In contrast, operations in the other African markets where Standard operated, recorded “strong” growth, the bank said in a trading update yesterday to the Industrial and Commercial Bank of China (ICBC) .
Standard has to provide certain information periodically to the ICBC, so that the ICBC can equity account the group’s results.
“In 1Q19, earnings attributable to ordinary shareholders were 8percent higher than in the comparative period. In the period the headline earnings adjustable items were negligible.”
The attributable earnings growth was double the 4percent growth reported to the ICBC for the nine months to September 30, 2018. For the year to December 31, 2018, attributable equity to ordinary shareholders increased 5.1percent over the previous year.