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The Standard Bank of South Africa

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The Standard Bank of South Africa The Standard Bank of South Africa Annual report 2013 About Standard Bank Contents About this report 3 Established in 1862, the Standard Bank of South Africa (SBSA or Standard Bank) is one of South Africa’s oldest Our business companies. The bank’s original vision was to understand its How we make money 4 customers better, have people with strong knowledge of local How we create socioeconomic value 6 business conditions and to connect borrowers with lenders. This vision created the platform for the kind of bank it has Our performance become and the qualities on which its customers and clients Chief executive’s review 8 rely. Over its history, Standard Bank has grown and extended Executive committee 12 its roots deep into the fabric of South African society. Finance review 14 We have evolved and adapted along with our customers and Seven-year review 24 clients, growing a rich heritage while nurturing and protecting Sustainability report 28 our reputation. We uphold high standards of corporate Risk and capital management report 46 governance, are committed to advancing the principles and practices of sustainable development, and are inspired to Governance and transparency advance national development objectives. Our success and Corporate governance report 101 growth over the long term is built on making a difference in Our board of directors 103 the communities in which we operate. Annual financial statements Directors’ responsibility for financial reporting 122 Group secretary’s certification 122 Report of the audit committee 123 Salient features Directors’ report 125 Independent auditors’ report 127 Group headline earnings Statements of financial position 128 Income statements 129 Statements of other comprehensive income 130 R10 709 million Statements of cash flows 131 2012: R11 461 million Statements of changes in equity 132 Accounting policy elections 136 Return on equity Tier I capital adequacy ratio Notes to the annual financial statements 137 Annexure A – detailed accounting policies 229 14.4% 12.8% Annexure B – reclassifications and restatements 244 Annexure C – subsidiaries, consolidated 2012: 18.3% 2012: 10.6% and unconsolidated structured entities 248 Annexure D – associates and joint ventures 258 Total assets Annexure E – equity-linked transactions 261 Annexure F – emoluments and share incentives of R1 016 billion directors and prescribed officers 266 2012: R980 billion Annexure G – segmental statement of financial position 278 Additional information UCount users: ATMs Credit ratings 280 Approximately Financial and other definitions 281 7 141 Acronyms and abbreviations 283 300 000 Contact details ibc 2012: 7 528 Access points For the latest financial information, refer to our investor 2 778 relations page at www.standardbank.com/reporting or scan the barcode to be taken there directly. 2012: 4 650 1 Reporting suite Cross-referencing tools The financial results and commentary describe the consolidated results of The Standard The icons below refer readers to Bank of South Africa group (the group or Standard Bank) unless otherwise indicated as information elsewhere in this report, or relating to The Standard Bank of South Africa Limited (the company or SBSA). SBSA in other reports, that form part of the is a wholly-owned subsidiary of Standard Bank Group Limited and is incorporated in group’s suite of reporting publications. South Africa. The Standard Bank of South Africa annual report (this report) This report is the SBSA annual report and includes risk and capital management and financial information. PG www.standardbank.com/reporting In addition to this report, the Standard Bank Group (SBG) produces a full suite of reporting publications tailored to readers with specific information requirements. Standard Bank Group annual integrated report As SBG’s primary report, the annual integrated report (AIR) aims to present a balanced AIR and succinct analysis of SBG’s strategy, performance and prospects. www.standardbank.com/reporting Standard Bank Group risk and capital management report Provides a detailed discussion of the management of strategic risks related to SBG’s banking and insurance operations, including capital and liquidity management and regulatory developments. www.standardbank.com/reporting RCM AFS Standard Bank Group annual financial statements Set out the full audited financial statements for SBG, including the report of the group audit committee. www.standardbank.com/reporting Sustainability report Presents a balanced and comprehensive analysis of the group’s sustainability performance in relation to issues material to the group and our stakeholders. SR www.standardbank.com/sustainability Indicates that additional information is available online. Feedback A Denotes text in the risk and We welcome the views of our stakeholders on the annual report capital management report and the way we approach our strategic priorities. Please contact us at that forms part of the group’s [email protected] with your feedback. audited annual financial statements. 2 The Standard Bank of South Africa Annual report 2013 3 About this report As a South African financial services group we have a fundamental role to play in the development of the society in which we operate. The success of our customers and stakeholders underpins our commercial sustainability and our ability to deliver returns to our stakeholders over the long term. Our values Serving our customers Growing our people Delivering to our shareholder Being proactive Working in teams Guarding against arrogance Respecting each other Upholding the highest levels of integrity 4 The Standard Bank of South Africa Annual report 2013 Our business How we make money Business Income statement Risks arising from Inputs activity impact this activity PG For more detail refer to our finance review PG For more detail PG For more detail on page 14. refer to our refer to our risk and finance review capital management on pages 18 to 20. report, starting on page 46. We lend money to our customers and clients within the constraints of available capital and Interest income and The group creates within our risk appetite and the prescribed regulatory environment. This creates assets for credit impairment value through various charges the group, from which we derive interest income Credit risk business activities, over time. using the stocks of capital available. Intellectual capital is integrated into We source funding from deposits placed risk Interest rate the human, financial by customers and other funders to enable Interest expense and manufactured lending. This creates liabilities, which generate capitals. future interest expenses. Liquidity risk Financial We provide transactional banking facilities Net fee and capital and knowledge-based services to our customers commission revenue and clients. Financial capital remains constrained We offer market access and risk mitigation due to Basel III, which impairments after credit Income products to our clients to support their business impacts our ability to requirements, including foreign exchange, Trading revenue generate revenue commodity, credit, interest rate and equity through lending. instruments. Credit risk Business and reputational risk Human capital Market risk We earn revenue from other sources linked to our core business, including short- and long-term Other revenue insurance operations and gains on property, Manufactured private equity and strategic investment activities. and intellectual risk Insurance capital Operational risk, including compliance, environmental and/or social risk and/or environmental risk, including compliance, Operational Social and relationship We invest in developing and retaining our people capital in order to execute our strategy and deliver to Staff costs our customers and clients. Natural capital We invest in our operations, which includes Expenses information technology (IT) systems and Other operating infrastructure, to improve efficiency and deliver costs excellent products and services to our customers and clients. Refer to the SBG AIR AIR for further Dividends to our shareholder as our Retained equity which is reinvested to Net profit information on the primary provider of capital sustain and grow our business stocks of capitals. 5 Governance and Annual financial Additional Our business Our performance transparency statements information Our business structure, products and services Mortgage lending Transactional products Personal & Residential accommodation loans to mainly Comprehensive suite of transactional, savings personal market customers and investment products. This includes deposit Business Instalment sale and finance leases taking activities, electronic banking and debit card facilities Banking Finance of vehicles for personal market (PBB) customers Bancassurance and wealth Finance of vehicles and equipment in the Short-term and long-term insurance comprising: provides banking and business market simple embedded products, including other financial services to homeowners’ insurance, funeral cover, individual customers and Card products household contents and vehicle insurance, small- to medium-sized Credit card facilities to individuals and enterprises. and loan protection plans sold in conjunction businesses (credit card issuing) with related banking products What we offer Merchant transaction acquiring services complex insurance products, including life, (card acquiring) disability and investment policies sold by Lending products qualified intermediaries Lending products
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