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Availability of the Standard Bank Group and the Standard Bank of South Africa Reporting Suite
STANDARD BANK GROUP LIMITED
Registration number: 1969/017128/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com/reporting
("Standard Bank Group" or the "group" or "SBG")
SHARE CODES
JSE share code: SBK
ISIN: ZAE000109815
NSX share code: SNB
A2X share code: SBK
SBKP ZAE000038881 (first preference shares)
SBPP ZAE000056339 (second preference shares)
JSE bond code: SBKI
THE STANDARD BANK OF SOUTH AFRICA LIMITED
Registration number 1962/000738/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com/reporting
("The Standard Bank of South Africa" or "SBSA")
BOND CODE
JSE bond code: BISTDB
AVAILABILITY OF THE STANDARD BANK GROUP AND THE STANDARD BANK OF SOUTH
AFRICA REPORTING SUITE
STANDARD BANK GROUP
An electronic version of the group's annual integrated report, governance report, remuneration report, risk and
capital management report, sustainability disclosures, report to society and climate-related financial disclosures
report have been made available on the following website:
https://www.standardbank.com/sbg/standard-bank-group/investor-relations/results-and-reports
SBG further wishes to advise that the consolidated and separate audit reports were unqualified.
The Standard Bank Group 2025 Annual General Meeting (AGM) will be held on 9 June 2025. The notice of the AGM
and proxy forms will be published on 25 April 2025.
THE STANDARD BANK OF SOUTH AFRICA
An electronic version of the SBSA annual integrated report has been made available on the following website:
https://www.standardbank.com/sbg/standard-bank-group/investor-relations/results-and-reports/subsidairies
SBSA further wishes to advise that the consolidated and separate audit reports were unqualified.
RESTATEMENT OF PREVIOUSLY PUBLISHED RESULTS
During the preparation of the 2024 annual financial statements, the following restatements relating to previously
published results were noted for both SBG and SBSA (indication is given in column heading on the impacted
company and/or group):
1. SBSA and the group identified that a portfolio of bond forward derivative contracts had been erroneously
presented on a gross fair value basis in the statement of financial position (SOFP), rather than on a net fair
value basis as required in terms of IFRS 9 Financial Instruments (IFRS 9). Specifically, the two components
of a single bond forward derivative contract were separately presented as derivative assets and derivative
liabilities, rather than being accounted for and presented on a net fair value basis. The group has restated
for this impact.
This restatement had no impact on the profit for the year, headline earnings, or the statement of cash flows
for the group. Furthermore, the error did not affect the 31 December 2022 SOFP, as the bond forward
derivative portfolio had been correctly accounted for and presented on a net fair value basis. The
restatement impact on the primary financial statements for the year ended 31 December 2023 is as follows:
2023
As previously
reported Restatement Restated
Rm Rm Rm
SBG Group
Derivative assets 97 419 (20 040) 77 379
Derivative liabilities 103 373 (20 040) 83 333
SBSA Group
Derivative assets 83 106 (20 040) 63 066
Derivative liabilities 92 984 (20 040) 72 944
SBSA Company
Derivative assets 82 489 (20 040) 62 449
Derivative liabilities 92 938 (20 040) 72 898
2. SBSA and the group identified that securities sold under linked repurchase agreements, which were
reclassified as pledged assets in the SOFP according to the group's accounting policies, were erroneously
reclassified from trading assets instead of financial investments. The group has restated for this impact.
This restatement had no impact on the profit for the year, headline earnings, or the statement of cash flows
for the group. The restatement impact on the primary financial statements for the year ended 31 December
2023 and 1 January 2023 is as follows:
2023 1 January 2023
As previously As previously
reported Restatement Restated reported Restatement Restated
Rm Rm Rm Rm Rm Rm
SBG Group
Trading assets 316 515 2 117 318 632 314 918 2 704 317 622
Financial investments 758 776 (2 117) 756 659 722 494 (2 704 719 790
SBSA Group
Trading assets 282 915 2 117 285 032 268 228 2 704 270 932
Financial
investments 151 642 (2 117) 149 525 150 003 (2 704) 147 299
SBSA Company
Trading assets 276 949 2 117 279 066 262 291 2 704 264 995
Financial
investments 153 740 (2 117) 151 623 149 981 (2 704) 147 277
3. The group performed an analysis to validate the classification of cash and cash equivalents after identifying
that certain jurisdictions impose restrictions on portions of cash balances held with central banks. These
restricted balances were erroneously classified as cash and cash equivalents. This resulted in the restricted
balances being reclassified from the group's cash and cash equivalents and classified as part of the group's
net movement in operating assets.
Additionally, amounts erroneously classified within the increase in operating assets which meet the criteria
of being on-demand and the definition of cash and cash equivalents, have been reclassified in the group's
cash and cash equivalents.
The group has restated the statement of cash flows and related notes for these classification errors. These
restatements have no impact on the group's statement of financial position, profit for the year, headline
earnings or any key ratios.
The restatement impact on the primary financial statements for the year ended 31 December 2023 is as
follows:
2023
As previously
reported Restatement Restated
Rm Rm Rm
SBG Group
Net cash flows from operating activities 48 698 20 307 69 005
Net movement in operating assets and liabilities (63 744) 20 307 (43 437)
Increase in operating assets (201 553) 20 307 (181 246)
Net movement in cash and cash equivalents (1 052) 20 307 19 255
Cash and cash equivalents in the beginning of the year 206 241 (24 874) 181 367
Cash and cash equivalents at the end of the year 205 189 (4 567) 200 622
4. The SBG company performed an analysis of the classification of cash held with The Standard Bank of
South Africa Limited and determined that the balance meets the definition of cash and cash equivalents.
The balance, included in indebtedness to the company by group subsidiaries per the SOFP, was
erroneously presented as part of the increase in investment in subsidiaries within the statement of cash
flows during 2023. Consequently, this balance was reclassified from increase in investment in subsidiaries
within investing activities to cash and cash equivalents at the beginning and end of the year. These
restatements have no impact on the company's statement of financial position, profit for the year, headline
earnings or any key ratios. The restatement impact on the primary financial statements for the year ended
31 December 2023 is as follows:
2023
As previously
reported Restatement Restated
Rm Rm Rm
SBG Company
Net cash flows used in investing activities (3 253) (1 392) (4 645)
Increase in investment in subsidiaries (3 578) (1 392) (4 970)
Net increase/(decrease) in cash and cash equivalents (1 392) (1 392)
Cash and cash equivalents at the beginning of the year 1 402 1 402
Cash and cash equivalents at the end of the year 10 10
28 March 2025, Johannesburg
JSE Sponsor: The Standard Bank of South Africa Limited
JSE Debt Sponsor: The Standard Bank of South Africa Limited
Namibian Sponsor: Simonis Storm Securities (Proprietary) Limited
Date: 28-03-2025 03:12:00
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