TIDM68IG
RNS Number : 3965Q
Standard Bank Group Limited
17 October 2023
Standard Bank Group Limited
17 October 2023
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
2023
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 2023 (9M23).
Statement of changes in ordinary shareholders' equity for the
nine months ended 30 September 2023
Balance Earnings Other movements Balance
as at 1 January attributable for the period as at 30
2023^ to ordinary September
shareholders 2023
Rm Rm Rm Rm
------------------------ ----------------- -------------- ---------------- -----------
Ordinary share
capital 168 168
----------------- -------------- ---------------- -----------
Ordinary share
premium 27 341 (398) 26 943
----------------- -------------- ---------------- -----------
Treasury shares (3 461) 945 (2 516)
----------------- -------------- ---------------- -----------
Foreign currency
translation reserve (4 716) (1 471) (6 187)
------------------------ ----------------- -------------- ---------------- -----------
Retained earnings* 190 582 32 699 (22 827) 200 454
------------------------ ----------------- -------------- ---------------- -----------
Other 8 283 1 060 9 343
------------------------ ----------------- -------------- ---------------- -----------
Ordinary shareholders'
equity 218 197 32 699 (22 691) 228 205
------------------------ ----------------- -------------- ---------------- -----------
^ Post IFRS 17 restatements as detailed in the IFRS 17
Transition report available to download from the Standard Bank
Investor Relations website. The impact on the group's total
ordinary shareholders equity as at 1 January 2023 equated to a
reduction of R1.1 billion.
* Other movements for the period in retained earnings primarily
comprises the R23.2 billion ordinary dividends declared in March
and August 2023.
Update on the group's operational performance
Standard Bank Group
Earnings attributable to ordinary shareholders in 9M23 were 30%
higher than in the nine months to 30 September 2022 (9M22). The
headline earnings adjustable items were not material in 9M22 or
9M23. Africa Regions' contribution to group headline earnings for
9M23 remained at 44%.
The 9M23 group return on equity remained well anchored within
the group's target range of 17% to 20%.
Banking
Banking income growth trends in 9M23 relative to 9M22 (period on
period) remained robust. Net interest income growth continued to be
supported by higher average interest rates and a larger balance
sheet. Disbursements slowed, as higher interest rates continued to
curb demand. The strong fee growth recorded in the six months to 30
June 2023 (1H23) continued, supported by higher client numbers and
increased client transactional volumes and trade activity. As
expected, trading revenue growth 3Q23 on 3Q22 was in the low teens.
Both income and cost growth moderated period on period relative to
that reported for the six months to 30 June 2023 (1H23). The group
continued to deliver strong positive jaws period on period.
While credit impairment charges remained elevated relative to
9M22, the period-on-period growth in credit charges slowed relative
to the growth reported in 1H23. In 3Q23, additional credit charges
in Corporate and Investment Banking and Business and Commercial
Banking (the latter in Africa Regions) were more than offset by a
slowdown in growth in Personal and Private Banking charges as
expected. The group's credit loss ratio for the 9M23 remained
within the group's through-the-cycle credit loss ratio range of 70
to 100 basis points, in line with expectations.
Insurance and Asset Management
Earnings from the Insurance and Asset Management business
increased by mid-single digits period on period as the benefit from
improved underlying risk experience in the South African insurance
business was partially offset by losses incurred in the Shareholder
Asset and Exposure portfolio following the negative impacts of
market movements.
Other
ICBC Standard Bank Plc continued to trade profitably in
3Q23.
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:
Marc Hearn
Standard Bank Group Limited
9th Floor
5 Simmonds Street, Johannesburg PO Box 2001
South Africa
Telephone number: + 27 11 344 5004
DISCLAIMER
This Announcement is not intended to, and shall not, constitute
or contain an offer to sell or solicitation of an offer to purchase
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