TIDM68IG
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 Earnings Other movements Balance
as at 1 January attributable for the period as at 30
2022 to ordinary September
shareholders 2022
Rm Rm Rm Rm
------------------------ ----------------- -------------- ---------------- -----------
Ordinary share
capital^ 162 6 168
----------------- -------------- ---------------- -----------
Ordinary share
premium^ 17 859 9 470 27 329
----------------- -------------- ---------------- -----------
Foreign currency
translation
and hedging
reserve (2 687) 2 216 (471)
------------------------ ----------------- -------------- ---------------- -----------
Foreign currency
translation
reserve (FCTR) (1 603) 2 695 1 092
----------------- -------------- ---------------- -----------
Foreign currency
net investment
and cash flow
hedging reserve (1 084) (479) (1 563)
------------------------ ----------------- -------------- ---------------- -----------
Retained earnings* 178 771 25 251 (19 945) 184 077
----------------- -------------- ---------------- -----------
Empowerment
reserve and
treasury shares (3 260) (739) (3 999)
----------------- -------------- ---------------- -----------
Other 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
DISCLAIMER
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
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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.
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registered under the US Securities Act of 1933, as amended (the
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is defined in Regulation S under the Securities Act) except
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does not intend to conduct a public offering of the securities in
the United States.
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END
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