s t a n d rd bank group annual report 2005p 01 headline earnings per share dividends normalised and cents 990001020304n05n 0 100 200 300 400 500 600 700 20 26 cagr 1999 2005 financial highlights 1 roe increased from 24 2 to 25 grew by tor9 013 million ordinary of 666 19 higher the credit loss ratio improved 43 41 total declared 15 267 dividend cover 5 times results reflect substance black economic empowerment ownership initiative shares held for benefit policyholders refer page 75 explanation 02 chairman chief executive review overview in activity emerging markets continued increase commodity prices macroeconomics strengthening local currencies which reduced fo r e i g currency debt burdens dampened inflation served boost investment ratings key developing countries
