Banking group Standard Bank reported strong results for the year to December 2004 on Wednesday, as the positive economic environment and consumer boom led to increased spending and a greater demand for credit.

Headline earnings per share increased by 23 percent on the previous year.

Company headline earnings were up 22 percent to R7.648-billion and a return on equity of 26.4 percent was realised.

Standard Bank noted that the impact of the group’s black ownership initiative implemented in 2004 impacts favourable on the results.

Excluding the effect of the black ownership initiative, headline earnings per share increased by 20 percent and return on equity was 24.5 percent.

Dividends per share for the period under review increased by 53 percent on the previous year, meaning the group will return R2.4-billion to shareholders.

The group attributed the results to “a positive economic environment in most markets in which we operate”.

Despite the positive results, Standard Bank shares slipped 20 cents to end at 65.60 rand on the JSE on Wednesday.

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