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Standard Bank reports 51% profit decline By Roxanne Henderson (Bloomberg) – Standard Bank Group Ltd. said any economic recovery from the Covid-19 pandemic in Africa would likely take until late this year or even 2022, warning of the long wait ahead for lenders struck by a slump in borrowing and spending. The continent’s largest bank reported a 51% decline in profit after taxes and other adjustments for the year through December, according to a statement on Thursday. The Johannesburg-based company also declared a dividend of 2.40 rand ($0.16) per share, after the South African regulator last month eased guidance for banks on withholding payouts to shareholders during the pandemic. The move follows similar decisions by rivals FirstRand Ltd. last week and Investec Ltd. late in 2020.

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