Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

South Africa's Standard Bank cuts value of ICBCS stake as market worsens

Published 22/10/2019, 08:48
Updated 22/10/2019, 08:53
South Africa's Standard Bank cuts value of ICBCS stake as market worsens

(Reuters) - South Africa's Standard Bank (J:SBKJ) on Tuesday slashed the value of its stake by 43% in the company formed with China's Industrial and Commercial Bank of China, citing inability to deliver returns due to poor market conditions and client flows.

Standard Bank has impaired the value of its 40% holding in ICBC Standard Bank (ICBCS) to $220 million from $383 million as of September end, the biggest African bank by assets said.

That resulted in an impairment of 2.4 billion rand ($162.89 million), which has been taken into account in its earnings attributable to shareholders, Standard Bank said.

The lender, however, said that excluding the ICBCS impairment, profit rose 2% in the nine months to Sept. 30 from a year earlier.

($1 = 14.7338 rand)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.