By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Standard Bank said on Thursday it has posted a 20 percent increase in earnings in 2014 to R21 068-million.

However, the lender said headline earnings, which were affected by the performance of the discontinued global markets outside Africa business, increased by only one percent (1%) to R17 323-million.

In the same vein, total income grew by 15 percent and expenses were 11 percent higher than 2013, while credit impairments were two percent(2%) lower, the bank said in its results for the year ended 31 December 2014 posted on its official website.

Also, net income before taxation grew by 31 percent and profit from continuing operations was 32 percent higher. “The group concluded the sale of 60 percent of it’s interest in the global markets business outside Africa, the completion of which was announced on 2 February 2015,’ the lender added

Ben Kruger, Chief Executive, Standard Bank Group, says: “This transaction delivers the final major piece in the repositioning of capital allocation to focus on our customers and clients in Africa and marks a new chapter in the partnership between Standard Bank and Industrial and Commercial Bank of China (ICBC).”

ICBC is seeking to buy a controlling stake in Standard Bank which had initially agreed to sell a 60 percent stake to ICBC for $765 million, but revised the purchase price down by $75 million to reflect an exposure related to China’s Qingdao port metals scandal.

Standard Bank said sub-Saharan Africa GDP growth of approximately five percent (5%) through 2014 matched that of the previous year, supported by infrastructure spending, good agricultural output and stronger services sectors. ‘There was broad-based output expansion across all the sub-Saharan countries in which the group has invested,” the bank said.

Similarly, Sim Tshabalala, Chief Executive, Standard Bank Group, says: “The group’s brand and positioning has never been stronger following a steady realignment of the group’s resources to focus on our customers on the African continent. The group’s medium-term return on equity target of between 15% and 18% remains in place and reflects our confidence in the ability of our people to deliver the necessary consistent growth to achieve the target.”