Currency devaluations slash Standard's earnings

Standard Bank recorded low to mid-single-digit earnings growth for the first 10 months of full-year 2024 to the end of October, as currency devaluations in other African countries continue to dilute the group's South African performance.

In a voluntary trading update published on the JSE yesterday, the group noted that the impact of currency devaluations was expected to moderate in the second half of this year. "[However], this was not the case in the four months to 31 October, 2024."

Standard Bank's share price shed around 2% yesterday, trading at R232 just after 11.25am.

The group said in August, when releasing its interim results, that the currency devaluations across key markets had dampened its performance on a rand basis.