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Financial information provided to ICBC and update on operational performance
Standard Bank Group Limited
Registration number 1969/017128/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com
Share codes
JSE share code: SBK ISIN: ZAE000109815
NSX share code: SNB ZAE000109815
A2X share code: SBK
SBKP ZAE000038881 (First preference shares)
SBPP ZAE000056339 (Second preference shares)
JSE bond code: SBKI
("Standard Bank Group" or "the group")
Financial information provided to the Industrial and Commercial Bank of China Limited
("ICBC") and update on the group's operational performance for the nine months ended 30
September 2024
Financial information provided to ICBC
On a quarterly basis the Standard Bank Group discloses to ICBC sufficient information to enable
ICBC to equity account the group's results. Accordingly, the following consolidated financial
information, prepared on an International Financial Reporting Standards basis, is being provided to
ICBC for the nine months ended 30 September 2024 ("9M24").
Statement of changes in ordinary shareholders' equity for the nine months ended 30
September 2024
Balance as at 1 Earnings Other Balance as at 30
January 2024 attributable to movements for September 2024
ordinary the period
shareholders
Rm Rm Rm Rm
Ordinary share capital 168 (1) 167
Ordinary share
premium 26 938 (490) 26 448
Treasury shares (2 982) (843) (3 825)
Foreign currency
translation reserve
(FCTR) (10 122) (11 506) (21 628)
Retained Earnings* 211 691 32 671 (24 467) 219 895
Other 10 752 2 107 12 859
Ordinary
shareholders' equity 236 445 32 671 (35 200) 233 916
* Other movements for the period in retained earnings primarily comprises the R24.7 billion ordinary
dividends declared in March and August 2024.
Update on the group's operational performance for the nine months ended 30 September 2024
Unless specified otherwise, the trends highlighted below relate to 9M24 compared to the nine months
to 30 September 2023 ("9M23" and period on period).
Group
The group continued to record robust organic growth (in constant currency) period on period
supported by mid-teens banking earnings growth and a strong rebound in insurance and asset
management earnings. In the three months to 30 September 2024, the South African Rand
strengthened against almost all group-related currencies. Period on period, post translation into
Rands, the group's headline earnings growth was mid-single digits. In 9M24, Africa Regions
contributed 40% to group headline earnings.
Banking
The group's banking activities earnings grew mid-single digits in 9M24 relative to 9M23. Income
growth was supported by a larger balance sheet, higher average interest rates, and higher client
transactional volumes but dampened by lower trading revenues. Credit impairment charges were
lower period on period, as expected. Operating expenses growth remained well contained.
Insurance and Asset Management
The period on period increase in earnings from the Insurance and Asset Management business was
driven by good performance in the insurance business and market-driven gains in the Shareholder
Portfolio.
Headline adjustable items were in line with those reported for the six months to 30 June 2024. The
group's profit attributable to ordinary shareholders was flat period on period. The group remains well
capitalised and liquid.
Outlook
In line with previous guidance for the twelve months to 31 December 2024 (FY24), we remain
committed to delivering:
• Banking revenue growth of low single digits in ZAR and low double digits in constant
currency;
• Banking revenue growth at or above operating expenses growth, resulting in a flat to lower
cost-to-income ratio year on year; and
• Group ROE well anchored in the group's target range of 17% to 20%.
The group's underlying franchise momentum will support continued robust organic growth for the
twelve months to 31 December 2024 (FY24).
The information contained in this announcement and that on which the operational performance
update is based has not been reviewed and reported on by the group's external auditors.
Johannesburg
18 October 2024
Enquiries:
Sarah Rivett-Carnac
sarah.rivett-carnac@standardbank.co.za
JSE sponsor
The Standard Bank of South Africa Limited
Namibian sponsor
Simonis Storm Securities (Proprietary) Limited
Date: 18-10-2024 08:00:00
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