Standard Bank warns of up to 50% profit slump

Headline earnings per share for the period would likely be between 30% and 50%, compared to the 837.4 cents it reported in the same period last year.
Image: Supplied

Standard Bank said on Wednesday that its profits for the six-months to June 30 could be as much as 50% lower as the coronavirus crisis hits its performance.

Africa’s biggest bank by assets said in a trading update the hit to its headline earnings per share – the main profit measure in South Africa – for the period would likely be between 30% and 50%, compared to the 837.4 cents it reported in the same period last year.

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This virus does not attack banks.

It is a scourge called the ANC Corona virus Command Council and the poor decisions they made.

When an economist predicts a 7% GDP decline, they actually mean 14%. Further, to think that only 10% of loans will become problem loans borders on fantasy. 3 million job losses, most employed people took pay cuts, no more TERS (for most businesses), and no more banking holidays. The crisis is only about to start and stimulus worldwide will run out, only for central banks to print more money. Guess what… SA can’t print money since it will destroy our currency. The ANC is walking around naked for everybody to see. No more hiding behind the successes of the private sector, that actually provides jobs and grows the economy. People will rise and wars are preceded by economic hardships.

I suspect that Covid and the the macro-economic environment in SA is only half the problem. The other half is self-inflicted. Std Bank’s service levels have gone from poor to non-existent! I’d rather take a punt on Firstrand.

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