By Joe Hoppe


Standard Bank Group Ltd. said Monday that it saw double-digit net interest income growth over the past 10 months, and it expects full-year higher total income growth and cost growth than previously guided.

The South African lender said net interest income growth increased over the period primarily due to robust average balance sheet growth, and positive endowment tailwinds from higher average interest rates.

Non-interest revenue growth remained strong, supported by growth in transactional activity, trading revenue and insurance earnings, while insurance earnings growth was underpinned by higher fees.

Standard Bank said it expects total income growth and cost growth to be higher than it previously guided for in August. It said this mainly reflects faster than expected increases in interest rates and higher inflation, though it continues to expect income growth to outstrip expenses growth.

In August the bank said net interest income growth is expected to be in low double digits for the full year, while non-interest revenue growth is expected to ease to high-single digits.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

11-28-22 0140ET