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IOL News
21 hours ago
- Business
- IOL News
Standard Bank sees resilient 5-month earnings, keeps 2025 guidance despite macro volatility
Standard Bank Group on Thursday said its earnings for the five months to May 31, 2025 rose 10% year-on-year in rand terms, supported by a resilient performance across its African operations despite a challenging global and domestic macroeconomic environment. Image: Armand Hough / Independent Newspapers Standard Bank Group on Thursday said its earnings for the five months to May 31, 2025 rose 10% year-on-year in rand terms, supported by a resilient performance across its African operations despite a challenging global and domestic macroeconomic environment. "Standard Bank group's operational and financial trends were strong, reflective of the continued momentum in the underlying transactional franchise across both South Africa and Africa Regions. Despite the considerable uncertainty and market volatility, the group's established and well diversified franchise continued to deliver a resilient performance," it said in a voluntary trading update. Africa's largest lender by assets said group headline earnings rose at a similar pace as in the first quarter. On a constant currency basis, headline earnings increased in the mid-teens compared with the same period last year. Return on equity (ROE) remained within the group's 2025 target range of 17% to 20%. Macroeconomic headwinds persist Global uncertainty, driven by geopolitical tensions and US trade policy, weighed on macroeconomic and monetary policy, the group said. Across the group's countries of operations, inflation moderated and interest rates began to ease, although more slowly than anticipated. Sub-Saharan Africa's GDP is expected to grow 3.8% in 2025, according to International Monetary Fund forecasts. In South Africa, while the global uncertainty and the local budget-related wrangles weighed on confidence and demand, higher commodity prices and market volatility have presented opportunities, Standard Bank said. Margins under pressure, but fees and trading revenues strong Balance sheet growth has been slower than expected as elevated uncertainty and a delay in interest rate cuts negatively impacted demand for credit, particularly in South Africa. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Group net interest margin declined year-on-year, reflecting lower average rates and competitive mortgage pricing in South Africa. Net interest income was flat period-on-period. Standard Bank said the group's growing and increasingly entrenched client base drove continued strong growth in net fee and commission revenue, which was testament to the group's strategy of providing a full suite of relevant and appropriately priced solutions to our clients when and where they want them. "Market volatility drove client activity which supported robust trading revenue growth period on period." it said. Non-interest revenue grew by mid-teens period on period. Operating expenses rose slightly ahead of revenue growth, in line with expectations. Staff costs were pushed higher by incentive payments and increased hiring of specialist skills, while other costs were kept in check as higher growth in activity-related costs were moderated by slower growth in other areas, such as amortisation and premises-related costs. Credit impairment charges declined due to a slowdown in early arrears and fewer non-performing loan inflows in personal and private banking. The credit loss ratio for the period was slightly above the group's 70–100 basis point range, but lower than in the prior year. The group reaffirmed its guidance for the 2025 financial year, including mid-to-high single-digit banking revenue growth (in ZAR); a flat to declining cost-to-income ratio; and return on equity within the 17% to 20% target range.
IOL News
a day ago
- Business
- IOL News
South Africans face currency shock as rand stays stagnant against US dollar
Many South Africans were hopeful that their local currency would mirror this decline, allowing them to capitalise on the weakening greenback Image: Armand Hough/Independent Media South Africans who expected to score massively from the fact that the greenback has lost 10% against every other major currency this year are set for a sore surprise because the rand has barely budged against the dollar year-on-year. In fact, investors would have been better off putting R10,000 into pounds or even euros, with euros having provided the best return of R555.67 – or 5.6% year-on-year, IOL's calculations show. Based on a linear equation that doesn't include transaction costs, fees, or reinvestment of gains, the pound would have provided a return of R405.12, or 4.1%. While the rand had been gaining against the US currency given the greenback's weakness, the exchange rate went over R18 to the dollar again this week – effectively on par with a year ago. As a result, a R10,000 investment into the dollar would provide a negative return. Andre Cilliers, currency strategist at TreasuryONE, explained that the rand had lost ground as the dollar firmed and there was uncertainty over any US military action against Iran, which is keeping the local currency on the back foot for now. US President Donald Trump has variously indicated he would support Isreal in its fight against Iran, while also stating that this may not happen. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Bloomberg data indicated that, since Trump was inaugurated for his second term on January 20, the greenback has declined in value against the euro, pound and Swiss franc. This, it stated, was due to Trump's tariffs and his insistence that Federal Reserve Chaiman Jerome Powell lower interest rates. The Fed voted overnight to keep rates unchanged, the same position for all of 2025 so far. The last time the dollar plunged this much and this fast was in 2010 when the US Federal Reserve pumped more money into the economy to help deal with the ravages of the 2008 Global Financial Crisis, Bloomberg data showed. South Africa's rand is notoriously volatile. IOL
IOL News
4 days ago
- Politics
- IOL News
South Africa's Shame: How government is failing young women
With over 10,600 reported rapes in just one quarter, South Africa faces a crisis that demands urgent government action. Image: Armand Hough / Independent Newspapers The fourth quarter crime statistics for 2024/25 paint a sobering picture. More than 10,600 cases of rape; 1,872 cases of sexual assault; 656 attempted sexual offences; 236 contact sexual offences. This is one quarter, from January 1, 2025 to March 31, 2025. Extrapolate that over four quarters and you have well over 42,000 cases of rape in a year. That's 115 rapes a day. And those are just the reported cases. Some believe the actual number may be at least four times as high. As a woman, you are four times more likely to be assaulted in your own home. It's estimated around 90% of the victims of reported rape cases are women. Following the news coverage of the murders of young women on IOL, you'll recognise that nowhere is safe for women. You get murdered going on a date. You get murdered using ride-sharing. You get murdered going to the post office. You get murdered going to the bathroom at night. You get murdered going to school. You get murdered at varsity. The poem Siphokazi Jonas penned in 2018, first published by The Cape Argus and IOL still rings true: We Are Dying Here. And yet, year after year, we are subjected to a State of the Nation Address where our president promises to do more to end the scourge of GBV, to set up specialised task teams, to hold national dialogues, to urge the NPA and the rest of the justice system to get its act together to properly investigate and prosecute these matters, to Youth Day speeches where we are sold a dream... We are tired. We demand action. No more empty promises. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Our quarterly crime statistics may show some green shoots: There were 809 fewer murders between January 2025 and March 2025 than there were in the corresponding period in 2024 — but that's still 5,727 murders a quarter too many. Femicide accounts for about 1,500 of the country's total murders per annum — around four per day. Women are five to eight times more likely to be murdered by their intimate partner, according to SAPS in 2024. According to the World Health Organization, the femicide rate in South Africa is five times the global average. Just this year alone: Olorato Mongale, 30; Likhona Fose, 14; Imaan Syms, 30... The list goes on. This Youth Day we need to remember their names. Remember their names when President Cyril Ramaphosa is addressing us on June 16. Think about the number of young women and girls who have been raped, murdered, or gone missing, like little Joshlin Smith. Think about how this system, this society, this government has failed them. As we honour the youth activists of the June 16, 1976 Uprising, remember that many of those who participated are now in government and leadership positions in this country, in positions where they can make a difference but choose not to. Thousands of youth gave up their lives for the freedoms we now cherish. What are we prepared to offer up to stem the tide of grave crimes committed against our young women? * Lance Witten is the editor of IOL.
IOL News
7 days ago
- Business
- IOL News
Sapo's business rescue plan sparks heated debate in NCOP
Deputy Minister of Communications and Digital Technologies Mondli Gungubele backed the BRPs. Image: Armand Hough/Independent Newspapers A VIRTUAL meeting of the National Council of Provinces (NCOP) Committee on Economic Development and Trade descended into tense deliberations this week as Business Rescue Practitioners (BRPs) overseeing the SA Post Office (Sapo) requested parts of their briefing to be held behind closed doors, citing commercial sensitivity. The move was met with fierce resistance from legislators who demanded full transparency, given the billions in public funds at stake. The meeting, chaired by the DA's Sonja Boshoff, began with a procedural tussle after BRPs' Juanito Damons and Anoosh Rooplal submitted a letter, dated May 8, but only received by the Committee on June 9, requesting confidentiality for sections of Sapo's turnaround strategy. They argued that public disclosure would compromise Sapo's intellectual property and competitive edge. 'The turnaround strategy is Sapo's intellectual property. If made public before implementation, it could prejudice the entity,' Damons said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Deputy Minister of Communications and Digital Technologies Mondli Gungubele backed the BRPs, saying: 'The information is commercially sensitive. Sharing it openly could be detrimental to Sapo's success.' However, the DA's Nicolaas Pienaar slammed the justification as 'lacklustre', questioning why patents weren't sought if the strategy was groundbreaking. 'This is taxpayer money funding Sapo's rescue. The public has a right to know how it's spent,' he argued, warning against 'hiding information from the public'. ANC members, led by Mpho Modise, pushed for a physical meeting, citing frustrations over Sapo's repeated delays and 'unacceptable conduct'. 'We've waited a year for this briefing. Now they want secrecy? No. Everyone must account in person,' Modise declared, proposing a postponement. His motion gained traction after ANC colleague Patrick Mabilo lambasted Sapo's 'outrageous' lack of accountability. 'We've been lenient, but this ends now. If subpoenas are needed, we'll use them,' he said. Hendrik Van Den Berg of the FF+ initially opposed delaying the meeting, urging immediate access to the information. But with technical glitches disrupting proceedings — including Advocate Shamara Ally's audio cutting out during her legal input — the Committee ultimately voted to reschedule for June 18. Ally, the NCOP's procedural advisor, highlighted the dilemma: 'We lack the documents to assess confidentiality claims. Yet Sapo's rescue involves public funds, so accountability is paramount.' She noted media and civil society's intense interest in Sapo's fate, underscoring the need for transparency.
IOL News
12-06-2025
- Politics
- IOL News
South Africans unite for national dialogue
Humanitarian and founder of Gift of the Givers, Dr Imtiaz Sooliman. Image: Armand Hough/ Independent Newspapers SOUTH AFRICA belongs to all who live in it, and its citizens have a collective responsibility to address its problems. This was the sentiment of renowned humanitarian, and founder of Gift of Givers, Dr Imtiaz Sooliman who has been named among President Cyril Ramaphosa's Eminent Persons Group, selected to champion the much anticipated National Dialogue. The president first made mention of a National Dialogue during his State of the Nation address in February. The dialogue aims to tackle the persistent challenges faced by the country despite 30 years of democracy including poverty, crime, inequality, unemployment, social divisions and a growing disconnect between citizens and institutions, among others. On Tuesday, Ramaphosa announced 31 names set to champion the initiative. The group includes leaders in civil society, business, labour, religious institutions, cultural workers, sports organisations, women, youth and community voices. Among those on the list are Springbok captain, Siya Kolisi; Anglican Archbishop of Cape Town Thabo Makgoba; former Minister and constitutional negotiator Roelf Meyer; peace activist Ela Gandhi, former MP Lindiwe Mazibuko; Miss South Africa 2024, Mia le Roux; former Constitutional Court judge, Edwin Cameron; chairperson of the National Planning Commission, Professor Tinyiko Maluleke and award-winning actor Dr John Kani. The president said the dialogue would be a 'participatory process' that unfolds in phases, from local consultations and sectoral engagements to provincial and national gatherings. The first National Convention has been scheduled for August 15. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Sooliman expressed enthusiasm about the change this initiative could bring. 'When the government can ask the public for assistance it shows humility. No country can run without citizens getting fully involved. I also want to send a positive message. We always get negative messages; 'oh it can't be done', 'it's a rubber stamp', but I feel this time there can be a difference. We can work together and in the interest of the people of our country. I am interested because I'm a patriot, I know I can add value with my skills. But more than that, the fact that the government came and said can you guys help, it's a big ask.' 'My aim for a start is to develop to see that we have all the right people, there's a youth element missing. Youth are the best people to put forward their own vision and their own complaints. I know it's an eminent persons group, older people are experienced, but you need to get the requirements of young people. 'Secondly I would like them to consult across a wide spectrum. I want to come not only with the problems, I want to come with the solutions. I don't want to be on the rubber stamp committee, when we make a proposal we want to see action. People need help now.' He made an example of water supply problems which needed infrastructure solutions, instead of only providing water bottles which provided short term intervention. 'Several people (in the group) are competent with different experiences. We can do multiple interventions at the same time. 'A lot of people want to give free services, they want to give advice, we need to create the opportunity for that to happen. The fact that they've asked civil society to come and help the government is a great step forward,' Sooliman said. 'There's only one way to build this country. The government is only custodians of this country, it belongs to all of us, we all have a responsibility collectively to make it work. The mechanism has to be there; the government has to allow the door for civil society to come in which they've done now. It's a very bold step, I say let's hold their hand, let's do it together,' he concluded. Banyana Banyana coach, Dr Desiree Ellis said she wanted to contribute and make a meaningful change to the country. Reflecting on her personal experiences she said: 'I think from where I come from, Hanover Park, the communities are not safe. It's not safe for kids, it's not safe for anyone anymore. When I grew up I used to regularly play outside. I don't think it's safe to play outside and I think that needs to change. That has helped me and it has shaped me, I could play outside without fear. (It's) very important for communities to be safe again, where we look out for each other, where we take care of each other. ' For women and sport, Ellis said participation was important. 'There are still some international players that have to pay to participate and I don't think that should happen. (I want) to make sure we also bring sports back into schools. That shaped me, I could participate in sport in school, I played hockey at school, I could do athletics at school. That is the foundation phase.' She added that GBV needed to be addressed urgently. 'That is one of the biggest challenges we face in the country and it's something we need to make a bigger impact in making sure we reduce GBV cases. 'It's important for us all to make a contribution, to make a change. This is our country, we live here, we have a beautiful country and lets get back to making it beautiful again.' Cape Times
