STANDARD BANK GROUP LIMITED - Financial information provided to ICBC and update on operational performance

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
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.