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FINANCIAL RESULTS for the Six Months Ended 30 June 2020

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FINANCIAL RESULTS for the Six Months Ended 30 June 2020 Standard Bank Group FINANCIAL RESULTS for the six months ended 30 June 2020 Standard Bank Group ANALYSIS OF JUNE 2020 MONTHS ENDED 30 THE SIX FOR FINANCIAL RESULTS for the six months ended 30 June 2020 ANALYSIS OF FINANCIAL RESULTS FINANCIAL OF ANALYSIS 71 KEY BANKING LEGAL ENTITY INFORMATION THE STANDARD BANK OF SOUTH AFRICA 72 Key financial results, ratios and statistics 74 Income statement 75 Statement of financial position 76 Credit impairment analysis 76 Income statement charges 78 Reconciliation of expected credit loss for loans and advances CONTENTS measured at amortised costs 82 Loans and advances performance 84 Capital adequacy and risk-weighted assets 85 Capital adequacy 86 Market share analysis 1 43 AFRICA REGIONS LEGAL ENTITIES GROUP RESULTS FINANCIAL 88 Regional income statement IN BRIEF PERFORMANCE 91 Statement of financial position STANDARD BANK GROUP 1 Highlights 44 Loans and advances 92 Headline earnings and net asset value 2 Financial results, ratios and statistics 45 Deposits and debt funding reconciliation by key legal entity 3 Market and economic indicators 46 Banking activities' average 4 Overview of financial results balance sheet 8 Condensed consolidated statement of 47 Net interest income and net financial position interest margin 9 Condensed consolidated income 48 Non-interest revenue analysis statement 50 Credit impairment analysis 10 Condensed consolidated statement of 50 Income statement charges 93 other comprehensive income 52 Reconciliation of expected credit OTHER INFORMATION 12 Condensed consolidated statement of loss for loans and advances changes in equity measured at amortised costs 94 Basis of preparation and presentation 14 Banking activities' income statement 56 Loans and advances performance 95 Condensed consolidated statement of 15 Headline earnings 58 Operating expenses cash flows 16 Headline earnings and dividend 60 Taxation 96 Changes in accounting policies and pere shar restatement 17 Diluted headline earnings per share 97 Key management assumptions 106 Additional notes to the primary statements 125 Other reportable items 127 Risk management disclosures – IFRS disclosures 19 150 Financial and other definitions SEGMENTAL 61 REPORTING LIQUIDITY AND CAPITAL 20 Segmental structure for key business MANAGEMENT lines 21 Segmental highlights 62 Liquidity management 153 64 Return on equity, cost of equity 22 Condensed consolidated segmental SHAREHOLDER and economic returns statement of financial position 65 Currency translation effects INFORMATION 26 Condensed consolidated segmental and economic capital income statement 66 Risk-weighted assets 154 Analysis of shareholders 30 Personal & Business Banking 67 Return on risk-weighted assets 155 Credit ratings 36 Corporate & Investment Banking 68 Capital adequacy 156 Declaration of dividends 40 Liberty 70 Other capital instruments ibc Administrative and contact details Standard Bank Group’s (SBG or the group) analysis of financial results for the six months ended 30 June 2020 has not been audited or independently reviewed. The preparation of the financial results was supervised by the group financial director, Arno Daehnke BSc, MSc, PhD, MBA, AMP. Standard Bank Group is an African-focused, 1 client-centric, digitally enabled integrated financial services group with compelling competitive advantages HIGHLIGHTS (44)% 4% (43)% HEADLINE PRE-PROVISION HEADLINE EARNINGS (Rm) PROFIT (Rm) EARNINGS PER SHARE (HEPS) Operates in Owns a controlling 7 541 24 295 474 c 20 countries interest in the South 1H19: R13 361 million 1H19: R23 336 million 1H19: 837 cents in sub-Saharan African listed Africa insurance and wealth management group, Liberty Holdings % Limited (Liberty) 7 COMMON EQUITY RETURN ON EQUITY NET ASSET VALUE TIER 1 RATIO (ROE) PER SHARE Business lines: Personal & Business 12.6% 8.5% 11 265 c Banking, 1H19: 14.0% 1H19: 16.2% 1H19: 10 511 cents Corporate & Investment 157-year operating Banking, history in Wealth and South Africa Liberty CREDIT LOSS RATIO JAWS COST-TO-INCOME (CLR) RATIO Listed on the JSE Limited (JSE) since 1970 169 bps* 100 bps 56.4% 1H19: 76 bps 1H19: 110 bps 1H19: 57.0% * Basis points HEADLINE EARNINGS AND RETURN ON EQUITY HEADLINE EARNINGS AND DIVIDEND PER SHARE CAGR1 (1H15 – 1H20): (6%) CAGR (1H15 – 1H20): Dividend per share: (100%) Headline earnings per share: (6%) Rm % Cents % 15 000 20 900 60 12 000 16 720 48 9 000 12 540 36 6 000 8 360 24 3 000 4 180 12 0 0 0 0 1H15 1H16 1H17 1H18 1H19 1H20 1H15 1H16 1H17 1H18 1H19 1H20 10 373 10 861 12 111 12 663 13 361 303 340 400 430 454 0 15.1 14.4 16.1 16.8 16.2 8.5 650 680 756 794 837 474 46.6 50.0 52.9 54.2 54.2 0 Headline earnings ROE Dividend per share Headline earnings per share 1 Compound annual growth rate Dividend payout ratio STANDARD BANK GROUP | Analysis of financial results for the six months ended 30 June 2020 GROUP RESULTS IN BRIEF 2 FINANCIAL RESULTS, RATIOS AND STATISTICS for the six months ended 30 June 2020 Change % 1H20 1H192 FY19 Standard Bank Group (SBG) Headline earnings contribution by business line Total headline earnings Rm (44) 7 541 13 361 28 207 Banking activities Rm (40) 7 740 12 806 27 216 Personal & Business Banking Rm (60) 2 876 7 261 16 493 Corporate & Investment Banking Rm (7) 5 715 6 138 11 581 Central and other Rm 44 (851) (593) (858) Other banking interests Rm (>100) 508 (320) (864) Liberty Rm (>100) (707) 875 1 855 Ordinary shareholders' interest Profit attributable to ordinary shareholders Rm (71) 3 767 13 195 25 443 Ordinary shareholders' equity Rm 7 179 244 168 034 171 229 Share statistics Headline earnings per ordinary share (EPS) cents (43) 473.8 837.4 1 766.7 Diluted headline EPS cents (43) 471.8 828.8 1 756.9 Basic EPS cents (71) 236.7 827.0 1 593.5 Diluted EPS cents (71) 235.7 818.5 1 584.7 Dividend per share cents (100) 0 454 994 Net asset value per share cents 7 11 265 10 511 10 742 Tangible net asset value per share cents 10 10 004 9 083 9 341 Dividend payout ratio % 0 54.2 56.3 Dividend cover times 0 1.8 1.8 Number of ordinary shares in issue thousands 1 591 162 1 598 671 1 594 072 Return ratios ROE % 8.5 16.2 16.8 Return on risk-weighted assets (RoRWA) % 1.3 2.7 2.8 Capital adequacy Common equity tier 1 capital adequacy ratio1 % 12.6 14.0 14.0 Tier 1 capital adequacy ratio1 % 13.2 14.8 14.7 Total capital adequacy ratio1 % 15.5 17.3 16.7 Employee statistics Number of employees (2) 50 707 51 894 50 691 Banking activities ROE % 9.5 17.5 18.1 RoRWA % 1.4 2.6 2.8 Loan-to-deposit ratio % 80.4 84.9 81.7 Net interest margin (NIM)2 bps 387 444 431 Non-interest revenue to total income % 44.1 42.5 43.0 CLR bps 169 76 68 Jaws bps 100 110 113 Cost-to-income ratio % 56.4 57.0 56.4 Effective direct taxation rate % 16.6 20.4 20.6 Effective total taxation rate % 25.2 24.5 24.5 Employee statistics Number of employees (2) 45 042 46 168 44 996 1 Represents the ratio after applying the SARB phase-in provision for International Financial Reporting Standards 9 Financial Instruments (IFRS 9). Refer to page 69 for details regarding the fully loaded ratios. 2 Restated. Refer to page 96. MARKET AND ECONOMIC INDICATORS 3 SBK VERSUS JSE BANKS AND ALL SHARE INDEX SBK VERSUS EMERGING MARKETS AND WORLD (ZAR) FINANCIALS (USD) 120 120 100 100 80 80 60 60 40 40 20 20 0 0 January 2020 June 2020 January 2020 June 2020 Standard Bank Standard Bank JSE Banks Index MSCI Emerging Markets Index JSE All Share Index MSCI World Financials Average Closing Change Change % 1H20 1H19 FY19 % 1H20 1H19 FY19 Market indicators South Africa (SA) prime overdraft rate % 8.66 10.25 10.14 7.25 10.25 10.00 SA SARB repo rate % 5.16 6.75 6.64 3.75 6.75 6.50 SA Consumer Price Index % 3.4 4.3 4.1 2.2 4.5 4.0 JSE All Share Index (8) 51 867 56 140 56 071 (7) 54 362 58 204 57 084 JSE Banks Index (32) 6 440 9 532 9 221 (47) 5 133 9 720 8 731 SBK share price (34) 126.35 192.55 184.49 (47) 104.50 196.67 168.32 Key exchange rates USD/ZAR 17 16.64 14.20 14.44 23 17.34 14.11 14.00 GBP/ZAR 14 20.93 18.36 18.43 19 21.43 17.96 18.42 ZAR/AOA 42 32.03 22.53 24.62 47 33.38 22.78 34.21 ZAR/ARS 34 3.89 2.91 3.26 38 4.06 2.95 4.28 ZAR/GHS (8) 0.34 0.37 0.37 (11) 0.33 0.37 0.41 ZAR/KES (12) 6.27 7.11 7.06 (14) 6.14 7.15 7.24 ZAR/MZN (10) 4.00 4.42 4.32 (9) 4.02 4.44 4.45 ZAR/NGN (15) 21.61 25.33 24.90 (19) 20.74 25.45 25.69 ZAR/UGX (14) 224.84 261.82 256.27 (18) 214.79 262.92 261.54 ZAR/ZWL >100 1.34 0.56 0.68 >100 3.33 0.47 1.20 STANDARD BANK GROUP | Analysis of financial results for the six months ended 30 June 2020 GROUP RESULTS IN BRIEF 4 OVERVIEW OF FINANCIAL RESULTS Group results 2020 followed by a 4.5% recovery in 2021).
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