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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