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Key Points
- Standard Bank’s headline earnings rose 3.62% to $2.43 billion in 2024, driven by higher net interest income and non-interest revenue.
- African markets contributed 41% of earnings, with strong growth in Angola, Ghana, Kenya, Nigeria, and South Africa.
- Standard Bank declared a $0.42 final dividend per share, totaling $691.24 million, with an April 11, 2025, record date.
Standard Bank, Africa’s biggest lender by assets led by South African banker Sim Tshabalala, has reported a solid financial performance for the 2024 fiscal year, with headline earnings rising to $2.43 billion. The growth was driven by higher net interest income and non-interest revenue.
According to the bank’s newly released annual report, headline earnings increased by 3.62 percent, climbing from R42.95 billion ($2.34 billion) in 2023 to R44.5 billion ($2.43 billion) in 2024. Total net income also saw a 2.32-percent uptick, reaching R181.73 billion ($9.91 billion). The improvement was supported by a 3.12-percent rise in net interest income to R101.25 billion ($5.52 billion) and a 1.49-percent increase in non-interest revenue.
Strong contributions from key African markets
Standard Bank, which operates in 20 countries across Sub-Saharan Africa, highlighted the growing impact of its regional operations. These markets accounted for 41 percent of the group’s headline earnings, reinforcing the bank’s deep footprint across the continent.
CEO Sim Tshabalala credited the bank’s expansion in key African markets—including Angola, Ghana, Kenya, Mauritius, Mozambique, Nigeria, Uganda, and Zambia—as a major driver of growth. He also noted that South Africa, the bank’s home market, delivered double-digit earnings growth due to higher client activity and improving credit conditions.
“Our results reflect the strength of our diversified business and the resilience of our Africa Regions franchise,” Tshabalala said. “Despite macroeconomic challenges, we’ve sustained growth in key markets and remain well-positioned to serve clients across the continent.”
Standard Bank declares $0.42 final dividend
With a market capitalization of over $20 billion on the Johannesburg Stock Exchange (JSE), Standard Bank remains one of Africa’s financial powerhouses. The bank has declared a final dividend of R7.63 ($0.42) per share, totaling R12.66 billion ($691.24 million), reinforcing its commitment to shareholders. Investors on record by April 11, 2025, will receive the payout, with April 8, 2025, set as the last trading day to qualify.
Under Tshabalala’s leadership, Standard Bank has continued to strengthen its position as a leading financial institution in Africa, expanding its reach while delivering strong profits. The bank’s financial health was further underscored by a 7.34 percent increase in total assets, rising from R3.05 trillion ($166.35 billion) to R3.27 trillion ($178.59 billion). Total equity also grew by 5.68 percent to R292.66 billion ($15.99 billion), reflecting its solid footing in the market.
