Standard Bank Group has reported record headline earnings of R26.1 billion for the six months ended 30 June 2026, representing a 10% increase from the corresponding period last year, as stronger non interest revenue, lower credit impairment charges and continued growth across its African operations supported the group’s financial performance.
Return on equity rose to 19.8%, from 19.1% a year earlier, placing the banking group within its 2028 target range of between 18% and 22%. Headline earnings per share increased by 10% to 1,610 cents, while the interim dividend rose by the same proportion to 902 cents per share.
The results extend the performance recorded by the group in 2025, when full year headline earnings reached R49.2 billion and return on equity was 19.3%.
Standard Bank attributed the latest performance to balance sheet growth across its banking businesses, increased fees and trading income, lower credit impairment charges and continued cost discipline. The cost to income ratio improved marginally to 49.3%, compared with 49.5% in the first half of 2025, while the credit loss ratio declined to 73 basis points from 93 basis points.
Total assets under administration and management increased by 14% to R1.8 trillion.
Corporate and Investment Banking remained the largest contributor among the group’s business units, generating headline earnings of R13.8 billion, an increase of 15%, and a return on equity of 24.8%. Insurance and Asset Management also recorded 15% growth in headline earnings to R2.1 billion, with a return on equity of 21.1%.
Business and Commercial Banking reported headline earnings of R4.4 billion, down 2%, although its return on equity remained comparatively high at 36.3%. Personal and Private Banking recorded headline earnings of R4.6 billion, a decline of 1%, with a return on equity of 18.6%.
The group’s geographic distribution continues to distinguish Standard Bank from institutions whose earnings are concentrated primarily in South Africa. South Africa generated R13.4 billion, or 51%, of group headline earnings, while the group’s Africa Regions contributed R10.4 billion, equivalent to 40%.
The Africa Regions contribution was supported by operations in Angola, Ghana, Kenya, Mauritius, Mozambique, Nigeria, Uganda and Zambia. Offshore businesses contributed R1.3 billion, while the group’s 40% interest in ICBC Standard Bank added a further R1 billion.
The geographic composition is significant in the context of Standard Bank’s wider strategy. The group has built its franchise around financial services spanning multiple African economies, allowing earnings to reflect different economic cycles, monetary conditions and levels of financial market development across the continent.
Sim Tshabalala, Standard Bank Group chief executive, said the performance reflected strong client led growth in non interest revenue alongside disciplined management of costs and credit.
He also pointed to the importance of deeper economic integration across Africa, arguing that South Africa’s longer term growth prospects would be strengthened by greater participation in continental economic activity.
Payments remained another area of expansion. Domestic electronic payment values increased by 11%, while cross border electronic payment values rose by 7%. Standard Bank reported market shares of 30% in South Africa and 19% across its Africa Regions operations for cross border payments.
The bank said these payment capabilities continued to support deposit mobilisation and transaction based revenue, while reinforcing its position as a major transactional banking network across African markets.
In South Africa, the group reported a 9% increase in digital clients following initiatives aimed at expanding digital retail transactional banking. Some 69% of transactional clients now use digital channels, while digital transactional volumes increased by 17%.
The results also provide an indication of how Standard Bank is positioning itself around Africa’s investment and development requirements. Since 2022, the group says it has mobilised more than R328 billion in sustainable finance for clients towards a target of R450 billion by 2028. It mobilised R50.6 billion during the first half of 2026.
The bank’s sustainability financing strategy also reflects the complexities of Africa’s energy transition. Standard Bank has maintained that the continent requires expanded access to reliable and affordable energy while pursuing lower carbon development, and its stated approach includes financing renewable energy alongside selected oil and gas projects subject to environmental and social risk controls.
For the remainder of 2026, Standard Bank has maintained its existing guidance. Banking revenue is expected to grow by mid to high single digits, while the cost to income ratio is expected to decline slightly. The credit loss ratio is forecast to be somewhat higher than in 2025 but remain within the lower half of the group’s through the cycle range of 70 to 100 basis points. Return on equity is expected to be higher than the previous year.
The outlook comes as African economies continue to present a combination of growth opportunities and structural constraints. Currency volatility, differing inflation trajectories, regulatory changes, uneven infrastructure development and varying access to capital remain important considerations for financial institutions operating across multiple jurisdictions.
Standard Bank’s latest results therefore point to more than a single country banking story. South Africa remains the group’s largest individual earnings contributor, but the growing weight of its Africa Regions operations means that the performance of economies from West Africa to East Africa and Southern Africa increasingly forms part of the group’s overall earnings profile.
For Standard Bank, the challenge will be to sustain this diversification while managing the risks that accompany rapid technological change, intensifying competition and differing economic conditions across its markets. The group has said its 2028 strategy remains centred on disciplined capital allocation, investment in technology and capabilities, and expanding client led growth across its chosen markets.
