Company Announcements

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

* 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.

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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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This Announcement is not intended to, and shall not, constitute or contain an offer to sell or solicitation of an offer to purchase the securities referred to herein by any person in any jurisdiction where it is unlawful to make an offer or solicitation. The distribution of the Announcement and the offer or sale of the securities referred to herein in certain jurisdictions is restricted by law. This Announcement may not be used for or in connection with, and does not constitute, any offer to, or solicitation by, anyone in any jurisdiction or under any circumstance in which such offer or solicitation is not authorised or is unlawful.

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