March 5, 2020 / 5:41 AM / a month ago

S.Africa's Standard Bank reports flat FY profit

JOHANNESBURG, March 5 (Reuters) - South Africa’s Standard Bank said on Thursday its profits for the year to Dec. 31 inched up by 1%, hit by a 1.4 billion rand ($91.66 million) loss related to its stake in a struggling London-based venture with the Industrial and Commercial Bank of China.

The continent’s largest bank by assets said its headline earnings per share - the main profit measure in South Africa - stood at 1,766.7 cents ($1.16), compared to 1,748.4 cents a year earlier. ($1 = 15.2736 rand) (Reporting by Emma Rumney)

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