The international division of Standard Bank Wealth, Wealth International, which is headquartered in Jersey with offices also in the Isle of Man, Mauritius, London and South Africa, has today announced a strong set of results for the first half of 2018.
Headline Earnings (the primary measure of earnings after tax and other adjustments)rose from £19.4m to £25.5m while ROE increased from 17.6% to 19.0% versus prior year, with Client Deposits increasing by 4.7% to £5.2 bn and Assets Under Management rising by 19.4% to £2.9 bn.
Standard Bank Wealth International is 100% owned by Standard Bank Group, the largest bank in Africa by assets. The division’s positive results mirrored a strong set of interim results at Group level. Headline Earnings were R12.7 billion, up 5% on the first half of 2017. Dividend per share increased by 8% to 430 cents (1sthalf, 2017: 400 cents), cost-to-income ratio increased to 57.1% (56.3%) and ROE was 16.8% (16.1%).
Jonathan Peake, Chief Financial Officer of Standard Bank Wealth International, said: “These latest results represent an excellent performance by the business and reflect the efforts of all our dedicated staff who are committed to the successful delivery of our strategy. The macroeconomic picture has contributed to a positive set of results, while the business has continued to see robust growth within the underlying fundamentals and across its product and services.
“This strong set of interim results also reflects the Bank’s ongoing focus on Africa and commitment to serving our clients, many of whom have a strong connection to the continent. Our performance not only benefits the continent but also continues to create prosperity in Jersey, where Wealth International has been proud to be headquartered for more than 25 years.”