Wealth international shoots the lights out for 2017 in Jersey and the Isle of Man

2018-04-09 00:00:00.0

It’s been an encouraging year for Standard Bank Wealth International; the division recently announced a positive set of results for 2017, with headline earnings that increased by 32% from 2016.

Headquartered in Jersey with key offices in the Isle of Man and Mauritius, Wealth International offers clients banking and wealth management solutions – including offshore banking, institutional banking, fiduciary services and asset management – that link carefully chosen emerging markets to Africa and to each other.

According to Jonathan Peake, Chief Financial Officer at Standard Bank Wealth International, the division’s recent results offer proof of the hard work and commitment of staff, as well as the reputation of the jurisdictions in which Wealth International has operated for 25 years.

Along with headline earnings of £36.8 million for the full year (a 32% increase from the previous year’s results), further numbers also indicate a strong performance: 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.

Owned fully by Standard Bank Group, the largest bank in Africa by assets, Standard Bank Wealth International’s positive numbers reflected a strong set of results at Group level:

  • Headline earnings came in at R26 billion (equivalent to US$2.0 billion or £1.5 billion) – 14% up on 2016
  • Dividend per share increased by 17% to 910 cents, from 780 cents in 2016
  • Cost-to-income ratio improved from 56.3% in the previous year to 55.7%
  • Return on equity increased significantly to 17.1%; 2016’s results were 15.3%.

“2017 has been another strong year for Standard Bank Wealth International,” says Mr Peake. “All areas of the business performed well and our client-focused strategy remained robust, despite challenging economic conditions in a number of our core African markets.”

As part of the broader Standard Bank Group, these results help drive Africa’s growth, while providing jobs, investment and innovation in the Isle of Man, Jersey and Mauritius.