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Availability Of The Standard Bank Group Limited Annual Financial Statements
Standard Bank Group Limited
(Incorporated with limited liability under Registration Number
1969/017128/06 in The Republic of South Africa)
Issuer Code: SBKI
(“the Company”)
AVAILABILITY OF THE STANDARD BANK GROUP LIMITED ANNUAL FINANCIAL
STATEMENTS
As per the JSE Debt Listings Requirements, Noteholders are advised
that the Annual Financial Statements for Standard Bank Group
Limited, for the year ended 31 December 2020 have been made
available on the Company’s website:
https://reporting.standardbank.com/results-reports/annual-reports/
Noteholders are also advised that the issuer’s audit reports
were unqualified and the following restatements of the previously
published annual financial statements occurred:
1. During the current reporting period, following a review of the
allocation of interest funding to the trading book, it was
identified that trading book revenue was erroneously allocated
from the trading revenue to interest income rather than the
interest expenditure being allocated from interest expense to
trading revenue. The correction of this allocation is equal
and opposite on interest income and interest expense line
items and did not impact the Standard Bank Group’s (the group)
net interest income, trading revenue, profit for the year,
earning per share (basic and diluted), headline earnings, the
statement of financial position or key ratios.
2. During 2020, the comprehensive review of the terms and
conditions of all the group's policyholder contracts was
finalised. This was done as part of the preparation work for
adopting IFRS 17 Insurance Contracts which is effective from 1
January 2023. The review highlighted that one legacy portfolio
of linked life annuities (which has not been sold since 2002),
contained a certain element of insurance risk within the
contracts due to the guarantees on death and survival. The
portfolio had, since the group’s adoption of IFRS in 2005,
been incorrectly classified as an investment contract within
the scope of IFRS 9 Financial Instruments (previously IAS 39
Financial Instruments) and a portion as investment contracts
with discretionary participation feature under IFRS 4
Insurance Contracts (IFRS 4). Application of the existing
applicable IFRS 4 standard requires these contracts to be
reclassified as insurance contracts. The change in valuation
is immaterial and therefore the reclassification has not
resulted in changes to the portfolio's liability measurement
and the group's net asset value or prior earnings. This is a
closed book of business, with no premiums receivable and only
claims (annuity payments) reflecting in the statement of
comprehensive income. Thus, the correction did not impact the
group’s profit for the year, earning per share (basic and
diluted), headline earnings, the statement of financial
position, key ratios or statement of cash flow.
Refer to the group’s annual financial statements for further details
on the restatements listed above.
Johannesburg
13 April 2021
Debt Sponsor
The Standard Bank of South Africa Limited
Date: 13-04-2021 01:40:00
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