Despite the challenging economic climate Standard Bank has posted a double digit earnings increase for the first half of this year. This remarkable result has been attributed to two factors, the better management of debt, and the about swing of Standard Banks insurance Unit, Liberty Holdings.

As fewer clients canceled policies, Liberty Holdings turned to profit and contributed to the banks solid performance in a generally weak banking environment. A much needed contribution that has boosted results in comparison to the competition banks, Nedbank and ABSA.

CEO, Jacko Maree commented that Standard Bank remained committed to the long-term growth plan for its emerging markets franchise despite the uncertainty surrounding world markets. There is an expectation in 2010 that nearly half of the worlds Gross Domestic Product Growth will originate in the emerging markets, giving substance to Standard Banks Growth plan in areas such as; Brazil, Russia, India and China.

The groups headline earnings, surged 11% to R5.9 billion in the first 6 months to June and according to Sim Tshabalala ; “The positive results reflect the resilience of the bank’s infrastructure, where we are currently leveraging off previous investments in information technology, footprint and trained staff.”

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