STANDARD BANK GROUP LIMITED - Financial information provided to the ICBC and update on the groups operational performance

Financial information provided to the ICBC and update on the group’s operational performance

Standard Bank Group Limited
Registration number 1969/017128/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com

Share codes
JSE share code: SBK ISIN: ZAE000109815
NSX share code: SNB ZAE000109815
A2X share code: SBK
SBKP ZAE000038881 (First preference shares)
SBPP ZAE000056339 (Second preference shares)
JSE bond code: SBKI
("Standard Bank Group" or "the group")

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            Earnings            Other    Balance as at 31
                           January 2024        attributable to   movements for        March 2024
                                                     ordinary       the period
                                                shareholders
                                     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.

Johannesburg
25 April 2024

Enquiries:
Sarah Rivett-Carnac
sarah.rivett-carnac@standardbank.co.za

JSE sponsor
The Standard Bank of South Africa Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

Date: 25-04-2024 05:00:00
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