Increase of 32% on headline earnings for SBWI
Standard Bank Wealth International, which has a key office in the Isle of Man, as well as Jersey and Mauritius, has announced a positive set of results for 2017, reflecting an encouraging year for the business.
Headline Earnings for Standard Bank Wealth International were £36.8 million for the full year, an increase of 32% on the previous year’s results.
The business achieved a return on equity of 16.6%, with a 6.2% increase in deposits to £5.1 billion, and a 17% increase in Assets Under Management to £2.6 billion at 31 December 2017.
Standard Bank Wealth International is 100% owned by Standard Bank Group, the largest bank in Africa by assets. The division’s positive results mirrored a strong set of results at Group level. Headline Earnings were R26 billion (equivalent to US$2.0 billion, £1.5 billion) 14% up on 2016.
Jonathan Peake, Chief Financial Officer of Standard Bank Wealth International, says “2017 has been another strong year for Standard Bank Wealth International. The results are testament to the hard work and commitment of our staff and the reputation of the jurisdictions in which we operate. Standard Bank Wealth International is proud of its association with the Isle of Man and last year celebrated the 25th anniversary of business in the Island.