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STANDARD BANK GROUP LIMITED - Trading statement for the year ended 31 December 2023

Release Date: 28/02/2024 08:00
Wrap Text
Trading statement for the year ended 31 December 2023

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

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" or "the group")

Trading statement for the year ended 31 December 2023

Standard Bank is currently in the process of finalising the group's results for the year ended
31 December 2023 (FY23). In accordance with section 3.4(b) of the Listings Requirements
of the JSE Limited, shareholders are advised that Standard Bank is satisfied that a
reasonable degree of certainty exists with regards to the group's financial results for FY23.
The group's headline earnings per share (HEPS) and earnings per share (EPS) for FY23 are
expected to be higher than the reported HEPS and EPS for the year ended 31 December
2022 (FY22), translating into:

                  FY22                   Range                           FY23 range
 HEPS            2 050.4        23% - 28% higher than FY22            2 522.0     2 624.5
 EPS             2 074.1        25% - 30% higher than FY22            2 592.6     2 696.3

FY23 Results

Standard Bank will release results for FY23 on 14 March 2024. Details regarding the
presentation are available on the group's Investor Relations website -

During the finalisation of the group's results, the group amended the methodology for
recognising interest on Stage 3 loans. This change resulted in an increase in net interest
income and an equal and opposite increase in credit impairment charges. There is no impact
on HEPS or EPS. Furthermore, this change has no impact on gross loans and advances,
balance sheet provisions or coverage. The change has been applied retrospectively to the
2022 financial year and the related ratios have been restated as follows:

 2022                                      As reported       Adjustment            Restated
 Net interest margin, basis points                 425                7                 432
 Credit loss ratio, basis points                    75                8                  83
 Cost-to-income ratio, %                          54.4              0.5                53.9

This amendment will also result in a change in the related figures and ratios in 2023.
Accordingly, the FY23 net interest margin and credit loss ratio will be higher than previously

Shareholders are advised that the information contained in this announcement has not been
reviewed or reported on by the group's auditors.

Investor Relations
Sarah Rivett-Carnac

28 February 2024

JSE Sponsor
The Standard Bank of South Africa Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

Date: 28-02-2024 08:00:00
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