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Standard Bank says Jan-Oct lending book beats expectations

And its revenues were recovering from the impact of the pandemic.
Image: Waldo Swiegers/Bloomberg

South Africa’s Standard Bank said on Monday the performance of its lending book had been better than expected in the 10 months to end-October, and its revenues were recovering from the impact of the pandemic.

In a trading update, Africa’s largest lender by assets said its client base was growing and sales and client activity levels had improved compared to last year, though costs had risen as a result of higher activity and some performance-related spending including employee bonuses.

Its full-year guidance remains unchanged, it added. The bank will hold an investor call on its performance at 1500 GMT.

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