In its 150th year, Standard Bank has announced strong results for 2011, remaining the largest bank in Africa by earning and assets and further strengthening its position as a leading emerging markets financial services organisation.

The key results reported by Standard Bank include; a total income increase of 5%; a reduction in credit impairments by 13%; costs remaining flat year on year and a growth of 21% in headline earnings, to Rand 13.59 bn (equivalent to £1.08 bn).
 
Jacko Maree, Group Chief Executive said:  "Standard Bank remains the largest bank in Africa by earnings and assets, with a strong balance sheet and a recognised and trusted brand. We made good progress in the year, delivering a much improved set of results and balancing our investment for future growth with tight management of costs. Our strategy has never been clearer and Africa remains at the core.”

John Coyle, CEO of Standard Bank Isle of Man, said: “For Standard Bank, 2012 marks a key milestone in our history and to have our 150th celebrations bolstered by strong results for last year is an excellent starting point.  Standard Bank has had a presence in the Isle of Man for two decades now and we are very proud of the contribution we have made during that time and in particular to these results, given we achieved record performance locally in 2011.”

“Looking to the next three years, our strategic plans are very much focused around further growth and to prepare for this we have made some key appointments within our Isle of Man team to ensure we are positioned to grow our customer base.”

In 2011, Standard Bank received important industry recognition including retaining its status as Africa’s top bank in the prestigious 2011 The Banker Top 1000 World Banks rankings.  Standard Bank Offshore was named ‘Best International Bank’ in the annual International Fund and Product Awards, organised by leading industry publication Professional Advisor, for the second time in three years.