- 38% increase in Headline Earnings to £19.4m in first half of 2017
- Return On Equity (ROE) rises to 17.6%
- Return on Regulatory Capital (RORC) increases to 20.9%
The international division of Standard Bank, Wealth International, which is headquartered in Jersey with offices also in the Isle of Man, Mauritius, London and South Africa, has today announced a positive set of results for the first half of 2017.
Headline Earnings (which is the primary measure of earnings after tax and other adjustments) rose from £14.1m to £19.4m while ROE (an important gauge for investors) increased from 15.3% to 17.6% versus prior year, with Client Deposits increasing by 17.8% to £4.9 bn and Assets Under Management rising by 29.1% to £2.4 bn.
The results build on a strong 2016 for Standard Bank Wealth International. Last year, Headline Earnings were £27.9m – an 18% increase on 2015.
Standard Bank Wealth International, which this year celebrates the 25th anniversary of the business in Jersey, is 100% owned by Standard Bank Group, the largest bank in Africa by assets. The division’s positive results mirrored a strong set of interim results at Group level. Headline Earnings were R12.1 billion, up 12% on the first half of 2016. Dividend per share increased by 18% to 400 cents (1st half, 2016: 340 cents), cost-to-income ratio stood at 56.3% (56.8%) and ROE was 16.1% (14.4%).
Jonathan Peake, Chief Financial Officer of Standard Bank Wealth International, said: “These latest results demonstrate that our strategy continues to deliver and is proving resilient in a challenging environment. With a mixed macroeconomic picture, the first six months of the year have proven demanding; however, we have delivered this robust set of interim results through the hard work of a talented team committed to serving our clients, many of whom have a strong connection to Africa.
"Our performance not only benefits the continent but also creates prosperity in Jersey, where Wealth International has been proud to be headquartered for 25 years.”