(Bloomberg) -- Standard Bank Group Ltd. expects first-half earnings to be more than 20% lower this year as the fallout of the coronavirus pandemic takes its toll on Africa's largest lender.
The bank said it anticipates headline earnings per share and earnings per share will be lower than the 837.4 cents and of 827 cents reported a year earlier, it said in a statement on Monday.
Standard Bank Profit Drops as Virus Spurs More Loan Defaults
The lender will issue a further trading statement with more specific guidance ranges once there is reasonable certainty regarding the extent of the decline, it said.
In April, Standard Bank said first-quarter net income declined 27% as it prepared for a surge in loan defaults as measures to contain the coronavirus batter business and personal incomes alike.
- Loan growth in the first four months was “robust”
- Common equity tier one ratio was 12.9% and liquidity coverage ratio was 141.9% at end March
- Remains well-capitalized and liquid. Based on scenario analysis, the group's capital ratios are expected to remain strong
- Not planning to declare an FY20 interim ordinary dividend in line with Prudential Authority's guidance
- 1H results expected to be released on Aug. 20
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