By Ian Walker


Standard Bank Group Ltd. on Thursday reported a 39% rise in net profit for last year on higher revenues that were boosted by higher interest rates and said that it is ahead of plan and confident to deliver on its 2025 targets.

The South African lender made a net profit for the year ended Dec. 31 of 34.64 billion South African Rand ($1.86 billion) compared with ZAR24.87 billion.

Total headline earnings--a company preferred metric--rose to ZAR34.25 billion from ZAR25.02 billion.

Return on equity improved to 16.4% from 13.5%, while its common equity tier 1 ratio--a measure of financial strength 13.5% compared with 13.8%.

Total income rose to ZAR156.92 billion from ZAR132.72 billion.

The board has declared a final dividend of 691 South African cents a share taking the total payout for the year to ZAR12.06 from 871 cents.

"Earnings growth and robust capital levels supported higher dividends for shareholders. The group is ahead of plan and confident it will deliver its 2025 targets," Chief Executive Sim Tshabalala said.


Write to Ian Walker at ian.walker@wsj.com


(END) Dow Jones Newswires

03-09-23 0143ET