COMPANY NEWS IN BRIEF

Standard Bank posts record earningsStandard Bank has delivered record earnings in the first half of 2022. The bank published its half-year financial statements on Friday, reporting a 33% jump in its headline earnings to R15.3 billion in the six months to 30 June.The bank said its revenue growth exceeded its internal expectations. A larger client base with increased transactional activity, strong trading performance and growth in Standard Bank&#039;s lending book saw the bank&#039;s non-interest revenue grow by 13% and net interest income rise by 15%. The bank&#039;s overall revenue went up by 14%.Standard Bank&#039;s activities grew headline earnings by 25%, contributing R13.6 to the group. Liberty added R253 million, and ICBCS contributed R1.4 billion."The pandemic hit Africa&#039;s economies and businesses hard, and Standard Bank&#039;s operations were no exception. We started to clear signs of recovery last year, and that recovery has accelerated significantly over the first half of 2022," said Standard Bank Group CEO Sim Tshabalala.He said that after the group&#039;s headline earnings reached record levels, Standard Bank&#039;s return on equity (ROE) has returned to levels above the cost of its equity. The banking group&#039;s ROE increased to 15.3%, coming much closer to the bank&#039;s 2025 target range of between 17% and 20%. A year ago, it sat at just 12.9%.The group&#039;s banking operations continued on the 2021 growth momentum, increasing client numbers and balances. The group&#039;s retail banking franchise, Consumer & High Net Worth clients (CHNW), grew its customer base by 8% in South Africa and 9% in the rest of Africa, taking its total client base to 16.22 million. The increased activity in that business unit saw its revenue grow by 9% and its headline earnings jump 28% to R3.4 billion. -Fin24Telkom providing funding for small businessesTelkom has unveiled an unsecured funding system offering small enterprises loans between R20 000 and R5 million, aimed at eliminating current red tape in business financing.The telecommunications service provider says clients would be able access the funds within 24 hours from Telkom Lend. The digital service will see Telkom Financial Services compete in the growing sector of fintech disruptors that have emerged in recent years, offering hassle-free micro-loans to small entities.Businesses applying for funding must have been in operation for at least six months with a monthly turnover of at least R30 000 and have a trade history of at least three months."Data is used to review the creditworthiness of businesses and speed up the funding process. The combination of technology and data analytics not only provides funding for businesses but is also driving financial inclusion while supporting economic growth," said Sibusiso Ngwenya, managing executive for Telkom Financial Services.The company described funding for businesses as a necessity in enabling businesses to get capital and be responsive to immediate opportunities, instead of waiting for weeks for an old-style bank loan to potentially be approved.Business finance was previously the domain of traditional banks, whose services came with requirements that often made it hard for some to qualify for funding.But the field has been disrupted by online-based fintech operators who are increasing filling the gaps in the sector, such as MTN&#039;s mobile money, whose services extend to micro-lending to users. -Fin24PwC raises UK partner pay to R20 millionPricewaterhouseCoopers partners in the UK were paid an average of £1 million (R20.1 million) for the first time thanks to a rebound in consulting activity and the sale of part of the business. The professional services company said on Thursday that its revenue in the UK and Middle East grew 12% to £5 billion in the year through June. This was helped by a 33% jump in revenue from consulting, which overtook audit to become the group’s biggest business area. The firm said it made its biggest investment in staff pay in a decade, with half of its 24 000 workers getting a pay rise of 9% or more. About 900 partners earned on average £920,000, up 12% on the previous year, with an additional £105,000 each from the sale of its global mobility and immigration business. The Financial Times reported the news earlier. “I don’t see the market slowing any time soon, but we can’t be complacent,” Kevin Ellis, chairman and senior partner of PwC in the UK and the Middle East, said in a statement. High inflation, which has topped 10% in the UK, along with high employment will affect all businesses, he added. “We’ve invested heavily to put us in the best position to deal with these challenges which will likely reduce partner profits next year,” he said. PwC said client demand was strong, particularly in finance and industrial manufacturing, while customers in all sectors were looking to move operations into cloud computing. It’s the first of the so-called big four accountancy groups to report its earnings, with Deloitte, EY and KPMG to follow. -Fin24Apple warns of flawApple is warning of a flaw that is allowing hackers to seize control of iPhones, iPads and Mac computers, and is urging users to install emergency software updates.Patches were released Thursday and Wednesday by the tech titan to fix what it described as a vulnerability hacker already knew about and may be taking advantage of."Apple is aware of a report that this issue may have been actively exploited," the Silicon Valley-based company said.Apple did not disclose whether it had information regarding the extent to which the issue has been exploited.The technical description indicated that a hacker could use the flaw to take control of devices, accessing any of its data or capabilities.Patches were released for iPhones, iPads and Mac computers running on operating systems with the vulnerability. -Fin24Prosus to take control of Brazilian iFoodNaspers subsidiary Prosus reached an agreement to buy a 33% stake in Brazilian food delivery behemoth iFood from its one-time acquisition target and rival Just Eat for around R30 billion.If the Just Eat shareholders approve the deal, Prosus&#039; Brazilian company Movile will fully own iFood, the country’s largest food delivery platform. It has an 80% market share, dominating global operations like UberEats.The deal is for €1.5 billion in cash, and €300 million more based on iFood’s performance over the next 12 months. Movile is also entitled to a €35 million termination fee under certain circumstances.Prosus first invested in iFood, founded by CEO Fabricio Bloisi, through Movile in 2013. On Friday, Bloisi said he was "delighted" by Prosus&#039; belief in the company."We first invested in iFood nearly a decade ago and during this time Fabricio and team have built a world-class food delivery business. They have shaped the sector in Brazil, creating a platform that serves 330 000 restaurant partners, provides income opportunity for 200 000 delivery partners, and delivers approximately 70 million orders every month," Prosus CEO Bob van Dijk said in a statement."Increasing our stake to full ownership is a demonstration of our committed and disciplined approach to investment and reflects our confidence in the long-term potential of iFood.""Together we will build a platform of offerings that provide Brazilian customers, delivery partners, restaurants and more, with the best experience in food, grocery delivery and fintech."Aside from iFood, Prosus’ portfolio of online food delivery companies includes Swiggy in India, and Delivery Hero, which operates in more than 50 countries.Prosus previously courted UK-based Just Eat to take over the food-delivery firm. Just Eat instead opted for a merger with Dutch group Takeaway.com. -Fin24

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