Standard Bank warns of up to 50% profit slump

Standard Bank said on Wednesday that its profits for the six-months to June 30 could be as much as 50% lower as the coronavirus crisis hits its performance.

Africa’s biggest bank by assets said in a trading update the hit to its headline earnings per share – the main profit measure in South Africa – for the period would likely be between 30% and 50%, compared to the 837.4 cents it reported in the same period last year.