By Joshua Kirby
Standard Bank Group Ltd. said Monday that a stronger South African rand drove revenue down on year in the first four months of 2021, and reiterated its guidance for the full year, with an interim dividend expected for August.
Net interest income declined in the mid single digits for the period compared with the first four months of 2020, but was flat at constant exchange rates, the South African bank said. Noninterest revenue fell in the high single digits from the previous-year period.
Net fee and commission revenue were down in the low single digits, but grew at constant currency, Standard Bank said.
Costs also decreased in the period in the low-to-mid single digits, but not enough to offset declining revenue, the bank said.
For the remainder of the year, revenue recovery will differ across markets, but the improving global economy should provide some support, Standard Bank said.
The bank confirmed full-year guidance set out in March, and said it expects to declare an interim dividend in August. The dividend for 2021 is likely to be above that of last year, but still below historic levels of 45%-55%, it said.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
May 31, 2021 02:39 ET (06:39 GMT)
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