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Standard Bank Isle of Man Reveals Strong Half-Year Results

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Standard Bank Offshore Group, which has a key office in the Isle of Man, as well as in Jersey, and Mauritius along with representative offices in London and South Africa, has issued an upbeat set of results for half-year 2019, reflecting an encouraging year for the business.

Headline Earnings (the primary measure of earnings after tax and other adjustments) saw an impressive increase of 41.8% to £36.1 million in 2019, while ROE increased from 19.0% to 21.4% versus prior year and Assets Under Management grew by 27.1% to £2.4bn.

Standard Bank Offshore Group is owned by Standard Bank Group, the largest bank in Africa by assets. The positive results are mirrored by a strong set of interim results also announced at Group level with Headline Earnings at R13.4 billion, up 6% on the first half of 2018. Dividend per share increased too by 6% to 454 cents (1st half, 2018: 430 cents) and ROE was 17.5% (10% rise).

Jonathan Peake, Chief Financial Officer, said: ‘The interim results are really encouraging, and we’re pleased to see strong continued growth year-on-year. The positive figures are testament to the hard work put in by our teams across the globe delivering first-class service and products to our clients, helping the bank to surpass planned strategies and goals.’

Chris Till, CEO of Standard Bank Isle of Man, added: ‘At Standard Bank’s core is our continued goal to drive Africa’s growth, and the commitment to serving our clients, many of whom have a strong connection to the continent, and this is reflected in another strong set of results.

‘Although the global vision looks towards Africa, the performance seen so far this year will also benefit the Isle of Man, where Standard Bank Offshore Group has proudly operated for more than 25 years and continues to expand its operations.’

 

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