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Standard Bank Group Limited
Registration number 1969/017128/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com/reporting
Share codes
JSE and A2X share code: SBK
ISIN: ZAE000109815
NSX share code: SNB
SBKP ZAE000038881 (First preference shares)
SBPP ZAE000056339 (Second preference shares)
JSE bond code: SBKI
("Standard Bank Group" or "the group")
Voluntary trading update for the five months to 31 May 2026
In the five months to 31 May 2026 (5M26 or current period), despite the uncertain global and
regional operating environment, Standard Bank Group recorded a resilient performance. The
group continued to benefit from its scale and diversification. In 5M26, compared to the five
months to 31 May 2025 (5M25), earnings growth was underpinned by ongoing franchise
momentum which drove balance sheet and revenue growth and a disciplined approach to
costs and credit risk.
Operating environment
In the current period, the operating environment became more complex as geopolitical
tensions, higher energy prices, and ongoing trade-policy uncertainty weighed on global
growth and inflation expectations. Across the group's countries of operation, macroeconomic
conditions were mixed. While inflation was relatively contained across several markets, the
outlook became less benign.
In South Africa, the domestic backdrop continued to be supported by ongoing structural
reform momentum, an improved fiscal trajectory, and resilient terms of trade. The
constructive backdrop was duly noted by credit ratings agencies. In May 2026, against the
backdrop of inflation risks, the South African Reserve Bank increased the repo rate by 25
basis points to 7.0%.
5M26 performance
Balance sheet growth was supported by strong origination in Investment Banking and
increased disbursements in Business and Commercial Banking, particularly in South Africa.
The Personal and Private Banking portfolio recorded moderate growth, as the home loans
portfolio continued to grow at low single digits. Pleasingly, current accounts and term
deposits recorded strong growth, in line with the group's transactional client franchise focus.
Income growth was supported by balance sheet growth, increased client activity, and an
increased client base, which drove higher transactional activity, period on period. This was
partly offset by the negative endowment impact of lower average interest rates across the
portfolio, period on period, and ongoing competitive pricing pressures in the home loans
portfolio in South Africa. Trading revenue growth was supported by periods of elevated
market volatility and market-making opportunities, particularly in the first quarter of the year.
The group continued to maintain rigorous cost discipline while absorbing increased business
activity-related costs. We continue to invest in growing the client franchise while improving
operational efficiency and optimising our physical infrastructure. Cost growth was broadly in
line with revenue growth, period on period.
Credit impairment charges were lower, period on period, despite an increase in forward-
looking provisions in response to the deteriorating macroeconomic outlook. Lower credit
impairment charges, combined with a growing balance sheet, resulted in a lower credit loss
ratio, period on period.
The strong earnings growth momentum reported by the Insurance & Asset Management
business in 2025 continued into 2026. This was supported by improved life risk experience,
continued good persistency levels, and good growth in assets under management in South
Africa and Nigeria, period on period.
As expected, the group's earnings growth in 5M26 moderated relative to the 12% recorded
in the first quarter of the year.
The Africa Regions portfolio continued to benefit from its diversity. A softer performance in
the South & Central Region was more than offset by growth in the West and East Africa
portfolios. The ongoing growth in the South Africa franchise was underpinned by continued
positive momentum in the business and competitive client offerings.
The group remains well capitalised and liquid with a CET1 ratio of 13.2% as reported on 31
March 2026.
2026 outlook
The uncertainty brought about by the Middle East conflict, and the subsequent inflation and
related monetary policy actions, has temporarily weighed on our clients' confidence to
transact, invest, and borrow. Should the recent positive developments hold, we would expect
confidence and momentum to return in the second half of the year.
At this stage, the group's guidance for the year ended 31 December 2026, as provided in
March 2026, remains unchanged. This will be reviewed as part of the interim results
process. An update will be provided when the group reports its financial results for the six
months to 30 June 2026, on 13 August 2026.
Investor call
Standard Bank Group will host an investor call at 17h00 (South Africa time) on 22 June
2026. To register for the call, please use the link below:
Standard Bank Group Pre-Close Call - June 2026
Alternatively, registration details for the call are available on the Standard Bank Group Investor
Relations website - Standard Bank Group Investor Relations | Standard Bank
A replay will be made available on the Investor Relations website.
Shareholders are advised that the information contained in this announcement has not been
reviewed or reported on by the group's external auditors.
Queries:
Investor Relations
Sarah Rivett-Carnac
Email: sarah.rivett-carnac@standardbank.co.za
Johannesburg
22 June 2026
JSE sponsor
The Standard Bank of South Africa Limited
Namibian sponsor
Simonis Storm Securities (Proprietary) Limited
Date: 22-06-2026 08:00:00
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