Company Announcements

9M22 ICBC disclosure and operating update

Source: RNS
RNS Number : 3849D
Standard Bank Group Limited
19 October 2022

Standard Bank Group Limited

19 October 2022


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 2022


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 2022 (9M22).


Statement of changes in ordinary shareholders' equity for the nine months ended 30 September 2022




Balance as at 1 January 2022

Earnings attributable to ordinary shareholders

Other movements for the period

Balance as at 30 September 2022






Ordinary share capital^




Ordinary share premium^

17 859

9 470

27 329

Foreign currency translation and hedging reserve

(2 687)

2 216


Foreign currency translation reserve (FCTR)

(1 603)

2 695

1 092

Foreign currency net investment and cash flow hedging reserve

(1 084)


(1 563)

Retained earnings*

178 771

25 251

(19 945)

184 077

Empowerment reserve and treasury shares

(3 260)


(3 999)


7 987

1 750

9 737

Ordinary shareholders' equity

198 832

25 251

(7 242)

216 841

^ Other movements for the period in ordinary share capital and share premium relate to the issuance of 58 million Standard Bank Group shares in terms of the Liberty minority buyout.

* Other movements for the period in retained earnings primarily comprises the R17.2 billion ordinary dividends declared in March and August 2022.


Update on the group's operational performance


In the nine months from 1 January to 30 September 2022 (9M22), relative to the nine months to 30 September 2021 (9M21), higher average loan and advance balances and higher average interest rates supported strong double-digit net interest income growth. The strong non-interest revenue growth seen in the first six months of the year (1H22) continued, supported by client transactional and trade activity. Ongoing market volatility drove client trading activity which supported continued strong trading revenue growth. 


While higher activity-linked costs and inflation placed pressure on the group's operating costs, cost growth remained below the group's weighted average inflation. The group recorded continued positive jaws in the period.


Credit impairment charges increased as Corporate and Investment Banking charges continued to normalise (from a net recovery in 2021). In line with expectations, the credit loss ratio for the 9M22 remained in the lower half of the group's through-the-cycle credit loss ratio range of 70 to 100 basis points.


Liberty's performance improved period on period. In the prior period, Liberty's performance was negatively impacted by the pandemic provision raised.


ICBC Standard Bank plc continued to report an operational profit for 9M22 (excluding the net insurance settlement received in January 2022). 


Earnings attributable to ordinary shareholders in 9M22 were 42% higher than in the comparative period. In 9M21 the headline earnings adjustable items were not material. In 9M22 the headline earnings adjustable items increased earnings attributable to ordinary shareholders by R0.7 billion.


The group remains well capitalised and liquid. 9M22 group return on equity (ROE) remained above cost of equity (1H22 COE: 15.1%) and improved relative to 1H22 (1H22 ROE: 15.3%).


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



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.

In the United Kingdom, this Announcement is being distributed only to, and is directed only at, persons who are (i) investment professionals, as such term is defined in Article 19(5) of the U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Financial Promotion Order); (ii) persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order; (iii) outside the United Kingdom; or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any Notes may otherwise lawfully be communicated or caused to be communicated.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of the securities in the United States.

Your right to access this service is conditional upon complying with the above requirement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.