Company Announcements

SBG 9M21 ICBC disclosure and operating update

Source: RNS
RNS Number : 6525P
Standard Bank Group Limited
20 October 2021

Standard Bank Group Limited

20 October 2021


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 2021


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 ("IFRS") basis, is being provided to ICBC for the nine months ended 30 September 2021 (9M21).


Statement of changes in ordinary shareholders' equity for the nine months ended 30 September 2021




Balance as at 1 January 2021

Earnings attributable to ordinary shareholders

Other movements for the period

Balance as at 30 September 2021






Ordinary share capital





Ordinary share premium

17 854



17 854

Foreign currency translation and hedging reserve

(8 696)


3 196

(5 500)

Foreign currency translation reserve (FCTR)

(7 735)


3 051

(4 684)

Foreign currency net investment and cash flow hedging reserve





Retained earnings

163 065

17 756

(9 517)*

171 304

Empowerment reserve and treasury shares

(2 806)



(3 117)


6 792


1 697

8 489

Ordinary shareholders' equity

176 371

17 756

(4 935)

189 192


* Primarily comprises the ordinary dividends declared in March and August 2021.


Update on the group's operational performance


In the three months from 1 July to 30 September 2021 (3Q21), relative to the three months to 30 September 2020 (3Q20), higher average balances offset lower margins to deliver mid-single digit net interest income growth. Margins were stable relative to those recorded in the six months to 30 June 2021. Non-interest revenue grew as client transactional activity continued to recover and trading activities had a strong quarter relative to 3Q20.


Credit continued to perform well and the credit loss ratio for the 9M21 remained within the group's through-the-cycle credit loss ratio range of 70 to 100 basis points.


ICBC Standard Bank plc continued to report a profit in the three-month period. The stronger South African Rand remained a drag on reported earnings. Constant currency earnings growth was stronger than reported earnings. 


Earnings attributable to ordinary shareholders in 9M21 were 108% higher than in the comparative period. In 9M21 the headline earnings adjustable items were not material. In contrast, in 9M20 headline earnings adjustable items reduced earnings attributable to ordinary shareholders by R3.9 billion.


The group remains well capitalised and liquid.


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.



For further information, please contact:

Ann Hunter

Standard Bank Group Limited
9th Floor
5 Simmonds Street, Johannesburg PO Box 2001
South Africa
Telephone number: +27 11 415 4194



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