By Adria Calatayud

Standard Bank Group Ltd. said Friday that first-quarter earnings were higher than in the year-earlier period, but warned that the economic environment remains uncertain and that Covid-19 vaccinations have been slower than expected.

The South African lender said earnings attributable to shareholders for the first three months of 2021 were up 20% on year, and that adjustable items weren't material.

Stronger performances by subsidiary Liberty Holdings Ltd. and joint venture ICBC Standard Bank PLC boosted headline earnings, the lender said. In the first quarter of 2020, Liberty was hit by a decline in market valuations due to Covid-19, Standard Bank said.

The lender said its credit performance in the quarter was largely in line with expectations. Credit impairment charges were lower than in the year-earlier period and active payment-holiday portfolios shrank in the quarter, it said.

Standard Bank said it remains well capitalized and liquid.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

04-23-21 0700ET