Standard Bank Group Limited
28 February 2024
Trading statement for the year ended 31 December
2023
Standard Bank is currently in the
process of finalising the group's results for the year ended 31
December 2023 (FY23). In accordance with section 3.4(b) of the
Listings Requirements of the JSE Limited, shareholders
are advised that Standard Bank is satisfied that a
reasonable degree of certainty exists with regards to the group's
financial results for FY23. The group's headline earnings per share
(HEPS) and earnings per share (EPS) for FY23 are expected to be
higher than the reported HEPS and EPS for the year ended 31
December 2022 (FY22), translating into:
|
|
FY22
|
Range
|
FY23 range
|
|
HEPS
|
2 050.4
|
23% - 28%
higher than FY22
|
2 522.0
|
2 624.5
|
|
EPS
|
2 074.1
|
25% - 30%
higher than FY22
|
2 592.6
|
2 696.3
|
FY23 Results
Standard Bank will release results
for FY23 on 14 March 2024. Details regarding the presentation are
available on the group's Investor Relations website -
https://www.standardbank.com/sbg/standard-bank-group/investor-relations
During the finalisation of the
group's results, the group amended the methodology for recognising
interest on Stage 3 loans. This change resulted in an increase in
net interest income and an equal and opposite increase in credit
impairment charges. There is no impact on HEPS or EPS. Furthermore,
this change has no impact on gross loans and advances, balance
sheet provisions or coverage. The change has been applied
retrospectively to the 2022 financial year and the related ratios
have been restated as follows:
|
2022
|
As reported
|
Adjustment
|
Restated
|
|
Net interest margin, basis
points
|
425
|
7
|
432
|
|
Credit loss ratio, basis
points
|
75
|
8
|
83
|
|
Cost-to-income ratio, %
|
54.4
|
0.5
|
53.9
|
This amendment will also result in a
change in the related figures and ratios in 2023. Accordingly, the
FY23 net interest margin and credit loss ratio will be higher than
previously guided.
Shareholders are advised that the
information contained in this announcement has not been reviewed or
reported on by the group's 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
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herein by any person in any jurisdiction where it is unlawful to
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Act 2000 (Financial Promotion) Order 2005 (as amended, the
Financial Promotion Order);
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worth companies, unincorporated associations, etc.") of the
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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
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