Standard Bank Group Limited
Registration number 1969/017128/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com/reporting

Share codes
JSE and A2X share code: SBK
ISIN: ZAE000109815
NSX share code: SNB
SBKP ZAE000038881 (First preference shares)
SBPP ZAE000056339 (Second preference shares)
(“Standard Bank Group” or “the group”)

Financial information provided to the Industrial and Commercial Bank of China Limited
(“ICBC”) and update on the group’s operational performance for the nine months ended 30
September 2022

Financial information provided to ICBC

On a quarterly basis the Standard Bank Group discloses to ICBC sufficient information to enable
ICBC to equity account the group's results. Accordingly, the following consolidated financial
information, prepared on an International Financial Reporting Standards (“IFRS”) basis, is being
provided to ICBC for the nine months ended 30 September 2022 (9M22).

Statement of changes in ordinary shareholders' equity for the nine months ended 30
September 2022

                           Balance as at 1           Earnings    Other movements      Balance as at 30
                            January 2022       attributable to       for the period   September 2022
                                                     ordinary
                                                shareholders
                                      Rm                  Rm                   Rm                 Rm
 Ordinary share capital^              162                                        6                168
 Ordinary share
 premium^                          17 859                                    9 470             27 329
 Foreign currency
 translation and hedging
 reserve                           (2 687)                                   2 216               (471)

 Foreign currency
 translation reserve
 (FCTR)                            (1 603)                                   2 695              1 092
 Foreign currency net
 investment and cash
 flow hedging reserve              (1 084)                                    (479)            (1 563)

 Retained earnings*               178 771              25 251              (19 945)           184 077
 Empowerment reserve
 and treasury shares               (3 260)                                    (739)            (3 999)
 Other                              7 987                                    1 750              9 737

 Ordinary shareholders’
 equity                           198 832              25 251               (7 242)           216 841

^ Other movements for the period in ordinary share capital and share premium relate to the issuance
  of 58 million Standard Bank Group shares in terms of the Liberty minority buyout.
* Other movements for the period in retained earnings primarily comprises the R17.2 billion ordinary
  dividends declared in March and August 2022.
Update on the group’s operational performance


In the nine months from 1 January to 30 September 2022 (9M22), relative to the nine months to 30
September 2021 (9M21), higher average loan and advance balances and higher average interest
rates supported strong double-digit net interest income growth. The strong non-interest revenue
growth seen in the first six months of the year (1H22) continued, supported by client transactional and
trade activity. Ongoing market volatility drove client trading activity which supported continued strong
trading revenue growth.

While higher activity-linked costs and inflation placed pressure on the group’s operating costs, cost
growth remained below the group’s weighted average inflation. The group recorded continued positive
jaws in the period.

Credit impairment charges increased as Corporate and Investment Banking charges continued to
normalise (from a net recovery in 2021). In line with expectations, the credit loss ratio for the 9M22
remained in the lower half of the group’s through-the-cycle credit loss ratio range of 70 to 100 basis
points.

Liberty’s performance improved period on period. In the prior period, Liberty’s performance was
negatively impacted by the pandemic provision raised.

ICBC Standard Bank plc continued to report an operational profit for 9M22 (excluding the net
insurance settlement received in January 2022).

Earnings attributable to ordinary shareholders in 9M22 were 42% higher than in the comparative
period. In 9M21 the headline earnings adjustable items were not material. In 9M22 the headline
earnings adjustable items increased earnings attributable to ordinary shareholders by R0.7 billion.

The group remains well capitalised and liquid. 9M22 group return on equity (ROE) remained above
cost of equity (1H22 COE: 15.1%) and improved relative to 1H22 (1H22 ROE: 15.3%).

The information contained in this announcement and that on which the operational performance
update is based has not been reviewed and reported on by the group's external auditors.

Johannesburg
19 October 2022

Enquiries:
Sarah Rivett-Carnac
sarah.rivett-carnac@standardbank.co.za

JSE sponsor
The Standard Bank of South Africa Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited