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Update on the group's performance for the four months to 30 April and capital adequacy disclosure at 31 March
Standard Bank Group Limited
Registration No. 1969/017128/06
Incorporated in the Republic of South Africa
JSE share code: SBK
ISIN: ZAE000109815
NSX share code: SNB
NSX share code: SNB ZAE000109815
SBKP ZAE000038881 (First preference shares)
SBPP ZAE000056339 (Second preference shares)
JSE bond codes: SBS, SBK, SBN, SBR, ETN series SSN series and CLN series (all JSE listed
bonds issued in terms of The Standard Bank of South Africa Limited’s Domestic Medium Term
Note Programme and Credit Linked Note Programme)
(“Standard Bank Group” or “the group”)
Update on the group's performance for the four months to 30 April 2013 and capital
adequacy disclosure at 31 March 2013
1. Update on the group's performance for the four months to 30 April 2013
At the annual general meeting to be held later today, joint group chief executives Ben Kruger
and Sim Tshabalala will refer to this update regarding the group's performance for the first four
months of 2013 in comparison with the same period for 2012.
Banking activities
Net interest income continues to be supported by higher average balances flowing from balance
sheet growth in 2012 and positive re-pricing in Personal & Business Banking products. Despite
credit impairments increasing, net interest income after impairments represents pleasing growth
over 2012. Non-interest revenue growth has been affected by the non-recurrence of certain
large fair value gains recorded in 2012, but fees and commissions and trading income have
recorded positive growth in the period. Costs continue to be affected by the continued weakness
in the rand and the increase in costs was broadly in line with the increase in risk-adjusted total
income (i.e. after accounting for credit impairments).
Liberty Holdings Limited (“Liberty”)
Shareholders are referred to the Liberty operational update on 17 May 2013 wherein, referring
to the first quarter of 2013, the following comments were included:
“The performance of the group for the three months to 31 March 2013 reflects continued sales
momentum in the Retail SA business, strong cash inflows, and a good overall operational
performance from the rest of the group’s businesses. Returns on the shareholder investment
portfolio benefited from positive investment markets and good tactical asset allocation.”
2. Basel III capital adequacy disclosure at 31 March 2013
In terms of the Basel III requirements under Regulation 43(1)(e)(ii) of the regulations relating to
banks, minimum disclosure on the capital adequacy of the group is required on a quarterly
basis. This announcement meets the ongoing reporting requirement for quarterly disclosure in
terms of Pillar 3 of the Basel III capital accord.
Standard Bank Group
Standard Bank Group remained well capitalised as at 31 March 2013 under Basel III rules with
a total capital adequacy of 14.0% and primary capital adequacy of 11.1% (31 December 2012
Basel III pro-forma total capital adequacy of 14.1% and primary capital adequacy of 11.0%),
significantly exceeding minimum regulatory requirements and revised Basel III internal targets.
March
2013
Note Rm
Ordinary share capital and premium 18 146
Ordinary shareholders' reserves 1 95 109
Minority interest 3 226
Regulatory deductions against primary capital (23 917)
Non-qualifying reserves (1 352)
Common equity tier 1 capital 91 213
Unappropriated Profit (10 881)
Common equity tier 1 capital excluding unappropriated
80 332
profit
Additional tier 1 instruments 4 945
Primary capital 85 277
Subordinated debt 23 748
Secondary unimpaired reserve funds 834
Secondary capital 24 582
Total qualifying capital 109 859
Total minimum regulatory capital requirement 2 82 080
Credit Risk 55 086
Counterparty Credit Risk 5 263
Equity Risk 1 997
Market Risk 6 742
Operational Risk 10 965
Threshold items 2 028
Capital Adequacy Ratio (excl unappropriated profit)
Total capital adequacy ratio (%) 12.7
Primary capital adequacy ratio (%) 9.9
Capital Adequacy Ratio (incl unappropriated profit)
Total capital adequacy ratio (%) 14.0
Primary capital adequacy ratio (%) 11.1
Note:
1. Ordinary shareholders' reserves include unappropriated profits.
2. Total minimum capital requirement calculated at 9.5% is comprised of Pillar 1 at 8% and Pillar
2a at 1.5% and excludes bank specific add-ons and capital floors.
The Standard Bank of South Africa Limited and its subsidiaries (“SBSA”)
SBSA remained well capitalised as at 31 March 2013 with a total capital adequacy of 14.2% and
primary capital adequacy of 11.1% (December 2012 Basel III pro-forma total capital adequacy
of 13.8% and primary capital adequacy of 10.6%), significantly exceeding minimum regulatory
requirements and revised Basel III internal targets.
March
2013
Note Rm
Primary capital 1 51 314
Secondary capital 16 432
Total qualifying capital 67 746
Unappropriated Profit 6 904
Total minimum regulatory capital requirement 2 50 007
Credit Risk 38 145
Counterparty Credit Risk 1 795
Equity Risk 1 233
Market Risk 1 766
Operational Risk 6 685
Threshold items 383
Capital Adequacy Ratio (excl unappropriated profit)
Total capital adequacy ratio (%) 12.9
Primary capital adequacy ratio (%) 9.7
Capital Adequacy Ratio (incl unappropriated profit)
Total capital adequacy ratio (%) 14.2
Primary capital adequacy ratio (%) 11.1
Note:
1. Primary capital excludes unappropriated profits.
2. Total minimum capital requirement calculated at 9.5% is comprised of Pillar 1 at 8% and Pillar
2a at 1.5% and excludes bank specific add-ons and capital floors.
The information contained in this announcement has not been reviewed by or reported on by
Standard Bank Group's external auditors.
Johannesburg
30 May 2013
Lead sponsor
The Standard Bank of South Africa Limited
Independent sponsor
Deutsche Securities (SA) Proprietary Limited
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