Standard Bank has managed to gain a bigger slice of the lending pie. Since June 2003, its share of mortgage loans has increased from 21,2% to 24,5%, while its stake in the domestic credit card market has grown from 26,6% to 30,9%. Its share in the area of instalment finance has ncreased from 21,5% to 22,5%.
In the six months to the end of June, loans and advances were 17% higher with strong domestic loan growth of 24%, while Africa reported a growth of 21% in rand terms. Mortgage loan balances increased by 35%, while vehicle and asset finance loan balances grew by 26% and card debtors increased by 31%.
The bank said, however, that subdued demand for corporate credit and corporate and investment banking’s approach of avoiding low-margin corporate lending business had resulted in overall loan growth being restricted to 9%. – I-Net Bridge