Trading Statement

Standard Bank Group Limited
28 February 2024
 

Standard Bank Group Limited

28 February 2024

 

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 - https://www.standardbank.com/sbg/standard-bank-group/investor-relations

 

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 guided.

 

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

 

For further information, please contact:

Marc Hearn

Standard Bank Group Limited
9th Floor
5 Simmonds Street, Johannesburg PO Box 2001
South Africa
Telephone number: +
27 11 344 5004

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