On 13 March 2025, Standard Banks released its FY24 results. Highlights from the results were as follows:

1. Net interest income increased by 3% to R101 billion.
   a) Average interest earning assets grew by 4%.
   b) Net interest margin decreased from 4.94% to 4.90%.
2. Non-interest revenue (NIR), including insurance and asset management, increased by 1% to R80 billion.
   a) Banking net fee and commission income (representing 40% of the total R80 billion) increased by 4% (11% in constant currency) due to client and volume growth combined with price increases.
   b) Combined net income from insurance and asset management had strong growth (+11%) benefiting from positive market movements while insurance also benefitted from 14% growth in new business value.
   c) Other gains and losses on financial instruments were a large detractor, with R1.7 billion decrease, impacted by assets being reclassified resulting in the related income being classified to net interest income in 2024.

Our research supports a buy recommendation.