Awards for Excellence 2008: South Africa

The introduction of the National Credit Act in June last year helped to cut back credit approvals for domestic borrowers. This was no bad thing, particularly in the wake of the US sub-prime crisis. Despite this, Standard Bank’s domestic business continues to grow, with headline earnings a share and dividends a share averaging 20%. The bank’s personal and business banking division – the bulk of which is in South Africa – contributed some 43% of earnings in 2007. The bank’s investment in banking technology for the personal and business markets in South Africa is impressive.