Financial services institution Standard Bank has reported a number of successes on the digital front.
This emerged when the big-four bank yesterday announced its financial results for the year ended 31 December.
“‘In 2023, Standard Bank Group delivered earnings growth of 27% and a return on equity of 18.8%,” says group CEO Sim Tshabalala.
“This strong performance is underpinned by our robust and growing franchise, and is reflective of the positive momentum in all our businesses.”
In the 12 months to 31 December 2023 (FY23), the group recorded headline earnings of R42.9 billion, up 27% relative to the 12 months to 31 December 2022 (FY22) and delivered a return on equity of 18.8% (FY22: 16.3%).
“In FY23, the group effectively defended and grew its banking franchise and improved banking earnings and returns. Client franchise health showed improvements across a number of metrics,” says Standard Bank.
It notes that active customers grew by 6% to 18.8 million, with growth recorded in South Africa and Africa regions.
In addition, digital retail clients in SA increased by 8% as more clients transitioned to digital channels.
In the year, the group recorded over 2.8 billion digital transactions for retail clients, up 30% year-on-year, and distributed over R41.1 billion on behalf of the bank’s South African clients via the digital wallet platform.
According to Standard Bank, client satisfaction scores improved across various channels, particularly digital, in South Africa.
Tshabalala adds the group is on track to meet its ambitious sustainable finance and renewable energy targets.
The group says it mobilised over R50 billion sustainable finance for corporate clients and provided over R2 billion in loans to SMEs in 2023, to help business owners access affordable and reliable alternative energy products.
In addition, the group disbursed over R145 million to homeowners and over R840 million to businesses for solar installations in South Africa.
“In 2024, we will continue to support our clients, develop our employees, and deliver sustainable growth and value to our shareholders and other stakeholders.
“In addition, as a leading financial institution on the continent, we recognise our responsibility to have a positive impact in our regions of operation. We do so by delivering on our purpose of driving Africa’s growth,” Tshabalala says.
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