South Africa’s biggest lender by assets, Standard Bank said today its profits for the six months ended June plunged 44% to R7.5 billion, as bad debts took its toll on the group’s bottom line.
The bank’s personal and business revenues declined 1% to R35.1 billion in the period under review, while credit impairment charges increased to R8.6 billion from R3.7 billion in the comparative period.
The lender’s corporate & Investment Banking saw its revenues grow 11% to R21.4 billion. The bank in a statement said COVID-19 has already had a profound impact globally and there remains much uncertainty as to the ultimate human and economic toll.
“Globally, 1H20 (first half) has been dominated by the Covid-19 pandemic and the distressing human and economic cost thereof. During this time, we have remained steadfast in support of our clients, our employees and the communities in the countries we operate in,” Sim Tshabalala, Group CEO of Standard Bank said.
