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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Standard Bank Group Limited    SBK   ZAE000109815

STANDARD BANK GROUP LIMITED

(SBK)
  Report
End-of-day quote. End-of-day quote Johannesburg Stock Exchange - 01/15
128.17 ZAR   +0.13%
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S.Africa expands virus loan scheme, may stop lenders blacklisting borrowers

07/23/2020 | 07:28am EST

* Virus loan scheme changes aimed at boosting take-up

* Blacklisting proposals could provide further relief

* Critics fear they will lead to deeper indebtedness

JOHANNESBURG, July 23 (Reuters) - South Africa's government outlined on Wednesday changes to boost take-up of its 200 billion rand ($12 billion) coronavirus-related loan scheme and said it might temporarily bar lenders from blacklisting borrowers whose credit records have been hit.

In a document on budget adjustments in the wake of the pandemic, the National Treasury said it had made changes to the loan scheme to help more virus-hit firms benefit. Only 10.6 billion rand of the funds had been paid out by July 7.

Changes included replacing a cap on the turnover of eligible companies with a 100 million rand limit on loan size, expanding what the money could be used for and doubling the period over which it could be drawn down to six months, it said.

South Africa's Department of Trade (DTI) said it was consulting with lenders on proposals to prohibit blacklisting of borrowers whose credit profiles had deteriorated and removing adverse information from their records, until Sept. 30 or when a national state of disaster ends, whichever came first.

"Government will carefully consider any proposals ... and will take all views into account before making a decision," the DTI said, adding Trade Minister Ebrahim Patel would not consider the draft proposals until consultations were complete.

The consultation document, published by main opposition party the Democratic Alliance (DA), said changes would be backdated until April 1 and were aimed at those whose credit profiles had deteriorated due to the national state of disaster.

The DA said the move would hit banks' lending appetite, pushing up the cost of credit, and hurt already indebted borrowers by enabling them to rack up more debt.

South Africa's six biggest lenders and the Banking Association of South Africa had no immediate comment.

($1 = 16.5722 rand) (Reporting by Emma Rumney; Editing by Edmund Blair)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABSA GROUP LIMITED 0.42% 117 End-of-day quote.-2.39%
CAPITEC BANK HOLDINGS LIMITED 1.07% 1404.84 End-of-day quote.-1.94%
DOW JONES AFRICA TITANS 50 INDEX -1.16% 532.29 Delayed Quote.1.74%
DOW JONES SOUTH AFRICA(ZAR) 0.33% 1847.21 Delayed Quote.4.74%
FIRSTRAND LIMITED 0.12% 49.4 End-of-day quote.-3.21%
INVESTEC GROUP -0.64% 40.2 End-of-day quote.9.72%
INVESTEC PLC -0.88% 202.6 Delayed Quote.8.65%
NEDBANK GROUP LIMITED 0.73% 124.9 End-of-day quote.-3.54%
S&P AFRICA 40 INDEX -1.63% 173.09 Delayed Quote.1.71%
STANDARD BANK GROUP LIMITED 0.13% 128.17 End-of-day quote.0.86%
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Financials
Sales 2020 110 B 7 226 M 7 226 M
Net income 2020 14 418 M 947 M 947 M
Net Debt 2020 - - -
P/E ratio 2020 14,5x
Yield 2020 1,42%
Capitalization 204 B 13 430 M 13 399 M
Capi. / Sales 2020 1,85x
Capi. / Sales 2021 1,78x
Nbr of Employees 50 691
Free-Float 93,7%
Chart STANDARD BANK GROUP LIMITED
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Technical analysis trends STANDARD BANK GROUP LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 140,70 ZAR
Last Close Price 128,17 ZAR
Spread / Highest target 26,4%
Spread / Average Target 9,78%
Spread / Lowest Target -0,91%
EPS Revisions
Managers and Directors
NameTitle
Simpiwe Kenneth Tshabalala Chief Executive Officer & Executive Director
Thulani Sikhulu Gcabashe Chairman
Arno Daehnke Group Financial Director
Alpheus Mangale Group Chief Information Officer
Tau Mashigo Chief Technology Officer
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