REG - Standard Bank Group - Information provided to ICBC and Trading Statement

Industrial and Commercial Bank of ChinaAnnouncement

25/04/2024 17:45

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RNS Number : 0992M  Standard Bank Group Limited  25 April 2024

Standard Bank Group Limited

25 April 2024

 

Financial information provided to the Industrial and Commercial Bank of China
Limited ("ICBC") and update on the group's operational performance for the
three months ended 31 March 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 three
months ended 31 March 2024 ("1Q24").

 

Statement of changes in ordinary shareholders' equity for the three months
ended 31 March 2024

 

 ( )                                          Balance as at 1 January 2024  Earnings attributable to ordinary shareholders  Other movements for the period  Balance as at 31 March 2024
 ( )                                          Rm                            Rm                                              Rm                              Rm
 Ordinary share capital                       168                                                                                                           168
 Ordinary share premium                       26 938                                                                                                        26 938
 Treasury shares                              (2 982)                                                                       601                             (2 381)
 Foreign currency translation reserve (FCTR)  (10 122)                                                                      (517)                           (10 639)
 Retained Earnings*                           211 691                       9 466                                           (11 613)                        209 544
 Other                                        10 752                                                                        137                             10 889
 Ordinary shareholders' equity                236 445                       9 466                                           (11 392)                        234 519

 

* Other movements for the period in retained earnings primarily comprises the
R12.3 billion ordinary dividends declared in March 2024.

 

Update on the group's operational performance for the three months ended 31
March 2024

 

Unless specified otherwise, the trends highlighted below relate to 1Q24
compared to the three months to 31 March 2023 ("1Q23").

 

Banking

The group's banking activities earnings grew mid-single digits in 1Q24
relative to 1Q23. 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 higher
period on period, as expected. Operating expenses were largely flat period on
period resulting in positive jaws in 1Q24.

 

Insurance and Asset Management

Earnings from the Insurance and Asset Management business declined period on
period driven primarily by losses in the Shareholder Assets and Exposures
Portfolio linked to market movements.

 

Other

ICBC Standard Bank Plc's contribution to group earnings increased period on
period.

 

Standard Bank Group

The group's headline earnings were flat period on period. Growth in group
headline earnings was dampened by movements in average currencies relative to
the ZAR period on period. After adjusting for headline adjustable items,
relating to losses on investment property in Zimbabwe, the group's profit
attributable to ordinary shareholders was R9.5 billion in 1Q24.

 

The group remains well capitalised and liquid.

 

Outlook

In line with previous guidance, we remain committed to delivering positive
jaws and a return on equity well anchored inside the group's target range of
17% to 20% in 2024.

 

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

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