Standard Bank Wealth International, which is headquartered in Jersey and has offices in the Isle of Man and Mauritius, has announced a positive set of results for 2017.
Standard Bank Wealth International's earnings stood at £36.8 million for the full year, a 32 per cent increase on the previous year.
The business achieved a return on equity of 16.6 per cent, with a 6.2 per cent increase in deposits to £5.1bn, and a 17 per cent increase in assets under management to £2.6bn at 31 December 2017.
Group results
Standard Bank Wealth International is 100 per cent owned by Standard Bank Group, the largest bank in Africa by assets. The division’s positive results mirrored a strong set of results at group level.
Headline earnings were R26bn (£1.5bn) – 14 per cent up on 2016. Dividend per share increased by 17 per cent to 910 cents (2016: 780 cents), cost-to-income ratio improved to 55.7 per cent (2016: 56.3 per cent) and return on equity increased significantly to 17.1 per cent (2016: 15.3 per cent).
Jonathan Peake, Chief Financial Officer of Standard Bank Wealth International, said: “2017 has been another strong year for Standard Bank Wealth International. All areas of the business performed well despite challenging economic conditions in a number of our core African markets."