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STANDARD BANK GROUP LIMITED - Financial information provided to the Industrial and Commercial Bank of China Limited (ICBC)

Release Date: 24/04/2019 08:00
Code(s): SBK     PDF:  
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Financial information provided to the Industrial and Commercial Bank of China Limited (“ICBC”)

Standard Bank Group Limited
Registration No. 1969/017128/06
Incorporated in the Republic of South Africa
JSE and A2X 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 2019

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 (“IFRS”) basis, is being provided to ICBC for the three months ended
31 March 2019.

Statement of changes in ordinary shareholders' equity for the three months ended 31 March 2019

                              Balance at 1          Earnings     Other movements     Balance as at
                             January 2019      attributable to      for the period   31 March 2019

                                 Rm                Rm                 Rm                 Rm

   Ordinary share
   capital                       162                                                     162
   Ordinary share
   premium                      17 698                                                 17 698
   Foreign currency
   translation and
   hedging reserve              (2 977)                              (1 317)           (4 294)
   Foreign currency
   translation reserve
   (FCTR)                       (1 800)                             (1 366)1           (3 166)
   Foreign currency
   net investment and
   cash flow hedging
   reserve                      (1 177)                                49              (1 128)
   Retained earnings           149 118           6 644              (9 723)2           146 039
   reserve and
   treasury shares              (2 358)                              1 245             (1 113)
   Other                        3 418                                1 630              5 048
   shareholders’ equity        165 061           6 644               (8 165)           163 540

1 The   movement in the FCTR was mainly impacted by the introduction of the RTGS dollar in Zimbabwe.
2 Primarily   comprises the ordinary dividends declared in March 2019.

Update on the group’s performance for the three months to 31 March 2019

In the three months to 31 March 2019 (1Q19), the South African banking business performance continued to be
impacted by the difficult domestic operating environment. In contrast, the Africa Regions businesses, outside of
South Africa, recorded strong growth. Net interest income growth was supported by year-on-year loan growth.
Non-interest revenue growth was supported by an increase in trading revenue. Operating expenses were
elevated due to costs related to the branch closures. Credit impairment charges were higher than in the prior year
primarily due to the non-repeat of prior year releases in Africa Regions.

In 1Q19, earnings attributable to ordinary shareholders were 8% higher than in the comparative period. During
the period the headline earnings adjustable items were negligible. The group’s Basel III disclosure as at 31 March
2019 will be released in May 2019.

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.

24 April 2019

Lead sponsor
The Standard Bank of South Africa Limited

Independent sponsor
JP Morgan Equities South Africa Proprietary Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

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