Standard Bank recently reported robust 2023 full-year results, with earnings growth largely fuelled by the sustained momentum in the group’s African operations. While Africa Regions constitute 27% of Standard Bank’s net asset value, they contributed 42% to the group’s headline earnings. This is significant given that just a decade ago, Africa Regions accounted for just 12% of headline earnings and were considered relatively immaterial within the broader group. Tasneem Samodien reviews Standard Bank’s exposure to Africa and explains why we expect this region to remain an earnings driver in the long term. She also makes the point that Standard Bank, a key holding in the Private Clients Core Equity Model Portfolio, not only appears attractively priced relative to its own history, but also in comparison to the broader market.