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ANNUAL FINANCIAL STATEMENTS 2020 Our Reporting Suite

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ANNUAL FINANCIAL STATEMENTS 2020 Our Reporting Suite Standard Bank Group Bank Standard Standard Bank Group ANNUAL FINANCIAL ANNUAL FINANCIAL STATEMENTS STATEMENTS FINANCIAL ANNUAL STATEMENTS 2020 2020 Our reporting suite Our integrated report Our primary report to stakeholders, providing a holistic view of our ability to create sustainable shared value in the short, medium and long term. We produce a full suite of reports to cater for the diverse needs of our stakeholders. Our integrated report contextualises and connects to information in the following reports, which provide additional disclosure and satisfy compliance reporting requirements: Governance Risk and Annual Environmental, Report to Subsidiary and capital financial social and society annual reports remuneration management statements governance (RTS) Our subsidiaries report report Sets out the (ESG) report Assesses the provide an account group’s full group's social, to their stakeholders Discusses Sets out An overview of the the group’s audited annual group's processes economic and through their own governance the group’s financial and governance environmental annual reports, approach and approach to risk statements, structures, including (SEE) impacts. available on their priorities, as well as management. including the task-force on respective websites. the remuneration report of the climate-related • The Standard policy and group audit financial disclosures Bank of South committee. Africa (SBSA) implementation (TCFD). Intended report. readers • Liberty Our clients, • Other subsidiary employees reports, including Intended readers and broader legal entities in Our shareholders, debt providers and regulators society Africa Regions. We urge our stakeholders to make use of our reporting site at The invitation to the annual general meeting (AGM) and https://reporting.standardbank.com/. All our reports and latest notice of resolutions to be tabled is sent separately to financial results presentations, booklets and SENS announcements shareholders and is also available online. are available online, along with a glossary of financial and other definitions, acronyms and abbreviations used in our reports. AIR GOV/REM RCM AFS ESG RTS Key frameworks applied The International Integrated Reporting <IR> Framework Companies Act, 71 of 2008, as amended (Companies Act) Johannesburg Stock Exchange (JSE) Listings Requirements King IV Report on Corporate Governance for South Africa 2016™* International Financial Reporting Standards (IFRS) South African Banks Act, 94 of 1990 (Banks Act) Basel Committee on Banking Supervision’s public disclosure framework CDP (previously Carbon Disclosure Project) The Financial Stability Board's TCFD United Nations (UN) Sustainable Development Goals (SDGs) * Also known as the King Code and King IV. Copyright and trademarks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved. STANDARD BANK GROUP Annual financial statements 2020 1 Contents Annual financial statements ifc Our reporting suite 2 Chief executive and financial director’s responsibility statement 2 Directors’ responsibility for financial reporting 3 Group secretary’s certification 3 Report of the group audit committee 7 Directors’ report 10 Independent auditors’ report 20 Statement of financial position 21 Income statement 22 Statement of other comprehensive income 23 Statement of cash flows 24 Statement of changes in equity 28 Accounting policy elections and restatements 30 Key management assumptions 48 Notes to the financial statements Standard Bank Group Limited – Company annual financial statements 123 Statement of financial position 124 Statement of comprehensive income 125 Statement of cash flows 126 Statement of changes in equity 128 Notes to the company financial statements Annexures to the annual financial statements 132 Annexure A – Subsidiaries, consolidated and unconsolidated structured entities 146 Annexure B – Associates and joint ventures 150 Annexure C – Risk and capital management – IFRS disclosures 178 Annexure D – Group share incentive schemes 184 Annexure E – Emoluments and share incentives of directors and prescribed officers 200 Annexure F – Detailed accounting policies 238 Annexure G – Six-year review 244 Annexure H – Third-party funds under management ibc Contact and other details How to navigate our reports The following icons refer readers to information across our reports: Refers readers to information elsewhere in this report. Refers readers to information in other reports online. AIR For information on forward-looking statements, refer to the inside back cover. The consolidated and separate annual financial statements were audited in terms of the Companies Act 71 of 2008. The preparation of The Standard Bank Group Limited (SBGL) consolidated and separate annual financial statements was supervised by the financial director, Arno Daehnke, BSc, MSc, PhD, MBA, AMP. These results, together with a summary thereof, were made publicly available on 11 March 2021. 2 ANNUAL FINANCIAL STATEMENTS CHIEF EXECUTIVE AND FINANCIAL DIRECTOR’S RESPONSIBILITY STATEMENT The directors, whose names are stated below, hereby confirm that the annual financial statements, set out on pages 20 to 244, fairly present in all material respects the financial position, financial performance and cash flows of Standard Bank Group Limited in terms of the International Financial Reporting Standards, no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading, internal financial controls have been put in place to ensure that material information relating to Standard Bank Group Limited and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the issuer and the internal financial controls are adequate and effective and can be relied upon in the process of compiling the annual financial statements, having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King Code. Where we are not satisfied, we have disclosed to the audit committee and the auditors the deficiencies in design and operational effectiveness of the internal financial controls and any fraud that involves directors, and have taken the necessary remedial action. Arno Daehnke Sim Tshabalala Financial director Group chief executive 10 March 2021 10 March 2021 DIRECTORS’ RESPONSIBILITY FOR FINANCIAL REPORTING In accordance with the Companies Act, the directors are responsible for the preparation of the annual financial statements. These annual financial statements conform to IFRS as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants’ (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings Requirements, and fairly present the affairs of Standard Bank Group Limited (SBGL) and Standard Bank Group (SBG) as at 31 December 2020, and the net income and cash flows for the year then ended. The directors are ultimately responsible for the internal controls of the company and the group. Management enables the directors to meet these responsibilities. Standards and systems of internal controls are designed, implemented and monitored by management to provide reasonable assurance of the integrity and reliability of the annual financial statements and to adequately safeguard, verify and maintain accountability for shareholder investments and company and group assets. Systems and controls include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties. It is the responsibility of the independent auditors to report on the fair presentation of the financial statements. Based on the information and explanations provided by management and the group’s internal auditors, the directors are of the opinion that the internal financial controls are adequate and that the financial records may be relied upon for preparing the annual financial statements in accordance with IFRS and to maintain accountability for the company and the group’s assets and liabilities. Nothing has come to the attention of the directors to indicate that a breakdown in the functioning of these controls, resulting in material loss to the company and the group, has occurred during the year and up to the date of this report. The directors have a reasonable expectation that the company and the group will have adequate resources to continue in operational existence and as a going concern in the financial year ahead. The 2020 annual financial statements, which appear on pages 20 to 244, were approved by the board on 10 March 2021 and signed on its behalf by: Thulani Gcabashe Sim Tshabalala Chairman Group chief executive 10 March 2021 10 March 2021 STANDARD BANK GROUP Annual financial statements 2020 3 GROUP SECRETARY’S CERTIFICATION Compliance with the Companies Act In terms of the Companies Act and for the year ended 31 December 2020, I certify that Standard Bank Group Limited has filed all returns and notices required by the Companies Act with the Companies and Intellectual Property Commission and that all such returns and notices are true, correct and up to date. Zola Stephen Group secretary 10 March 2021 REPORT OF THE GROUP AUDIT COMMITTEE This report is provided by the group audit committee, in respect and experience to execute their duties effectively. To ensure that of the 2020 financial year of Standard Bank Group Limited, in risk-related matters of relevance
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