Standard Bank breaking records

Standard Bank produced another record set of results for the first half of its 2026 financial year, with headline earnings up 10% to R26.1 billion. 

This puts the bank on an annual run-rate of over R50 billion in headline earnings for the first time in its history as its pan-African strategy yields strong dividends. 

The bank’s investment and focus on building out its African franchise over the past 40 years has created an enviable portfolio on the continent. 

Crucially, it ensures the bank operates in economies that are growing far faster than its home market of South Africa. 

In 2026, this diverse portfolio also shielded the bank from the worst impacts of the conflict in the Middle East and rising global inflation. 

Some of its largest markets, such as Nigeria and Angola, would have benefited from elevated oil prices in the first half of the year, offsetting subdued growth elsewhere in the portfolio. 

In the first half of the year, headline earnings rose by 10% to R26.1 billion. This was done with a return on equity (ROE) of 19.8%. 

This is well within the bank’s SBG2028 target range of 8% to 12% headline earnings growth and an ROE of between 18% and 22%. 

The bank’s strong performance was once again driven by its Corporate and Investment Banking (CIB) crown jewel, which has led its charge across Africa. 

This division reported headline earnings of R13.8 billion, up 15% year-on-year. A large part of its income comes from fees and commissions, making it immensely profitable with an ROE of 24.8%. 

The bank’s Business and Commercial Banking division came under some pressure, with headline earnings down 2% year-on-year. 

It has undergone a significant overhaul under Bill Blackie to clean up its lending book and leverage Standard Bank’s African presence. 

A similar story played out with the bank’s Personal and Private Banking division, which is still very much a South African-focused business. 

This means its growth is largely tied to that of the local economy, as it works on expanding private banking services on the continent. 

The rising star of the Insurance and Asset Management division saw headline earnings surge by 15% on an ROE of 21.1%. 

This part of the business is extremely important to the bank, as it provides annuity-type income and is fee- and commission-rich. 

“Standard Bank delivered a strong performance in the first half of 2026. Strong client-led growth in non-interest revenue, together with disciplined cost and credit management, supported growth in headline earnings,” CEO Sim Tshabalala said. 

“Africa Regions contributed 40% of Group headline earnings, while our South African business delivered strong earnings growth and a substantial improvement in ROE.”

“We are particularly encouraged by the resilient outlook for South Africa. Sustaining that momentum will require the country to deepen its economic integration with the rest of the continent.”  

Unlike some of its other peers, the bank managed to bring down its credit-loss ratio year-on-year to 73 basis points, while its cost-to-income ratio fell to 49.3%.

Standard Bank declared an interim dividend per share of R9.02, up by 10% year-on-year.