BANKING group Standard Bank says that its fuel costs to combat load shedding ballooned from R18 million in FY21 to R72 million in FY22.
This was one of the main drivers behind its operating costs and bank branches rising 9% in the latest financial year – along with other hikes in municipal charges.
The bank published its financial results for the year ending December 2022 on Thursday, reporting strong growth in its operations for the year despite the challenging conditions in the country.
Total income was up 18% to R156.92 billion, from R132.72 billion in 2021, while headline earnings per share were up 33% to 2,087.1 cents (2021: 1,573).
Return on equity (ROE) improved to 16.4% (FY21: 13.5%). Net asset value grew by 10% and the group ended the current period with a common equity tier 1 ratio of 13.5% (31 December 2021: 13.8%).
The board approved a final dividend
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