Standard Bank 1Q Net Profit +16%; CET1 Ratio Ahead of Target

By Ian Walker Features Dow Jones Newswires

Standard Bank Group Ltd. (SBK.JO) said Tuesday net profit for the first quarter of 2017 grew 16%, although this was impacted by the strength of the South African rand against the dollar, pound and key African currencies.

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The Pan-African banking group added that the group's common equity tier 1 capital ratio, a measure of financial strength, exceeded the board's internal target range of 11% to 12.5%. It didn't say exactly what the figure was.

Standard bank also said the group remains very liquid, appropriately funded and well capitalized.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

April 25, 2017 02:36 ET (06:36 GMT)