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Financial information provided to ICBC and update on the group’s operational performance
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
(“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 2018
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 2018.
Statement of changes in ordinary shareholders' equity for the three months ended 31 March 2018
Balance at IFRS 9 Earnings Other Balance at
1 January transition attributable movements 31 March
2018 adjustment to ordinary for the period 2018
shareholders
Rm Rm Rm Rm Rm
Ordinary share capital 162 - 162
Ordinary share premium 17 901 185 18 086
Foreign currency (7 099) (1 688) (8 787)
translation and hedging
reserves
Foreign currency (6 116) (1 688)1 (7 804)
translation reserve (FCTR)
Foreign currency net (983) - (983)
investment and cash flow
hedging reserve
Retained earnings 144 539 (5 302)2 6 137 (7 844)3 137 530
Empowerment reserve and (1 373) (388) (1 761)
treasury shares
Other 2 890 (959)2 22 1 953
Ordinary shareholders' 157 020 (6 261) 6 137 (9 713) 147 183
equity
1 The movement in the FCTR is primarily as a result of the strengthening of the Rand against the US Dollar, the
Argentine Peso and other African currencies.
2 For more information on the IFRS 9 – Financial Instruments (IFRS 9) transition adjustment, please refer to the
Standard Bank Group’s IFRS 9 Transition Report which is available on the group’s Investor Relations website,
http://reporting.standardbank.com/resultsreports.php
3 Primarily comprises the ordinary dividends declared in March 2018.
Update on the group’s performance for the three months ended 31 March 2018 (1Q18)
In South Africa, the slight improvement in business and consumer confidence has not yet translated into stronger
asset growth. In Africa Regions, the positive momentum in the retail customer franchise continued. Good growth
in non-interest revenue, underpinned by higher trading revenues, was partially offset by slow net interest income
growth, on the back of slow asset growth and declining interest rates. A relatively benign credit environment
continued to provide support to banking earnings. Earnings from banking activities and other banking interests
grew period on period. Group earnings were dampened by the strength of the Rand relative to the USD and
Argentine Peso and weakness in key African currencies during 1Q18 relative to 1Q17.
The earnings attributable to the group from its 55.5% shareholding in Liberty Holdings Limited (Liberty) are
adjusted for the Standard Bank Group shares held by Liberty for the benefit of Liberty policyholders which are
deemed to be treasury shares in the group’s consolidated accounts. The increase in the Standard Bank Group
share price between 31 December 2017 and 31 March 2018 had a negative impact on the earnings attributable
to the group from Liberty in the period. This was in contrast to a small positive impact in the comparable period.
Liberty is due to publish its operational update for the three months ended 31 March 2018 on 18 May 2018.
During the period the headline earnings adjustable items were negligible.
The group’s Basel III disclosure as at 31 March 2017 will be released on 22 May 2018.
With the exception of the reasonable assurance report issued by the group’s external auditors on the IFRS 9
transition adjustment, 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
24 April 2018
Lead sponsor
The Standard Bank of South Africa Limited
Independent sponsor
Deutsche Securities (SA) Proprietary Limited
Namibian sponsor
Simonis Storm Securities (Proprietary) Limited
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