(Ecofin Agency) - South African bank Standard Bank reported in a statement published on March 3, its net profit in 2015 soared 34% to R21.37 billion ($1.37 billion) from 2014. The increase is due to better net interest revenues but also to the sales of its loss-making subsidiaries in U.K. and Brazil.
Earnings per share excluding non-recurring items of Africa’s leading bank in terms of assets recorded a 27% increase, to R13.59, while dividend per share rose 13%, to R6.74.
At the start of 2015, Standard Bank sold its Brazilian subsidiary to the Mexican bank Banco Inbursa and 60% of its stake in its London-based global markets business, to Industrial and Commercial Bank of China (ICBC). Standard Bank’s global markets business includes commodities trading, fixed revenue-products and operations on global share markets.
Moreover, the Chinese bank has a five-year option to acquire 20% more in Standard Bank’s global markets business.
Standard Bank remains active in 20 African countries.
