Standard Bank Shares Tumble as Growth Outlook Disappoints [Financial Post (Toronto, Ontario, Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
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reporting.standardbank.com
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Source: Financial Post
Author of the article: (Bloomberg) — Shares of South Africa's Standard Bank Group Ltd. slumped the most in more than six months after the lender's earnings outlook for 2024 disappointed some investors. The stock dropped as much as 5.4% in Johannesburg, the biggest intraday loss since Sept. 13. The bank flagged low to mid-single-digit growth in net interest income, mid-single-digit gains in fee and commissions and lower trading revenue for this year, Morgan Stanley said in a note after the earnings report. Article content Article content “Putting all this together suggests mild downside risk to the earnings outlook,” analyst James Starke said in the emailed note. The slowdown in the revenue print will be due to greater competition and some one-off events that happened throughout the continent that may not repeat themselves in 2024, Chief Executive Officer Sim Tshabalala said in an interview with Jennifer Zabasajja of Bloomberg Television. An elevated cost base given the le
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