Standard Bank geared for growth

Ambitious plans to broaden its horizons unveiled ahead of ‘new cycle’

22 August 2021 - 00:10 By HILARY JOFFE and hilary joffe

Africa’s largest banking group has set itself a target to grow revenues by 7%-9% a year between now and 2025 as it benefits from a new cycle of investment in SA and Africa and puts a new strategy in place to grow its share of the market — amid competition from new nonbank players in financial services as well as from other banks.

Standard Bank on Friday announced a series of new financial targets, along with a new group operating model, after it reported a 52% rebound in its headline earnings to R11.5bn for the six months to June, supported by a 49% cut in the bad debt provisions it set aside during last year’s Covid crisis...

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