Although Standard Bank reported strong financials for the 2023 financial year, the group is showing signs of continued economic strain on its customer base – with chief executive Sim Tshabalala warning that tough times are likely to continue into the first six months of 2024.Group net income grew to R177 billion , with headline earnings growing 27% to R42.9 billion.
For FY24, the credit loss ratio is expected to remain within but near the top of the group’s through-the-cycle credit loss ratio range of 70 to 100 basis points – with 2023’s ratio toeing the line at 98 bps.Several credit providers in South Africa have reported an increase in bad debts, resulting in a rise in impairments across all major banks.
However, the credit loss ratio improved in the second half of 2021 to 109bps from 127bps in the first half. Although Nedbank’s credit loss ratio improved from 121 bps in the first six months of the year to 109 bps by the end, it was still higher than the 89bps seen in FY22.
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