Standard Bank Wealth International, which is headquartered in Jersey with offices also in the Isle of Man and Mauritius, has today announced a positive set of results for 2017, reflecting an encouraging year for the business.
Headline Earnings for Standard Bank Wealth International were £36.8 million for the full year – a 32% increase on the previous year’s results.
Further demonstrating Wealth International’s robust performance, the business achieved a return on equity of 16.6%, with a 6.2% increase in deposits to £5.1 billion, and a 17% increase in Assets Under Management to £2.6 billion at 31 December 2017.
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 results at Group level. Headline Earnings were R26 billion (equivalent to US$2.0 billion, £1.5 billion) 14% up on 2016. Dividend per share increased by 17% to 910 cents (2016: 780 cents), cost-to-income ratio improved to 55.7% (2016: 56.3%) and return on equity increased significantly to 17.1% (2016: 15.3%).
Jonathan Peake, Chief Financial Officer of Standard Bank Wealth International, said: “2017 has been another strong year for Standard Bank Wealth International. All areas of the business performed well and our client-focused strategy remained robust, despite challenging economic conditions in a number of our core African markets. These results are testament to the hard work and commitment of our staff and the reputation of the jurisdictions in which we operate. Standard Bank Wealth International is proud of its association with Jersey and last year celebrated the 25th anniversary of the business in the Island. As part of our broader Group, these results help drive Africa’s growth, while also providing jobs, investment and innovation in Jersey.”