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In a historic move that has forever altered the energy sector in South Africa, the year 2011 marked the dawn of a new era.
Standard Bank Group recorded headline earnings of R42.9 billion for the 12 months to 31 December 2023 (FY23), up 27% on the prior year (FY22) and delivered a return on equity of 18.8%. This strong performance is underpinned by the bank’s robust and growing franchise and is reflective of the positive momentum in its businesses.
Standard Bank is accelerating its financing of renewables to catalyse Africa’s energy transition, its financing of renewable power generation exceeding its non-renewable energy power generation by a ratio of 4.9 to 1.
Bill Blackie is Chief Executive Officer of Business and Commercial Banking at Standard Bank Group Ltd.
Although small and medium businesses (SMEs) account for 95% of all registered businesses and contribute about 50% to the total GDP of sub-Saharan African countries, entrepreneurs still face major obstacles to growth and prosperity. Addressing their needs is essential to creating a prosperous Africa, says Standard Bank.