While presenting the bank's half-year results on Thursday, CEO Sim Tshabalala said it expected its African operations' share of assets to continue growing relative to that of its home market, South Africa, and that it would fight fiercely for market share.

"We might also consider further greenfield expansion, particularly digital expansion," he said, without elaborating. "Acquisitions are also a possibility."

Standard Bank's extensive operations outside of South Africa helped it grow profits in the six months to June 30 by 5%, despite a deteriorating economy at home, and concentrating on its resources there has proven a lucrative focus for the company.

In recent years it has pivoted back towards its home continent after abandoning a failed strategy to become a global emerging markets lender - a decision that has delivered more stable profits.

Even in the face of a stagnating home market, characterised by high levels of personal debt and widespread unemployment, the bank grew its headline earnings per share - the main profit measure in South Africa - to 837.4 cents ($0.5591), against 794 cents in the same period last year.

That 5% increase was slightly better than the 3% posted by Nedbank on Tuesday and helped to lift Standard Bank shares by 1.2% in morning trade.

All of South Africa's major lenders have looked elsewhere in Africa for growth, but the size of Standard Bank's continental operations gives it an additional boost.

It said earlier this year that it expected its growth to outpace that of some of Africa's fastest-growing economies, including Kenya and Ivory Coast.

ARGENTINA EXIT

Standard Bank's retreat to focus on Africa paid off in other ways too.

It also said on Thursday it would exercise an option to dispose of its 20% stake in the Industrial and Commercial Bank of China's (ICBC) Argentinian operation - a relic from its abandoned foray into global emerging markets.

It expects to deliver a gain of about 600 million rand as a result of the transaction, adding that it will reinvest any proceeds into its Africa-focused operations, which have produced more stable profit.

However, a separate London-based partnership with ICBC, focused on financial markets and commodities, made a $129.5 million loss in the first half, largely attributable to a provision covering exposure to a single client that filed for bankruptcy.

Standard Bank has previously said the London-based ICBC joint venture would need 1.1 billion rand injected to support its business plan.