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Financials

S.Africa's Standard Bank flags more than 20% fall in H1 earnings

JOHANNESBURG, June 1 (Reuters) - Standard Bank said on Monday half-year earnings are expected to be more than 20% down on the previous year due to the impact of the coronavirus pandemic.

The bank, Africa’s largest by assets said headline earnings per share (HEPS), the main profit measure used in South Africa, for the six-month period ending June, 30 is expected to be more than 20% lower compared with HEPS of 837.4 cents in the year ago period.

“There remains a high degree of uncertainty regarding the impact that the Covid-19 pandemic and the associated governmental responses will have on the economies in the markets in which the group operates, and in turn, on the group,” the company said.

Interim results are expect to be released on Aug. 20. (Reporting by Tanisha Heiberg, editing by Louise Heavens)

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