cost discipline, growth in loans and advances, a lower credit impairment charge as well as improved performance from SBG Securities.
Standard Bank Group has taken second place in EY’s 2014 Excellence in Integrated Reporting Awards for companies listed on the Johannesburg Stock Exchange. Liberty Holdings, of which Standard Bank Group is a majority shareholder, came in 8th.
The awards were hosted by EY (www.ey.com), an internationally recognised audit, tax and advisory firm, and are based on the evaluation of the top 100 JSE-listed companies. The awards recognise the “outstanding efforts of those companies that are the leaders in integrated reporting” to encourage the continued excellence in this field.
We have a large presence in the East Africa region. In Uganda, Standard Bank Group owns the largest bank and in Kenya, we’re the eighth-biggest lender in a market of 43 commercial banks.
Kitili Mbathi, Chief Executive of Standard Bank Group’s East Africa operations, was at the US-Africa Leaders Summit this week and outlined some of our growth plans in the region and the challenges.
Read the interview with Bloomberg News: http://bit.ly/stnbkeast.
#USAfrica #AfricaSummit #USAfricaSummit