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Standard Bank Group Annual integrated report 2013 About Standard Bank Contents Standard Bank Group (the group or SBG), also trading as About this report 2 Stanbic Bank, is a leading African financial services group with a unique footprint across 20 African countries. Headquartered Our business in Johannesburg, we listed on the Johannesburg Stock How we make money 4 Exchange (JSE) in 1970 and started building our southern How we create value 6 African franchise in the early 1990s. Today, the group is the largest African banking group by assets and earnings. Our strategy A sustainable strategy 8 Our strategic position, which enables us to connect Africa to In, for and across Africa 10 other selected emerging markets as well as pools of capital in Material issues impacting our sustainability 12 developed markets, and our balanced portfolio of businesses Executing our strategy 14 provide significant opportunities for growth. The largest bank in the world by total assets, the Industrial and Commercial Realising the Africa opportunity 16 Bank of China (ICBC), is a 20.1% shareholder in the group, Key performance indicators 18 enabling a powerful relationship that connects us to this Our performance economic power. Chairman’s report to stakeholders 20 Group chief executives’ report 22 Executive committee 26 Salient features* Business unit reviews Personal & Business Banking 29 Headline earnings Corporate & Investment Banking 37 Liberty 43 Stakeholder engagement 48 R17 194 million Socioeconomic impact 50 2012: R14 918 million Employee report 52 Environment report 56 Dividend per share Financial review 60 Summarised annual financial statements 79 533 cents Key accounting concepts 86 Summarised risk and capital management report 89 2012: 455 cents Governance Return on equity Tier I capital adequacy ratio Chairman’s overview 100 Corporate governance report 102 Board of directors 104 14.1% 13.2% Remuneration report 123 2012: 14.0% 2012: 11.2% Chairman’s letter 124 Shareholder information Total assets Chairman’s letter to shareholders 156 Notice to members 157 R1,7 trillion Proxy form – ordinary shareholders 167 2012: R1,6 trillion Proxy form – preference shareholders 169 Shareholder analysis 171 Share statistics 173 Net asset value per share ATMs & ANAs1 Shareholders’ diary 174 8 127 cents 8 077 Instrument codes 175 2012: 7 136 cents 2012: 8 103 Additional information Directorate of key subsidiaries 176 Employees Branches Credit ratings 177 Financial and other definitions 178 48 808 1 283 Acronyms and abbreviations 181 International representation 183 2012: 49 017 2012: 1 249 Contact details ibc * Normalised results. Further detail can be found on pages 72 to 74. 1 Automated notes acceptors. For the latest financial information, refer to our investor relations page at www.standardbank.com/reporting or scan the barcode to be taken there directly. The financial results and related commentary is presented on a normalised basis, unless indicated as being on an IFRS basis. 1 Our reports We produce a full suite of reporting publications to cater for the needs of our diverse stakeholders. The following reports, which support our primary annual integrated report, are tailored to meet our readers’ specific information requirements. Standard Standard Bank Group Bank Group Annual integrated report 2013 Risk and capital management report and annual financial statements 2013 Annual integrated Risk and capital Annual financial Sustainability report management report statements report Provides an integrated assessment of the Provides a detailed discussion Sets out the full audited Presents a balanced and group’s ability to create value over time. of how we manage strategic annual financial statements comprehensive analysis of www.standardbank.com/reporting financial and non-financial for the group, including the the group’s sustainability risks related to the group’s report of the group audit performance in relation to banking and insurance committee (GAC). issues material to the group operations, as well as capital www.standardbank.com/ and our stakeholders. and liquidity management reporting www.standardbank.com/ and regulatory developments. sustainability www.standardbank.com/ reporting International <IR> Framework Various regulations IFRS Global Reporting South African Companies Act 71 of 2008 relating to financial Companies Act Initiative G4 (Companies Act) services JSE Listings JSE Listings Requirements International Financial Requirements King Report on Corporate Governance Reporting Standards King Code (King Code) (IFRS) South African Banks Act 94 of 1990 King Code Frameworks applied Frameworks (Banks Act) While the annual integrated report is itself Selected information in the KPMG Inc. and KPMG Services Proprietary not audited, it contains information extracted risk and capital management PricewaterhouseCoopers Limited have provided from the audited consolidated financial report forms part of the Inc. have audited the assurance over selected statements. Certain externally assured audited financial statements. financial statements and sustainability information in information has been extracted from the expressed an unmodified the 2013 sustainability Assurance Assurance sustainability report. opinion for the year ended report and expressed an 31 December 2013. unmodified opinion. AIR PG RCM SR AFS The above icons refer readers to information elsewhere in this report, or in other reports that form part of the group’s suite of reporting publications. A Indicates that additional Denotes text in the risk and capital management report that forms part information is available online. of the group’s audited financial statements. Cross-referencing Standard Bank Group analysis The Standard Bank of South Africa As a separate listed entity, Liberty of finance results Limited annual report Holdings Limited (Liberty) Provides management’s analysis of financial The Standard Bank of South Africa Limited prepares its own integrated report, results for the period and the performance (SBSA) is the group’s largest subsidiary. available at www.libertyholdings.co.za of the group’s businesses. The group’s other subsidiaries, including www.standardbank.com/reporting Standard Bank Plc (SB Plc), also produce their own annual reports, some of which are available at www.standardbank.com/reporting 2 Standard Bank Group Annual integrated report 2013 About this report Materiality The integrated report focuses on material developments and issues, and provides pertinent related financial and non-financial performance As an African financial services indicators. We define a material development or issue as one that group we have a fundamental role affects our ability to remain commercially viable and socially relevant to the communities in which we operate. to play in the development of the During the year, we revised our material issues. The process followed societies in which we operate. to determine these issues and the interrelationship between them is The success of our customers and set out on page 12. stakeholders underpins our Based on the material issues determination process and our additional engagement with stakeholders, including investors, we are confident commercial sustainability and our that all material matters have been identified and disclosed in ability to deliver returns to our this report. stakeholders over the long term. The GAC recommends the integrated report for approval to the board. The board and various subcommittees review the report to ensure all This forms the basis for integrated material matters have been identified and disclosed in this report. thinking and integrated reporting More information on our material issues and for the group. SR determination process can be found in our sustainability report, starting on page 14. Integrated thinking In preparing our report, we were guided by the International <IR> Framework issued by the International Integrated Reporting Scope and boundary Committee (IIRC) in December 2013. We will continue to embed the guiding principles and fundamental concepts contained in the The 2013 annual integrated report covers the period 1 January 2013 International <IR> Framework to best serve the information needs to 31 December 2013. Any material events after this date of our stakeholders. and up to the group’s board of directors (board) approval on 5 March 2014 have also been included. Our ability to create value depends on certain forms of capital, how we use them and our impact on them. We apply the capitals model, The integrated report discusses our operations in South Africa, the initially developed by Forum for the Future, in managing and assessing rest of Africa and outside Africa, the geographic regions in which our ability to create value over time. Our report aims to explain how we operate. we use and affect the capitals. We recognise that the capitals are interrelated and fundamental to the long-term viability of our Our annual financial statements are prepared in accordance with business. Intellectual capital is integrated into the human, financial IFRS, and unless indicated otherwise, data refers to the group. and manufactured capitals as this better reflects the nature of our Any restatements of comparable information are noted as such. business as a financial services organisation. While quantitative information relating to the group is prepared according to IFRS, this report discloses material information that may extend beyond the financial reporting boundary. Certain clearly Financial capital
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