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INTERIM RESULTS AND DIVIDEND ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 1999
STANDARD BANK INVESTMENT CORPORATION LIMITED
(REGISTRATION NUMBER 69/17128/06)
ADJUSTED HEADLINE EARNINGS PER SHARE 20% HIGHER
INTERIM DIVIDEND 18 CENTS PER SHARE
TOTAL ASSETS R240 BILLION
COMMENTARY
THE RESULTS FOR THE PERIOD ARE THE FIRST TO BE RELEASED FOLLOWING THE
ACQUISITION OF CONTROL OF THE LIBERTY LIFE GROUP. ATTENTION IS DRAWN TO THE
NOTES ON ACCOUNTING MATTERS ACCOMPANYING THIS COMMENTARY THAT DETAIL THE
IMPORTANT ACCOUNTING ISSUES RELATING TO THIS ACQUISITION AND OTHER MATTERS THAT
WILL ASSIST IN A FULLER UNDERSTANDING OF THE RESULTS FOR THE PERIOD.
EARNINGS
THE GROUP ACHIEVED SATISFACTORY RESULTS FOR THE PERIOD, WITH ADJUSTED HEADLINE
EARNINGS OF R1 310 MILLION, 32% HIGHER AND ADJUSTED HEADLINE EARNINGS PER SHARE
20% UP. THE UNDERLYING MARKET CONDITIONS BOTH DOMESTICALLY AND INTERNATIONALLY
WERE SUBDUED BUT DEMONSTRATED A WELCOME RETURN TO A LEVEL OF STABILITY COMPARED
WITH THE VOLATILITY EXPERIENCED IN FINANCIAL MARKETS IN THE PREVIOUS YEAR. THIS
IMPROVEMENT IN CONDITIONS WAS MOST EVIDENT IN THE GROUP'S INTERNATIONAL
OPERATIONS, WHERE THE STRONG RECOVERY IN EMERGING MARKETS, PARTICULARLY IN
RUSSIA AND IN CERTAIN ASIAN COUNTRIES, ENABLED AN OUTSTANDING TRADING
PERFORMANCE FOR THE PERIOD.
STANBIC OPERATIONS (ALL OPERATIONS EXCLUDING LIBERTY LIFE)
ADJUSTED HEADLINE EARNINGS FOR STANBIC OPERATIONS OF R1 068 MILLION WERE 24%
HIGHER THAN THE PREVIOUS PERIOD, WITH ALL OPERATIONS REFLECTING SATISFACTORY
GROWTH IN EARNINGS IN RELATION TO THE PREVAILING ECONOMIC CONDITIONS. DOMESTIC
BANKING ACHIEVED A 14% INCREASE IN EARNINGS, WITH STRONG GROWTH IN NET INTEREST
INCOME AND TRADING INCOME PARTLY OFFSET BY THE SHARPLY HIGHER LEVEL OF CREDIT
PROVISIONING. STANBIC AFRICA POSTED A 24% INCREASE IN EARNINGS WITH INTEREST
INCOME WELL UP MAINLY AS A RESULT OF AN IMPROVEMENT IN INTEREST MARGIN.
EARNINGS FROM INTERNATIONAL OPERATIONS WERE SIGNIFICANTLY HIGHER, BENEFITING
FROM THE STRONG RECOVERY IN EMERGING MARKETS AND FROM THE EXPANSION OF
ACTIVITIES.
NET INTEREST INCOME OF R3 238 MILLION BEFORE PROVISION FOR CREDIT LOSSES WAS
19% UP, WITH THE NET MARGIN ON TOTAL ASSETS OF 4,0% IN LINE WITH THAT OF 1998.
THE PROVISION FOR CREDIT LOSSES OF R957 MILLION WAS SUBSTANTIALLY HIGHER THAN
THE PREVIOUS PERIOD, WITH THE R329 MILLION INCREASE IN THIS CHARGE MAINLY DUE
TO CONDITIONS IN THE DOMESTIC MARKET WITH ALL ASPECTS OF LENDING AFFECTED BY
THE DETERIORATION IN ECONOMIC CONDITIONS. THE BALANCE SHEET PROVISION FOR
CREDIT LOSSES AS A PERCENTAGE OF LOANS AND ADVANCES WAS 3,3% COMPARED WITH 2,3%
AT JUNE 1998 AND 2,7% AT DECEMBER 1998.
SIGNIFICANT PROGRESS HAS BEEN MADE IN THE RECOVERY OF THE EXPOSURES TO RUSSIAN
BANKS, BOTH BY RESTRUCTURING THE DEBT AND BY ACTIVELY MANAGING THE UNDERLYING
COLLATERAL ASSETS TAKEN OVER. SUBSTANTIAL UNREALISED MARK TO MARKET GAINS ON
THESE ASSETS ARE IN EVIDENCE THAT COMFORTABLY EXCEED THE BALANCE OF THE DEBTS
NOT YET PROVIDED AGAINST. IT IS ANTICIPATED THAT THERE WILL BE A NET RECOVERY
TO INCOME ON THE FINAL REALISATION OF THE COLLATERAL ASSETS AND ON THE OUTCOME
OF THE COMPROMISE NEGOTIATIONS BEING HELD WITH THESE BANKS.
NON-INTEREST INCOME OF R3 244 MILLION WAS 32% HIGHER AND COMPRISED 50%
OF TOTAL INCOME COMPARED WITH 47% IN THE PREVIOUS YEAR. THE MAIN IMPETUS TO
THIS PERFORMANCE WAS PROVIDED BY TRADING INCOME WHICH WAS 79% HIGHER WITH
STRONG GROWTH BOTH DOMESTICALLY AND INTERNATIONALLY. TRADING INCOME NOW
COMPRISES 15% OF TOTAL INCOME, AN INCREASE OF 6 PERCENTAGE POINTS OVER LAST
YEAR. FEES AND COMMISSIONS WERE 17% UP AS A RESULT OF INCREASED LEVELS OF
ADVISORY SERVICES AND THE RE-PRICING OF CERTAIN ACTIVITIES. THE BALANCE OF
NON-INTEREST INCOME WAS 37% UP, ASSISTED BY IMPROVED PROFITS FROM RETAIL
INVESTMENT PRODUCTS AND INCOME FROM HIGHER LEVELS OF ELECTRONIC BANKING
TRANSACTIONS.
OPERATING EXPENSES FOR THE PERIOD WERE 21% HIGHER WITH EMPLOYEE COMPENSATION
AND OTHER OPERATING EXPENSES REFLECTING INCREASES OF 20% AND 22% RESPECTIVELY.
THIS HIGH RATE OF INCREASE WAS MAINLY DUE TO THE ESCALATION OF COSTS IN
INTERNATIONAL OPERATIONS AS A RESULT OF THE EXPANSION OF ACTIVITIES AND THE
EFFECT, ON TRANSLATION, OF THE DECLINE IN THE EXTERNAL VALUE OF THE RAND. COSTS
INCURRED LOCALLY WERE 14% HIGHER. THE RATIO OF OPERATING COSTS TO TOTAL INCOME
AT 61,4% WAS AN IMPROVEMENT OF 2,3 PERCENTAGE POINTS ON THE RATIO AT JUNE 1998
AND 0,9 PERCENTAGE POINTS BETTER THAN AT DECEMBER 1998. ALL OPERATIONS
REFLECTED AN IMPROVEMENT IN THIS RATIO.
EXCEPTIONAL INCOME FOR THE PERIOD INCLUDED R194 MILLION THAT AROSE AS A RESULT
OF THE ALIGNMENT OF REPORTING DATES THROUGHOUT THE GROUP. THE BALANCE OF
EXCEPTIONAL ITEMS INCLUDED GAINS ON THE DISPOSAL OF INVESTMENTS AND
RESTRUCTURING COSTS INCURRED.
THE DECLINE IN EARNINGS FROM ASSOCIATES WAS DUE TO THE CHANGE IN THE STATUS OF
LIBERTY LIFE, FROM AN ASSOCIATE IN THE PREVIOUS YEAR TO A SUBSIDIARY COMPANY.
THE RESULTS OF LIBERTY LIFE HAVE ACCORDINGLY BEEN CONSOLIDATED FOR THE PERIOD.
THE EFFECTIVE TAX RATE FOR THE PERIOD OF 30,3% WAS 1,7 PERCENTAGE POINTS LOWER
THAN THE PREVIOUS YEAR.
LIBERTY OPERATIONS
ATTRIBUTABLE EARNINGS FROM LIBERTY LIFE OF R242 MILLION HAVE BEEN INCLUDED IN
THE GROUP'S HEADLINE EARNINGS FOR THE PERIOD. THESE EARNINGS ARE IN RESPECT OF
STANBIC'S 30% EFFECTIVE HOLDING IN LIBERTY LIFE AND COMPARE WITH EQUITY
ACCOUNTED EARNINGS FOR THE PREVIOUS PERIOD OF R132 MILLION AT THE THEN
EFFECTIVE HOLDING OF 15%. THE EARNINGS FOR THE PREVIOUS PERIOD HAVE NOT BEEN
RESTATED FOR THE CHANGES MADE BY LIBERTY TO COMPARATIVE AMOUNTS, HAVING REGARD
TO THE CLASSIFICATION OF LIBERTY AS AN ASSOCIATE IN THE PREVIOUS PERIOD AND THE
NON-MATERIALITY OF THESE CHANGES AT THE STANBIC LEVEL.
LIBERTY LIFE'S RESULTS FOR THE PERIOD HAVE BEEN ANNOUNCED AND DETAILED
INFORMATION ON PERFORMANCE FOR THE SIX MONTHS TO 30 JUNE 1999 IS AVAILABLE IN
THE PRESS RELEASE AND NOTICE TO SHAREHOLDERS. IT IS PROPOSED THAT IN FUTURE,
THE LIBERTY ANNOUNCEMENT WILL ACCOMPANY THE STANBIC NOTICE TO SHAREHOLDERS.
DIVIDEND
AN INTERIM DIVIDEND OF 18 CENTS PER SHARE (1998: 16 CENTS) HAS BEEN DECLARED TO
SHAREHOLDERS. IN VIEW OF THE ADDITIONAL SHARES IN ISSUE, THE INTERIM DIVIDEND
POLICY HAS BEEN AMENDED TO ONE THIRD OF THE PREVIOUS YEAR'S TOTAL DIVIDEND PER
SHARE, COMPARED WITH ONE THIRD OF THE PREVIOUS YEAR'S TOTAL DIVIDEND.
BALANCE SHEET
TOTAL ASSETS AT THE HALF YEAR OF R239,7 BILLION WERE SIGNIFICANTLY HIGHER THAN
THE PREVIOUS PERIOD DUE TO THE INCLUSION OF THE ASSETS OF LIBERTY LIFE FOR THE
FIRST TIME. TOTAL ASSETS OF STANBIC OPERATIONS, EXCLUDING LIBERTY LIFE, OF
R174,9 BILLION WERE 17% HIGHER THAN AT JUNE 1998 AND 9% HIGHER THAN AT DECEMBER
1998.
THE GROUP'S CAPITAL BASE AT 10,6% OF RISK WEIGHTED ASSETS REMAINS ABOVE THE
STATUTORY REQUIREMENT OF 8%, WITH TIER ONE CAPITAL AT 9,7% AGAINST THE
REQUIREMENT OF 4%.
YEAR 2000 COMPLIANCE
THE GROUP ANTICIPATES ACHIEVING YEAR 2000 COMPLIANCE IN ALL BUSINESS OPERATIONS
BY 30 SEPTEMBER 1999. BASED ON CURRENT ASSESSMENTS AND INFORMATION ON
COMPLIANCE RECEIVED FROM THE MATERIAL ENTITIES WITH WHOM THE GROUP TRANSACTS,
IT IS NOT EXPECTED THAT THE YEAR 2000 ISSUE WILL HAVE A MATERIALLY ADVERSE
EFFECT ON THE GROUP'S BUSINESS AND FINANCIAL RESULTS.
THE ESTIMATED COST TO BE INCURRED IN ACHIEVING YEAR 2000 COMPLIANCE IS R173
MILLION, WITH R151 MILLION INCURRED TO DATE.
LIBERTY LIFE
BANCASSURANCE
INITIATIVES TO EXPAND THE SALE OF BASIC INSURANCE PRODUCTS SUCH AS FUNERAL
POLICIES AND CREDIT LIFE, AND TO EMBED INSURANCE OPTIONS IN BANK PRODUCTS, HAVE
BEEN IMPLEMENTED AND SALES ARE GROWING RAPIDLY. DEVELOPMENTS ON THIS FRONT WILL
CONTINUE AND INCREASE IN INTENSITY.
UNBUNDLING OF STANBIC SHAREHOLDING
THE PROPOSED UNBUNDLING BY LIBERTY LIFE OF SHAREHOLDERS' INTERESTS IN STANBIC
HAS BEEN ANNOUNCED AND WILL ENCOMPASS BOTH THE INDIRECT HOLDINGS VIA LIBERTY
STRATEGIC INVESTMENTS AS WELL AS THE DIRECT HOLDINGS ON SHAREHOLDERS' ACCOUNT
OF LIBERTY LIFE ITSELF. THIS UNBUNDLING WILL ASSIST IN RATIONALISING THE
CORPORATE STRUCTURES OF THE LIBERTY GROUP AS WELL AS REDUCING THE AMOUNT OF
CAPITAL, WHICH WILL ENHANCE THE RETURN ON EQUITY. THE INTENTION AT THIS STAGE
IS THAT THE SHARES RECEIVED BY STANBIC WILL NOT BE CANCELLED BUT WILL BE
RETAINED WITHIN THE GROUP.
PROSPECTS
REDUCED CREDIT PROVISIONING IN THE SECOND HALF OF THE YEAR, MODESTLY IMPROVING
ECONOMIC CONDITIONS AND COMPARISON WITH THE LOW BASE IN THE SECOND HALF OF LAST
YEAR, WILL CAUSE STRONG GROWTH IN SECOND HALF EARNINGS.
C B STRAUSS, CHAIRMAN
M H VOSLOO, GROUP CHIEF EXECUTIVE
DECLARATION OF DIVIDEND NO. 60
NOTICE IS HEREBY GIVEN THAT AN INTERIM ORDINARY DIVIDEND, NO. 60 OF 18 CENTS
PER ORDINARY SHARE, HAS BEEN DECLARED PAYABLE ON 1 OCTOBER 1999 TO SHAREHOLDERS
REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON 10 SEPTEMBER
1999. THE REGISTER OF MEMBERS WILL BE CLOSED FROM 11 SEPTEMBER 1999 TO 19
SEPTEMBER 1999, BOTH DATES INCLUSIVE.
WHERE APPLICABLE, DIVIDENDS WILL BE TRANSFERRED ELECTRONICALLY TO SHAREHOLDERS'
BANK ACCOUNTS ON OR ABOUT DUE DATE. IN THE ABSENCE OF SUITABLE MANDATES,
DIVIDEND CHEQUES WILL BE POSTED TO SHAREHOLDERS.
BY ORDER OF THE BOARD
K D CURR
GROUP SECRETARY
19 AUGUST 1999
ACCOUNTING MATTERS
THE FINANCIAL RESULTS FOR THE PERIOD HAVE BEEN PREPARED ON A BASIS CONSISTENT
WITH THAT OF THE PREVIOUS PERIOD, WITH THE ONE EXCEPTION THAT LIBERTY LIFE'S
ACCOUNTING POLICY OF REFLECTING THE CARRYING VALUE OF LISTED INVESTMENTS AT
MARKET VALUE AND OF INCLUDING SURPLUSES AND DEFICITS ARISING THEREFROM IN
INCOME FOR THE PERIOD HAS BEEN ADOPTED IN RESPECT OF INSURANCE OPERATIONS.
OTHER ACCOUNTING MATTERS RELATED TO THE FINANCIAL STATEMENTS AT 30 JUNE 1999
THAT REQUIRE EXPLANATION ARE AS FOLLOWS:
1. THE RESULTS OF LIBERTY LIFE HAVE BEEN CONSOLIDATED WITH EFFECT FROM 1
JANUARY 1999.
2. GOODWILL OF R2 734 MILLION ARISING ON THE ACQUISITION OF THE 50% HOLDING IN
LIBLIFE CONTROLLING CORPORATION (PTY) LIMITED (LCC) HAS BEEN SET OFF AGAINST
SHAREHOLDERS' FUNDS AT 30 JUNE 1999.
3. RESULTS OF CERTAIN BANKING SUBSIDIARIES AND ASSOCIATES, AND OF LIBERTY LIFE,
HAVE HISTORICALLY BEEN ACCOUNTED FOR AT A PERIOD END THREE MONTHS AND SIX
MONTHS RESPECTIVELY EARLIER THAN THE GROUP'S REPORTING DATE. WITH EFFECT FROM 1
JANUARY 1999, THE ACCOUNTING DATE FOR ALL SUBSIDIARIES AND ASSOCIATES HAS BEEN
ALIGNED WITH THAT OF THE GROUP. EARNINGS FOR THE INTERVENING PERIODS HAVE BEEN
INCLUDED IN THE INCOME STATEMENT FOR THE SIX MONTHS AS EXCEPTIONAL ITEMS.
4. IN THE CALCULATION OF THE WEIGHTED AVERAGE NUMBER OF SHARES IN ISSUE USED IN
THE DETERMINATION OF EARNINGS PER SHARE:
THE EFFECTIVE HOLDING THAT THE GROUP HAS IN ITS OWN ISSUED SHARES AS A RESULT
OF THE CROSS-HOLDING BETWEEN STANBIC AND LIBERTY LIFE HAS BEEN DEDUCTED IN BOTH
THE CURRENT AND PREVIOUS PERIODS; AND
THE ORDINARY SHARES ISSUED DIRECTLY AND INDIRECTLY IN PART SETTLEMENT OF THE
PURCHASE CONSIDERATION FOR THE 50% HOLDING IN LCC HAVE BEEN ASSUMED TO BE IN
ISSUE FOR THE FULL PERIOD AND NOT ONLY FROM THE DATE OF ISSUE.
5. THE DEFINITIONS OF HEADLINE AND ADJUSTED HEADLINE EARNINGS ARE AS FOLLOWS:
HEADLINE EARNINGS - ATTRIBUTABLE EARNINGS LESS EXCEPTIONAL PROFITS AND LOSSES
OTHER THAN THOSE ARISING AS A RESULT OF ALIGNING THE REPORTING PERIODS, AND
EXCLUDING SURPLUSES AND DEFICITS ON THE VALUATION BY LIBERTY LIFE OF LISTED
INVESTMENTS AT MARKET VALUE;
ADJUSTED HEADLINE EARNINGS - HEADLINE EARNINGS LESS PROFITS AND LOSSES ARISING
AS A RESULT OF ALIGNING THE REPORTING PERIODS.
CONSOLIDATED INCOME STATEMENT
SIX MONTHS ENDED YEAR ENDED
30 JUNE 30 JUNE 31 DECEMBER
% 1999 1998 1998
CHANGE R MILLION R MILLION R MILLION
UNAUDITED UNAUDITED AUDITED
STANBIC OPERATIONS
INTEREST INCOME 13 11112 9847 21888
INTEREST EXPENSE 11 7874 7122 15916
NET INTEREST INCOME BEFORE
PROVISION FOR CREDIT LOSSES 19 3238 2725 5972
PROVISION FOR CREDIT LOSSES 52 957 628 1804
NET INTEREST INCOME 9 2281 2097 4168
NON-INTEREST INCOME 32 3244 2453 5297
TOTAL INCOME 21 5525 4550 9465
EMPLOYEE COMPENSATION AND
BENEFITS 20 2090 1743 3575
OTHER OPERATING EXPENSES 22 1893 1553 3443
OPERATING EXPENSES 21 3983 3296 7018
OPERATING PROFIT 23 1542 1254 2447
EXCEPTIONAL ITEMS 174 1 (17)
INCOME BEFORE TAXATION 37 1716 1255 2430
TAXATION 15 461 402 665
INCOME AFTER TAXATION 47 1255 853 1765
SHARE OF INCOME FROM
ASSOCIATED UNDERTAKINGS 10 146 295
NET INCOME 27 1265 999 2060
ATTRIBUTABLE TO
OUTSIDE AND
PREFERENCE SHAREHOLDERS 6 4 8
STANBIC INCOME ATTRIBUTABLE
TO ORDINARY SHAREHOLDERS 27 1259 995 2052
LIBERTY OPERATIONS
INCOME BEFORE TAXATION 1143
TAXATION 301
INCOME AFTER TAXATION 842
ATTRIBUTABLE TO
OUTSIDE AND PREFERENCE
SHAREHOLDERS 600
NET INCOME BEFORE
INVESTMENT DEFICIT 242
INVESTMENT DEFICIT 39
LIBERTY INCOME ATTRIBUTABLE
TO ORDINARY SHAREHOLDERS 203
GROUP INCOME ATTRIBUTABLE
TO ORDINARY SHAREHOLDERS 47 1462 995 2052
ORDINARY DIVIDEND 19 230 193 640
RETAINED SURPLUS 1232 802 1412
HEADLINE EARNINGS
GROUP INCOME ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS 1462 995 2052
ADJUSTED FOR:
INVESTMENT DEFICIT 39
EXCEPTIONAL ITEMS: 20 (1) 17
-RESTRUCTURING COSTS 70 29
-GOODWILL WRITTEN OFF 32 36
-NET SURPLUS ON SALE OF SUBSIDIARY
UNDERTAKINGS, LONG TERM
INVESTMENTS, INVESTMENT SECURITIES
AND PREMISES (50) (33) (48)
-TAXATION ON EXCEPTIONAL ITEMS (17) (10)
HEADLINE EARNINGS 51 1504 994 2059
NET INCOME ATTRIBUTABLE TO
SHAREHOLDERS ON ADOPTION OF
COTERMINOUS REPORTING (194)
ADJUSTED HEADLINE EARNINGS 32 1310 994 2059
FINANCIAL STATISTICS
STANBIC GROUP
SHARES IN ISSUE
NUMBER OF ORDINARY SHARES IN ISSUE
BEFORE DEDUCTION OF CROSS-HOLDING:
- END OF PERIOD (MILLIONS) 1373 1206 1207
- WEIGHTED AVERAGE (MILLIONS) 1372 1206 1206
AFTER DEDUCTION OF CROSS-HOLDING:
- END OF PERIOD (MILLIONS) 1277 1162 1159
- WEIGHTED AVERAGE (MILLIONS) 1276 1161 1158
EARNINGS
EARNINGS PER ORDINARY SHARE
(CENTS) 34 114,6 85,7 177,2
HEADLINE EARNINGS PER
ORDINARY SHARE (CENTS) 38 117,8 85,6 177,8
ADJUSTED HEADLINE EARNINGS PER
ORDINARY SHARE (CENTS) 20 102,6 85,6 177,8
DIVIDEND PER ORDINARY SHARE
(CENTS) 13 18,0 16,0 53,0
NET ASSET VALUE PER ORDINARY
SHARE (CENTS) 8 1045,9 967,5 1087,0
EFFECTIVE TAXATION RATE (PER CENT) 28,6 32,0 27,4
FINANCIAL PERFORMANCE
RETURN ON AVERAGE ORDINARY
SHAREHOLDERS' FUNDS (PER CENT)* 20,5 18,6 18,1
STANBIC OPERATIONS
FINANCIAL PERFORMANCE
RETURN ON AVERAGE ORDINARY
SHAREHOLDERS' FUNDS (PER CENT)* 19,0 18,8 18,4
RETURN ON AVERAGE TOTAL
ASSETS (PER CENT)* 1,3 1,2 1,2
OPERATING COSTS TO TOTAL
INCOME (PER CENT) 61,4 63,7 62,3
EFFECTIVE TAXATION RATE (PER CENT) 30,3 32,0 27,4
CAPITAL ADEQUACY
CAPITAL RATIO
- PRIMARY CAPITAL 9,7 9,9 10,1
- TOTAL CAPITAL 10,6 11,9 11,2
*CALCULATION BASED ON ADJUSTED HEADLINE EARNINGS
CONSOLIDATED BALANCE SHEET
30 JUNE 30 JUNE 31 DECEMBER
1999 1998 1998
R MILLION R MILLION R MILLION
UNAUDITED UNAUDITED AUDITED
ASSETS
STANBIC OPERATIONS 174937 149868 160384
CASH AND BANK BALANCES 29491 21946 24765
INVESTMENT AND TRADING SECURITIES 12943 6477 6448
LOANS AND ADVANCES 112415 103028 110307
OTHER ASSETS 17085 13136 13117
INTEREST IN ASSOCIATED UNDERTAKINGS 52 2389 2733
FIXED ASSETS 2567 2543 2648
CUSTOMERS' ACCEPTANCE LIABILITIES 384 349 366
LIBERTY OPERATIONS 64734
CURRENT ASSETS 3551
INVESTMENTS 60895
FIXED ASSETS 288
TOTAL ASSETS 239671 149868 160384
LIABILITIES
STANBIC OPERATIONS 163982 138585 147722
DEPOSIT AND CURRENT ACCOUNTS 147129 126501 135660
OTHER LIABILITIES AND PROVISIONS 16382 11210 11502
DEBENTURES 87 525 194
ACCEPTANCES OUTSTANDING 384 349 366
LIBERTY OPERATIONS 51249
CURRENT LIABILITIES 2160
LIFE FUNDS 47555
LONG TERM LIABILITIES 1534
TOTAL LIABILITIES 215231 138585 147722
SHAREHOLDERS' FUNDS
SHARE CAPITAL 135 129 129
SHARE PREMIUM 1773 1639 1645
RESERVES 11454 9480 10829
TOTAL SHAREHOLDERS' FUNDS 13362 11248 12603
OUTSIDE SHAREHOLDERS' INTEREST 11078 35 59
TOTAL LIABILITIES AND
SHAREHOLDERS' FUNDS 239671 149868 160384
CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
CONTINGENT LIABILITIES
-LETTERS OF CREDIT 1667 2099 1901
-GUARANTEES 12416 11244 10972
CAPITAL EXPENDITURE
-INCURRED 261 181 678
-CONTRACTED 442 132 107
-AUTHORISED BUT NOT YET CONTRACTED 19 108 10
SHAREHOLDERS' FUNDS
ADJUSTED FOR THE INCREASE IN MARKET VALUE
OVER THE CARRYING VALUE OF SUBSIDIARIES
AND ASSOCIATES AND OVER THE BOOK VALUE
OF INVESTMENTS AND PROPERTY 17095 14203 14123
CONSOLIDATED CASH FLOW INFORMATION
NET CASH INFLOW FROM OPERATING
ACTIVITIES 8998 2906 4694
NET CASH OUTFLOW FROM INVESTING
ACTIVITIES 9613 69 367
NET CASH INFLOW/(OUTFLOW) FROM
FINANCING ACTIVITIES 1585 (429) (837)
BOARD OF DIRECTORS
C B STRAUSS (CHAIRMAN),
D E COOPER (DEPUTY CHAIRMAN),
M H VOSLOO* (GROUP CHIEF EXECUTIVE),
J H MAREE* (DEPUTY GROUP CHIEF EXECUTIVE),
R C ANDERSEN*, D D B BAND, E BRADLEY,
A R EVANS, R M GODSELL, D A HAWTON,
R J KHOZA, W S MACFARLANE, E A G MACKAY,
S J MACOZOMA, B J M MASEKELA, R P MENELL,
R A PLUMBRIDGE, P C PRINSLOO*, M RAPP#,
A ROMANIS*#, C J SAUNDERS, E P THERON.
* EXECUTIVE DIRECTOR # BRITISH
GROUP SECRETARY
K D CURR
REGISTERED OFFICE
9TH FLOOR, STANDARD BANK CENTRE
5 SIMMONDS STREET, JOHANNESBURG, 2001
PO BOX 7725, JOHANNESBURG, 2000
SHARE TRANSFER SECRETARIES
MERCANTILE REGISTRARS LIMITED
7TH FLOOR, 11 DIAGONAL STREET, JOHANNESBURG, 2001
PO BOX 1053, JOHANNESBURG, 2000
THIS ANNOUNCEMENT, TOGETHER WITH A FINANCIAL PRESENTATION, IS AVAILABLE ON THE
STANDARD BANK WEBSITE AT:
HTTP://WWW.STANDARDBANK.CO.ZA
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