S.Africa's Standard Bank reports 33% rise in full year profit

JOHANNESBURG (Reuters) -S.Africa's Standard Bank Group reported a 33% rise in full year profit as the lender benefited from higher interest rates and other transactional activities.

For the year ended Dec. 31, it posted a headline earnings per share, a profit measure, of 2,087.1 South African cents, up from 1,573 cents a year earlier.

South African banks, amongst the biggest on the continent, had a good run last year on the back of increasing interest rates and a rebound in economic activity post COVID-19.

But with the current power supply crisis in the country, inefficient rail and port infrastructure and high unemployment, lenders are concerned about future growth.

Standard Bank, the continent's largest lender by assets, said in 2023 it expects its net interest income - the main growth metric for banks - to be driven by renewables and infrastructure and higher interest rates.

(Reporting by Promit Mukherjee; Editing by Himani Sarkar & Shri Navaratnam)