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Availability of The Standard Bank of South Africa Limited annual financial statements
The Standard Bank of South Africa Limited
Registration number 1962/000738/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com/reporting
JSE bond code: BISTDB
Availability of The Standard Bank of South Africa Limited annual financial statements
As per the JSE Debt Listings Requirements, the annual financial statements for The Standard Bank of South Africa Limited (the group
and company) have been made available on the following website: www.standardbank.com/reporting.
The group and company further wish to advise that their audit reports were unqualified.
Restatements of previously published results
During the preparation of the group and company’s 2022 annual financial statements, the group and company noted the following
restatements relating to the group and company’s previously published results:
1. During the current reporting period, the group and company performed benchmarking and internal investigations to reassess
the definition of cash and cash equivalents when compiling the statement of cash flows. The following have been identified as
industry best practice during this exercise and have resulted in the below restatements of errors, changes to accounting
presentation policies and related additional disclosures, these restatements had no impact on the group or company's
statement of financial position and income statement.
• The direct method provides more reliable presentation of the cash flow movements for the group and company
which is not available under the indirect method. This change only impacted net cash flows from operating activities
within the statement of cash flows for both the group and company.
• The group and company restated its financial statements to appropriately reflect and present the change from on
demand loans and advances to banks to cash and cash equivalents in the statement of cash flow and updated the
related accounting policy accordingly. These balances were in prior periods excluded from cash and cash
equivalents and instead included in income-earning assets. Both the balances and movement have now been
appropriately included within the cash and cash equivalents line in the statement of cash flows.
• The company restated its financial statements to appropriately reflect capital expenditure on intangible assets
included in the statement of cash flow which contained a mathematical error where it erroneously included a
reallocation that relates to interest capitalised, from net cash flows used in operations, within interest, fee and
commission receipts, to net cash flows used in investing activities, within capital expenditure, when the amount
should have been an outflow. Both impacted lines on the statement of cash flow for the company have been restated
accordingly.
The above changes had the following impact on the statements of cash flows:
2021
As previously
reported Restatement Restated
Group Rm Rm Rm
Net cash flows from operating activities 2 919 (2 919) —
Net cash flow used in operations (indirect method) (34 228) 34 228 —
Net income before non-trading and capital items, and equity accounted
19 660 (19 660) —
earnings
Adjusted for non-cash items and other adjustments included in the income
(27 918) 27 918 —
statement
Increase in income-earning assets (107 575) 107 575 —
Increase in deposits, trading and other liabilities 81 605 (81 605) —
Dividends received 1 596 (1 596) —
Interest paid (32 819) 32 819 —
Interest received 70 908 (70 908) —
Direct taxation paid (2 538) 2 538 —
Net cash flows from operating activities — 10 228 10 228
Net cash flow from operations (direct method) — 29 831 29 831
Interest and commission receipts — 101 520 101 520
Interest payments (32 819) (32 819)
Recoveries on loans previously written off 780 780
Cash payments to suppliers and employees (39 650) (39 650)
Net movement in working capital — (18 661) (18 661)
(Increase)/Decrease in operating assets (100 266) (100 266)
Increase/(Decrease) in operating liabilities 81 605 81 605
Dividends received 1 596 1 596
Direct taxation paid (2 538) (2 538)
Net cash flows used in investing activities (2 429) (2 429)
Net cash flows used in financing activities (2 265) (2 265)
Net (decrease)/increase in cash and cash equivalents (1 775) 7 309 5 534
Cash and cash equivalents at the beginning of the year 34 030 10 629 44 659
Cash and cash equivalents at the end of the year 32 255 17 938 50 193
2021
As previously
reported Restatement Restated
Company Rm Rm Rm
Net cash flows from operating activities 1 375 (1 375) —
Net cash flow used in operations (32 784) 32 784 —
Net income before capital items and equity accounted earnings 18 223 (18 223) —
Adjusted for non-cash items and other adjustments included in the income
(26 869) 26 869 —
statement
Increase in income-earning assets (106 629) 106 629 —
Increase in deposits, trading and other liabilities 82 491 (82 491) —
Dividends received 1 315 (1 315) —
Interest paid (35 002) 35 002 —
Interest received 70 136 (70 136) —
Direct taxation paid (2 290) 2 290 —
—
Net cash flows from operating activities — 10 800 10 800
Net cash flow from operations — 28 604 28 604
Interest, fee and commission receipts — 99 611 99 611
Interest payments (32 887) (32 887)
Recoveries on loans previously written off 778 778
Cash payments to suppliers and employees (38 898) (38 898)
Net movement in working capital — (16 829) (16 829)
(Increase)/Decrease in operating assets (99 320) (99 320)
(Increase)/Decrease in operating liabilities 82 491 82 491
Dividends received 1 315 1 315
Direct taxation paid (2 290) (2 290)
Net cash flows used in investing activities (1 924) (2 116) (4 040)
Net cash flows used in financing activities (1 226) (1 226)
Net (decrease)/increase in cash and cash equivalents (1 775) 7 309 5 534
Cash and cash equivalents at the beginning of the year 34 030 10 629 44 659
Cash and cash equivalents at the end of the year 32 255 17 938 50 193
These restatements updated accounting policies and other additional disclosures have had no impact on the group or company’s
statement of financial position, income statement or any ratios presented.
2. During the current reporting period, the group performed an assessment on the presentation of MasterCard and Visa fee-
related expenses and found that these expenses were erroneously included in operating expenses for the Standard Bank of
South Africa (SBSA) entity within the group. The group incurs scheme assessment fees on its Visa and MasterCard offerings
to its clients in the Consumer & High Net Worth and Business & Commercial Clients segments, which are in nature linked to
the related fee and commission income within non-interest revenue. These expenses have been reclassified to be presented
within fee and commission expenses, resulting in a reallocation from operating expenses to fee and commission expenses in
the income statement of SBSA company and the SBSA group. This restatement is a reallocation between line items and had
no impact on profit for the period, EPS (basic and diluted) or headline earnings for the entity and groups noted. The impact
relating to the above on the group and company statements of cash flows has been included in the restatement pertaining to
the move to the direct method in the statement of cash flows above.
The above restatement had the following impact on the primary statements within these results:
2021
As previously reported Restatement Restated
Rm Rm Rm
SBSA group
Income statement
Fee and commission expense (5 688) (258) (5 946)
Operating expenses (45 160) 258 (44 902)
SBSA company
Income statement
Fee and commission expense (5 629) (258) (5 887)
Other operating expenses (44 384) 258 (44 126)
The impact relating to the above on the group and company statements of cash flows has been included in the restatement pertaining to
the move to the direct method in the statement of cash flows above.
31 March 2023, Johannesburg
Sponsor: The Standard Bank of South Africa Limited
Date: 31-03-2023 11:52:00
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