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Annual Integrated Report 2010 Standard Bank Group Annual Integrated Report 2010 Annual integrated report 2010 Standard Bank Group annual integrated report 2010 www.standardbank.com Corporate profile Standard Bank Group is the largest African bank by assets and earnings – Total assets of R1 341 billion (USD202 billion)1 – Headline earnings of R11,3 billion (USD1,5 billion)1 – Market capitalisation of R170 billion (USD25,7 billion) – Employs more than 53 000 people – Tier I capital adequacy ratio 12,9% – Voted best bank in Africa for 2010 in The Banker awards – Ranked 106th in the world by The Banker magazine by tier I capital Offers a range of banking and related financial services – Operates in 17 countries in Africa and 13 countries outside Africa with an emerging markets focus – Owns a controlling stake in the South African listed insurance company, Liberty Holdings Limited – Strategic links to China, Brazil, Russia, Argentina and Turkey Three business units: Personal & Business Banking, Corporate & Investment Banking and Wealth – Liberty – One of the four full-service South African banks – 148-year history in South Africa – Listed on the JSE since 1970 – Started building a franchise outside southern Africa in early 1990s 1 Normalised, refer to page 51. Scope of the report Standard Bank’s reporting aims to provide an accurate, balanced, complete and comparable view of our business. The annual integrated report has been compiled in accordance with the integrated reporting principles contained in the Code of Corporate Practices and Conduct set out in the King Report on Corporate Governance for South Africa 2009 (King Code). The annual integrated report has been structured and compiled to provide financial and non-financial information aimed at a wide range of stakeholders with varying needs. We acknowledge that this is the first step in integrated reporting and that local and international guidelines on integrated reporting are still in an early stage of development. In addition to the annual integrated report, we produce a full suite of reporting publications which includes the sustainability report and an analysis of financial results which is available on the attached CD and online. Please visit our website www.standardbank.com for the latest financial information, current credit ratings and recent announcements; as well as our sustainability website www.standardbank.com under sustainable development for more information on sustainability within our organisation. Standard Bank Group annual integrated report 2010 1 Table of contents 2 2 The year in review 2 Financial performance, share statistics and credit ratings 4 Non-financial performance 5 Awards and recognition 6 Highlights and challenges 8 Economic review 10 Chairman’s report to stakeholders Business overview Business 14 Chief executive’s report to stakeholders 18 Strategy 19 Sustainable competitive advantages 20 Key strategic deliverables 21 Business structure 22 Our global presence Connecting Africa 23 Our strategy in action 24 Our history to the world and 26 Our brand 28 Our socioeconomic impact the world to Africa. 30 30 Introduction 31 Executive committee 32 Financial review 51 Explanation of principal differences between normalised and IFRS results 54 Seven-year review 62 Business unit reviews 62 Personal & Business Banking 70 Corporate & Investment Banking 78 Wealth – Liberty 82 Corporate governance 94 Board of directors 98 Remuneration report 110 Managing sustainable development and related sections sustainability our Ensuring 120 Risk and capital management For full section contents refer to page 29 201 202 Directors’ responsibility for financial reporting 202 Group secretary’s certification 203 Report of the group audit committee 205 Independent auditors’ report 206 Directors’ report 210 Financial statements 216 Accounting policies elections 218 Notes to the annual financial statements 294 Standard Bank Group Limited – company annual financial statements 299 Annexures For full section contents refer to page 201 statements financial Annual 339 340 Chairman’s letter to shareholders 342 Notice to members 347 Proxy form 349 Directorate 350 Shareholder analysis 351 Share statistics 352 Shareholders’ diary 352 Instrument codes 353 Credit ratings 354 Financial and other definitions information Shareholder 357 Acronyms and abbreviations 358 International representation ibc Contact details 2 Standard Bank Group annual integrated report 2010 The year in review Financial performance, share statistics and credit ratings All results within this report are presented on a normalised basis, unless otherwise indicated as being on an International Financial Reporting Standards (IFRS) basis. Results are normalised to correct the distortions caused by IFRS’ treatment of the group’s Black Economic Empowerment Ownership initiative and by group share exposures entered into to facilitate client trading activities or for the benefit of Liberty policyholders, deemed to be treasury shares. Refer to page 51 for the principal differences between normalised and IFRS results. Headline earnings Headline earnings per 11 283 million ordinary share 716 cents 2009: R11 718 million 2009: 757 cents Return on equity Dividends per share 12,5% 386 cents 2009: 13,6% 2009: 386 cents Net asset value per Credit loss ratio share 5 726 cents 1,04% 2009: 5 612 cents 2009: 1,60% Net interest margin Cost-to-income ratio 3,01% 61,7% 2009: 3,21% 2009: 52,4% Tier I capital adequacy Long-term funding ratio ratio 12,9% 26,6% 2009: 11,9% 2009: 25,1% Normalised embedded Third-party assets under value of Liberty R26 billion management R512 billion 2009: R24 billion 2009: R527 billion Standard Bank Group annual integrated report 2010 3 2 Headline earnings per share (HEPS) Return on ordinary equity (ROE) Cents Rm % 1 000 100 000 30 800 80 000 20 600 60 000 overview Business 400 40 000 10 200 20 000 2004 2005 2006 2007 2008 2009 2010 2004 2005 2006 2007 2008 2009 2010 ■ Shareholders’ funds (average) ROE Share statistics Shareholders by geographic region 30 2010 2009 % Share price (cents) 9 High for the year 11 800 10 500 4 Low for the year 10 075 5 915 Closing 10 755 10 200 15 52 Shares traded Number of shares (’000) 1 169 927 1 489 890 20 Value of shares (Rm) 125 756 128 351 Turnover in shares traded (%) 74,2 96,2 sustainability our Ensuring Market indicators (closing) ■ South Africa (2009: 54%) ■ China (2009: 20%) JSE All Share Index 32 119 27 666 ■ United States of America (2009: 15%) ■ United Kingdom (2009: 3%) JSE Banks Index 40 985 36 675 201 ■ Other foreign shareholders (2009: 8%) MSCI Emerging Markets Index 1 151 989 Credit ratings The Standard Bank of South Africa Limited (SBSA)1 Annual financial statements financial Annual Long term Fitch Ratings 339 Foreign currency issuer default rating BBB+ RSA Sovereign ratings: foreign currency BBB+ Moody's Foreign currency deposit rating A3 RSA Sovereign ratings: foreign currency A3 1 SBSA is the largest operating entity within the group. Shareholder information Shareholder 4 Standard Bank Group annual integrated report 2010 The year in review continued Non-financial performance Clients and service South African CEBS1 Consumer education survey result 8,85 out spend2,3 of ten2,4 R19,4 million 2009: 8,74 out of ten 2009: R21,1 million Technology and infrastructure Number of branches IT spend – banking activities 1 257 R7 160 million 2009: 1 110 2009: R6 087 million Our people Number of employees4 Training spend 53 351 R612 million 2009: 51 411 2009: R552 million Environment Leadership development Carbon footprint programme participants 177 289 metric tons 2,4 3 965 of CO2 2009: 3 740 2009: 154 538 metric tons of CO2 Socioeconomic development Corporate social Transformation investment expenditure score2,3 R132 million 92,83 out of 107 2009: R101 million 2009: 77,62 out of 107 1 Customer Evaluation of Bank Service – overall branch rating. 2 Specific to The Standard Bank of South Africa Limited (SBSA). 3 Verified by Empowerdex. 4 Externally assured, please refer to page 111. Standard Bank Group annual integrated report 2010 5 Awards and recognition 2 First in the banking Stanlib won seven of category of the annual the annual Raging Bull Ask Africa Orange Index, Awards which recognise which recognises the the top performers in the best customer service investment and unit trust Ranked the Best overview Business companies in South Africa industry. Investment Bank in based on service delivery. Africa, Best Bank in South Africa and Best Investment Bank in Best Bank in Nigeria by Euromoney Africa, magazine. South Africa, Lesotho, Standard Bank was awarded Malawi, the Overall Emerging Uganda and Zimbabwe in Market Deal of the Year In The Banker Investment 2010 in the EuroWeek the prestigious The Banker Banking Awards Standard 30 Awards. Standard Bank, awards. Bank won Most Innovative in its capacity as Joint Investment Bank from Lead Manager, successfully Africa 2010. raised a USD2 billion bond for the National Treasury of South Africa. Global Business Coalition sustainability our Ensuring Liberty won the recognised Standard Bank best employer in the with a Commended award investment and insurance for Excellence in Business Action for our partnership category in the Corporate 201 Research Foundation Best with the Global Business Standard Bank won Employers survey. Fund in its fight against the Development HIV/Aids, tuberculosis and Finance Initiative malaria. of the Year award in the Africa Investor Agribusiness Awards for its implementation of the Smallholder Farmers and Awarded the Best Agribusinesses funding. For the second consecutive statements financial Annual Investment Bank in year, Standard Bank Africa, the Best Investment won New Economy Bank in South Africa and the magazine’s award for Best 339 Best Debt House in Africa Sustainable Financial by Global Finance magazine. Institution 2010 (South Africa). Shareholder information Shareholder 6 Standard Bank Group annual integrated report 2010 The year in review continued Highlights Highest service A new inclusive 106 new branches levels banking division in the rest of Africa Our focus on customer We established a Our operations in the service delivered the dedicated inclusive rest of Africa increased highest levels of service banking unit in their presence with in 14 years in South South Africa.
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