Standard Bank Group strengthened its earnings performance in the first half of 2026, with headline earnings rising 10% to R26.1 billion ($1.61 billion) from R23.8 billion ($1.44 billion) a year earlier, as balance-sheet growth, stronger fee income and higher trading revenue supported the group’s diversified African franchise.

The South African business remained the largest contributor, generating 51% of group headline earnings.

However, the group’s operations beyond South Africa continued to gain importance, collectively accounting for 40% of earnings as improving macroeconomic conditions, lower interest rates in some markets and sustained investment activity supported client demand.

The group’s active client base also increased to 19.5 million during the period, reinforcing the scale of its continental franchise.

Among its Africa Regions businesses, Nigeria, Ghana, Uganda, Kenya, Angola, Mauritius and Mozambique were among the key contributors to earnings. Standard Bank has also identified Zambia as a key contributor to the Africa Regions franchise.

Here are the markets that stood out in Standard Bank Group’s first-half performance as researched by Shore Africa:

1. South Africa
CEO: Sim Tshabalala
South Africa remained the backbone of Standard Bank Group’s earnings, contributing approximately 51% of headline earnings in the first half of 2026. Earnings from the South African franchise increased from R11.6 billion in the prior-year period to approximately R13.4 billion. The performance reflected resilient balance-sheet growth, stronger fee and trading revenues and continued client activity. Standard Bank South Africa reported a Tier 1 capital adequacy ratio of 14.2% and a total capital ratio of 16.4%, underscoring the strength of its largest operating franchise.

Sim Tshabalala, CEO of Standard Bank Group.

2. Nigeria
CEO: Chukwuma (Chuma) Nwokocha
Nigeria was one of the strongest contributors to Standard Bank’s Africa Regions performance, generating approximately R1.6 billion ($98.8 million) and accounting for about 6% of group headline earnings. The Nigerian business benefited from a larger asset base and higher performance fees, supporting growth across the franchise. The performance came against a backdrop of improving foreign-exchange conditions and stronger activity in key sectors of the economy. Stanbic IBTC Bank reported a Tier 1 capital adequacy ratio of 15.7% and a total capital ratio of 19.3%.

3. Ghana
CEO: Kwamina Asomaning
Ghana delivered approximately R1.1 billion in headline earnings as improving macroeconomic conditions supported Standard Bank’s West African operations. Inflation moderated during the period, allowing monetary policy to become more accommodative, while relatively stable foreign-exchange conditions helped improve the operating environment. Stanbic Bank Ghana maintained a strong capital position, with a Tier 1 capital adequacy ratio of 21.4% and a total capital ratio of 23.4%. The Ghanaian franchise remains an important contributor to Standard Bank’s broader West African growth strategy.

4. Uganda
CEO: Kenneth Mumba Kalifungwa
Uganda generated approximately R1.1 billion in headline earnings, supported by resilient domestic demand and a relatively stable macroeconomic environment. Inflation remained contained during the first half, helped by improved food supply and stable energy prices, creating room for a supportive monetary policy stance. Stanbic Bank Uganda reported a Tier 1 capital adequacy ratio of 21.7% and a total capital ratio of 23.2%. Uganda forms part of Standard Bank’s East African franchise, which collectively generated R2.3 billion in headline earnings, up 11%.

5. Kenya
CEO: Michael Mutiga
Kenya contributed approximately R750 million to Standard Bank Group’s first-half earnings as easing interest rates, improving external balances and sustained domestic demand supported economic activity. The Kenyan franchise benefited from balance-sheet growth, diversified revenue streams and disciplined risk management. Stanbic Bank Kenya reported a Tier 1 capital adequacy ratio of 13.8% and a total capital ratio of 17%. Kenya remains one of Standard Bank’s most established East African markets and an important component of the group’s regional banking network.

6. Angola
CEO: Luís Teles
Angola contributed approximately R750 million to Standard Bank Group’s H1 2026 earnings, supported by improving macroeconomic conditions and continued investment in infrastructure and energy. Higher oil prices also supported export earnings, fiscal revenues and foreign-exchange inflows, creating a more favourable operating environment for banks. Standard Bank de Angola maintained a strong capital position, with a Tier 1 capital adequacy ratio of 27% and a total capital ratio of 27%. The market remains strategically important to Standard Bank’s West African franchise.

7. Mauritius
CEO: Francois Gamet
Mauritius was among the key contributors to Standard Bank’s Africa Regions earnings in the first half of 2026. The island’s role in the group extends beyond conventional retail banking, with its financial-services ecosystem providing access to cross-border investment, corporate and transaction banking opportunities across Africa. Standard Bank Mauritius reported a Tier 1 capital adequacy ratio of 15.6% and a total capital ratio of 16.7%. Its contribution reinforces the importance of Mauritius as a regional financial hub within Standard Bank’s continental network.