Standard Bank reports ongoing growth in Jersey

Posted: 09/04/2019

JonathanPeake_apr19Standard Bank Wealth International, based in Jersey but with offices also in the Isle of Man and Mauritius, has announced a positive set of results for 2018, reflecting a year of continuing growth for the business.

Headline earnings (the primary measure of earnings after tax and other adjustments) were £57 million for the full year, a 55% increase on the previous year.

The business also achieved a return on equity of 20.8%, with a 4% increase in average deposits to £5bn and a 12.3% increase in assets under management to £3bn as at 31 December 2018.

Standard Bank Wealth International is 100% owned by Standard Bank Group, the largest bank in Africa by assets. 

The division’s performance and profits, equivalent to more than R1bn, contributed to a strong set of results for the wider group, where headline earnings were R27.9bn (equivalent to $2.1bn or £1.6bn), 6% up on 2017. 

Dividend per share increased by 7% to 970 cents (2017: 910 cents), cost-to-income ratio improved to 57.0% (2017: 55.7%) and return on equity increased to 18% (2017: 17.1%).

Jonathan Peake (pictured), Chief Financial Officer of Standard Bank Wealth International, said: “As part of Standard Bank Group, we continue to focus on connecting Africa with international markets, whilst investing in client centricity, digitisation and delivering a comprehensive financial services proposition to clients. 

"Despite macro-economic pressures across some of our core African markets and rising global macro-economic uncertainty, our banking, investments and trust businesses have performed well. Our operations in Jersey remain an integral part of our business, using expertise in the island to drive the bank forward.”

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