Hence the bank has sought to align the interests and expectations of its stakeholders in a way that unites commercial opportunity with social and environmental responsibility. Standard Bank opened a Global Leadership Centre last year. It aims to apply the universal banking competencies it has developed and refined in its home market to other emerging markets in which it operates.
The focus, however, remains squarely on South Africa, which accounts for 87% of group earnings. The strategy paid off last year, with net profits up 20% and the cost-income ratio down to 53.5% from 56.1% previously. At the same time, the bank boosted its Tier 1 capital by 35% and grew its assets by 26% in the year.
“We are pleased to be recognised by The Banker as Emerging Markets Bank of the Year for 2007, as well as Bank of the Year in six African countries, including South Africa,” says group chief executive Jacko Maree. “The awards are a welcome independent endorsement of Standard Bank’s growth strategy.
“We continue to expand in emerging markets that present opportunities to leverage Standard Bank’s experience and expertise in emerging markets banking and market development. Standard Bank remains an African bank with deep roots in Africa. We continue to concentrate on growing in South Africa as well as in the rest of Africa, which both offer significant development opportunities for the group.”
