Standard Bank achieved what it called "satisfactory" results in the first half of 2008, it said on Wednesday.

The results reflected "the diversification and resilience of our businesses amidst continued global financial market turmoil", the bank said in a statement.

The group grew headline earnings per share by 10 percent to 529.2 cents, increased net asset value per share by 44 percent and achieved a return on equity of 21.4 percent on an International Financial Reporting Standards (IFRS) basis.

On a normalised basis, headline earnings per share grew seven percent, net asset value per share increased 40 percent and a return on equity of 19.8 percent was achieved.

The bank said its strategy to grow businesses in other emerging markets continued to deliver value in the period. Including Liberty Life, headline earnings from South Africa grew one percent.

Financial pressure on South African consumers, brought about by interest rate hikes and declining disposable income, impacted the bank's personal and business banking "acutely". These factors combined to drive up impaired loans by 122 percent since June 2007 and by 75 percent on December 2007.

This increased the charge for impaired loans by 137 percent and resulted in a total credit loss ratio for personal and business banking of 2.18 percent in comparison to June 2007's 1.31 percent.

Sapa