Credit impairment charges increased significantly as certain older Africa Regions exposures moved into default. It was found that aspects of work performed to develop improvements to CIB’s client engagement system were no longer suitable. Theeparation pr of the financial results was supervised by the group financial director, Arno Daehnke BSc, MSc, PhD, MBA, AMP. A transcript will be available 48 hours after the presentation. This, together with strong foreign exchange flows in South Africa and the West Africa Region, supported trading revenues, which increased 40% to R8.1 billion (1H19: R5.8 billion). Interim Results 2020/21. Net interest income (NII) was flat as balance sheet growth was offset by margin compression. The group’s 40% share of ICBCS’ earnings equated to R508 million. Our offshore operations in the Isle of Man and Jersey continued to provide the group with access to hard currency funding. Robust gross loan origination and an increase in drawdowns of unutilised facilities supported average balances, which drove NII growth of 22%. The difference between headline earnings and profit attributable can be ascribed to a R1.4 billion post-tax gain on the sale of the 20% stake in ICBCA, the associated R3.4 billion negative impact of the FCTR release on sale and R1.9 billion related to the impairment of certain IT intangible assets. Fairbairn Private Bank Board of Executives Nedcor Investment Bank Peoples Bank SENS announcements. The Shareholder Investment Portfolio performance reflected negative investment market returns, particularly in respect of foreign and local equities. Other costs increased 3% as lockdown-driven reductions in discretionary spend, for example travel and entertainment, were offset by increases in information technology (IT) costs. The Standard Bank of South Africa Limited (Reg. USD10 billion) for the six months to 30 June 2020, Standard Bank offers a range of banking and related financial services across sub-Saharan Africa. 2020 Nedbank Group Interim Results Video. The group maintained its net stable funding ratio in excess of the 100% regulatory requirement. Credit impairment charges increased to R11.3 billion, 2.7 times those reported in the prior period (1H19) and reflective of the tough environment and outlook. Lockdowns disrupted businesses and impacted client incomes. A virtual presentation of the results will be held at 07:30 UKT / 15:30 HKT. Australia: 073 911 1378 The stage 3 ratio increased while the stage 3 coverage ratio was maintained (relative to 31 December 2019). Client transaction flows increased significantly as clients sought advice in terms of navigating a complex and volatile environment. This was partially offset by the continued investment in client experience and digitisation workstreams, as well as certain Covid-19 specific expenses, for example front-line staff and customer safety measures. Key focus areas. The increase was driven by the deterioration in customer risk profiles and forward-looking assumptions, additional charges associated with the client relief portfolio in PBB, and corporate and sovereign risk downgrades. Participants will be required to state their name and company upon entering the call. Standard Bank Group 2020 Interim Results presentation. South Africa’s headline earnings declined 72% as the pandemic exacerbated an already difficult environment. Higher digital transaction volumes were offset by lower business and electronic funds transfer fees. Who we are. In contrast, lockdowns will be rolled back, and economies will reopen. Underlying client growth has continued, with both client lending and discretionary assets under management increasing period on period. An African-focused, client-centric, digitally enabled, integrated financial solutions provider…, 20 sub-Saharan African countries, five global centres and three offshore hubs…, Client centricity places our clients at the centre of everything we do …, Market cap of approximately R169 billion for the six months to 30 June 2020…. We wish all our stakeholders strength during this difficult time and ask that they continue to partner us as we drive a return to growth for all. During this period of significant volatility and disruption, CIB continued to proactively engage with clients to provide tailored funding, liquidity and risk management solutions. These loans are included in the business lending portfolio and were partly drawn by 30 June 2020. Australia: 073 911 1378 Financial results. The client sectors driving growth were Consumer (mainly Agriculture and Consumer Packaged Goods), Financial Institutions, Oil & Gas and Telecom & Media. Publication of the financial results of Standard Bank Group Limited and The Standard Bank of South Africa Limited for the six month period ended 30 June 2020. Costs were flat. Globally, 1H20 has been dominated by the Covid-19 pandemic (Covid-19) and the distressing human and economic cost thereof. Lower turnover, trade and transactional levels alongside regulatory directives placed a strain on fees. Standard Bank Group is a financial institution that offers banking and financial services to individuals, ... Tue Mar 24 00:00:00 SAST 2020. PBB provision levels, while deemed sufficient, are sensitive to macro-economic developments as well as client behaviour. We're here for you as we face this pandemic. Wide-spread interest rate cuts resulted in negative endowment. Covid-19 has led to the worst economic shock in living memory. Where we are. Forecast risk remains high and should the outcome be worse than expected, additional provisions will be required. The group’s Africa Regions business and Corporate and Investment Banking business, most notably Global Markets, delivered strong top line growth. Financial results Standard Bank continues to produce resilient financial results in challenging environments, ensuring that you, our client, benefit from our Africa-focused strategy and our strong balance sheet to support your business growth goals with the African continent and globally. Covid-19 related regulatory actions included wide-spread interest rate cuts, easing of capital and liquidity requirements and fee waivers and restrictions. Leveraging the group’s strong capital position, we will continue to work with our individual, business and corporate clients, in a responsible manner, to find suitable solutions to enable them to participate and support the much-needed transition to the recovery phase. While current CIB provision levels are deemed appropriate, CIB exposures, by their nature, are lumpy and additional provisions may be required if ratings deteriorate further and/or individual clients experience difficulties. And, in doing so, we will also deliver on our purpose of driving Africa’s growth. The group’s banking operations’ earnings were supported by strong balance sheet growth, robust trading revenues and well contained costs. The safety and wellbeing of our customers and employees has been, and remains, of utmost importance. Profit attributable to ordinary shareholders declined 71% to R3.8 billion. The top six contributors to Africa Regions’ headline earnings remained Angola, Ghana, Kenya, Mozambique, Nigeria and Uganda. Consequently, banking operations reported headline earnings of R7.7 billion, down 40% on 1H19, and a return on equity (ROE) of 9.5%. 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. PBB provisions held against loans and advances increased 28% period on period, with a large part of the increase driven by increases in South Africa. Fiscal diligence and urgent structural reforms are more important than ever. As at 30 June 2020, stage 3 loans represented 4.6% of the portfolio and provisions held against these loans remained sufficient at 46% (30 December 2019, 3.9% and 48% respectively). Basel Pillar 3 … We thank them for their service. Wealth International revenues were negatively impacted by lower interest rates (USD and GBP), albeit partially offset by higher fees from higher client FX transactional volumes. Accordingly, we shift our focus to recovery. Integrated, governance and remuneration reports, financial statements and notices to shareholders…, The full suite of financial results and reports…, Our most recent and archived presentations…, Quarterly disclosures in accordance with the Basel Committee on Banking Supervision…, How we impact on the societies, economies and environments in which we operate…, Details on the forthcoming annual general meeting…, Details of the sell-side analysts that cover the Standard Bank Group…, An ADR is a negotiable United States (US) certificate representing ownership of shares in a non-US corporation…. The world changed fundamentally and, to some extent, permanently, in a matter of weeks. UK: 0 203 608 8021 Is it a good time to be buying a bank on the continent? The depreciation of the South African Rand (ZAR) drove higher period-end balances. The poor economic outlook and declining inflation trend paved the way for cumulative interest rate cuts equating to 275 bps in the period. Gross loans and advances to customers grew 11% from 30 June 2019 to 30 June 2020, of which Corporate and Investment Banking (CIB) grew 17% and Personal and Business Banking (PBB) grew 6%. Significant margin pressure offset strong balance sheet growth to deliver flat NII. West Africa was impacted by the lower oil prices, East Africa, by lower trade and a halting of travel and the South and Central economies remained closely coupled with South Africa. The group’s capital position remained robust, with a common equity tier 1 capital adequacy (CET1) ratio as at 30 June 2020 of 12.6%, well in excess of the regulatory minimum of 7%. Despite the pandemic-related disruptions, PBB SA released several new digital capabilities and product enhancements. Replay Access Code: 36206 In addition, US/China tensions remain a risk. For more on the interim results, visit reporting.standardbank.com. The financial results reported are the consolidated results of the group’s 57% investment in Liberty, adjusted for Standard Bank Group shares held by Liberty for the benefit of Liberty policyholders which are deemed to be treasury shares in the group’s consolidated accounts. However, we recognise the need to accelerate our digital delivery and, in parallel, drive operational efficiency. USD10 billion) for the six months to 30 June 2020, Standard Bank offers a range of banking and related financial services across sub-Saharan Africa. A transcript will be available 48 hours after the presentation. Staff costs were up 1% as annual salary increases were offset by lower headcount and performance-related incentives. Costs were well contained despite ongoing investment in digital capabilities and higher regulatory charges. These bold actions, combined with flattening infection curves, calmed markets somewhat and drove a recovery in 2Q20. Provisions increased across all stages and across all product portfolios. CLR increased to 231 bps (1H19: 105 bps). GROUP RESULTS ... Namibia SBN Holdings Limited’s full announcement containing the interim results announcement for the six months ended 30 June 2020 Registration number: 2006/306 Country of incorporation: Republic of Namibia ... is available for viewing on the Standard Bank website. With a market cap of approximately R169 billion (approx. SIGN UP SIGN IN PODCASTS LISTEN EARN POINTS CPD HUB TRENDING COVID-19 MOBILE. Standard Bank had a good first half, growing headline earnings by 12% despite currency headwinds from its operations outside SA. FINANCIAL RESULTS, RATIOS AND STATISTICS Change % 1H19 1H181 FY18 Standard Bank Group (SBG) Headline earnings contribution by business unit Total headline earnings Rm 6 13 361 12 663 27 865 Banking activities Rm 10 12 806 11 674 25 847 Personal & Business Banking (PBB) Rm 8 7 201 6 697 15 557 Corporate & Investment Banking (CIB) Rm 9 6 169 5 676 11 168 Central and other … The deteriorating credit environment drove a 39% increase in risk-weighted assets (RWA) period on period. The International Monetary Fund is forecasting global real GDP to contract by 4.9%, sub-Saharan Africa by 3.2% and South Africa by 8.0% in 2020, followed by a recovery of 5.4%, 3.4% and 3.5% respectively, in 2021. on the execution of its strategy and key priorities for 2020. Lower interest rates are expected to persist throughout 2H20, which will put pressure on NII. In addition, system resilience and security remained key to driving digital adoption. Investment in technology platforms resulted in cost growth of 7%. Headline earnings declined by 44% to R7.5 billion compared with nearly R13.4 billion in the same six months last year. Provisions increased 45% year to date following a deterioration of corporate risk grades and higher stage 3 loans. Results analysis and presentation available for download on this website shortly thereafter. During the period, the group performed a review of certain of its IT capabilities. Credit impairment charges increased across most countries, with notable increases in Kenya, Tanzania, Uganda and Zimbabwe. ESG. In South Africa, the business maintained its foreign exchange market share and improved its equities market share. In addition, the South African government implemented a sizeable stimulus package to support those most vulnerable. Liberty reported a headline loss of R2.3 billion (1H19: earnings of R2.0 billion). ICBC Standard Bank (ICBCS) recorded a profit of USD70 million in 1H20 (1H19: loss of USD130 million). No.1962/000738/06). 7 October 2020. PBB customer deposits grew 16%, with strong growth in savings and investment products as well as call deposits, as retail customer balances increased during lockdown and business customers held additional liquidity to support cashflow demands in an uncertain environment. 2020 Interim Results Highlights See results summary. The considerable uncertainty in 1H20 drove an Emerging Market risk-off stance for foreign investors. Live cross to Standard Bank’s interim results presentation. Strict lockdowns brought the economy to a near-standstill. In South Africa, the interrupted power supply extended the 4Q19 recession into 1Q20. NIR declined 5% as increased digital transactional volumes and modest annual price increases were insufficient to offset the significant lockdown-related decline in physical channel volumes, turnover reductions, a drop in trade activity and regulatory restrictions introduced on certain fees in Africa Regions. Africa Regions delivered a strong performance. Standard Bank Group 2020 Interim Results presentation. RESULTS for the six months ended 30 June 2020 SBN Holdings Limited. Headline earnings per share 43% 1h19: 837 cents. Standard Bank Group’s headline earnings for the six months to 30 June 2020 were R7.5 billion (USD453 million) and at 30 June 2020 total assets were R2.6 trillion (USD151 billion). Negative endowment was a headwind in the period. The stressed global economic conditions drove downward equity valuation adjustments (affecting NIR in South Africa) and a substantial increase in credit impairments. CIB deposit growth was underpinned by higher corporate current account balances as market uncertainty led clients to reassess planned capital investments and hold larger cash balances. To accommodate the lockdown requirements and protect our people, certain branches were temporarily closed and teams were reorganised to maintain the delivery of key functions to our clients. USD10 billion) for the six months to 30 June 2020, Standard Bank offers a range of banking and related financial services across sub-Saharan Africa. CIB Covid-19 client risk exposure restructures equated to R48 billion. Covid-19 has already had a profound impact globally and there remains much uncertainty as to the ultimate human and economic toll. This was quickly followed by extraordinary fiscal and monetary actions and fiscal stimulus (in particular, in developed markets) and a variety of regulatory actions. In addition, due to the considerable uncertainty and associated forecast risk, an additional R500 million provision was raised and held centrally. Headline earnings 44% 1h19: R13 361 million. The CET1 ratio, including the full IFRS 9 transitional impact, was 12.5%. Standard Bank Group, one of SA's big four banks, is announcing its 2020 interim results on Thursday August 20, with a live webcast from 10am … An African-focused, client-centric, digitally enabled, integrated financial solutions provider…, 20 sub-Saharan African countries, five global centres and three offshore hubs…, Client centricity places our clients at the centre of everything we do …, Market cap of approximately R169 billion for the six months to 30 June 2020…. MENU DATA . Mortgages and VAF represented 62% and 23% of the PBB SA client relief portfolio respectively. Credit impairment charges increased to R11.3 billion, 2.7 times that of 1H19. 2020 Interim Results Summary Standard Bank Group’s (SBG or the group) results for the six months ended 30 June 2020 (1H20) reflect that of a resilient, well diversified underlying franchise, negatively impacted by a very difficult environment, particularly in South Africa. Gross written premium increased as the portfolio tilt shifted towards higher cover and premium insurance products. International: +27 10 500 4108 Growth in PBB AR deposits from customers was underpinned by continued strong current and savings account inflows. CIB revenues grew 11% to R21.4 billion. Gross loans and advances to customers grew 17% to R487 billion. Archive. Deeds and vehicle registration offices were closed in April and the first half of May, stalling mortgage and vehicle and asset finance (VAF) portfolio growth. South Africa: 010 500 4108 Operating expenses were well contained and supported by the savings derived from the branch reconfiguration concluded in 1H19. We are unable to provide revised medium-term targets at this time. The condensed financial results of Standard Bank Group Limited (Standard Bank) for the six month period ended 30 June 2020 have been published and submitted to … This was more than offset by higher insurance, asset management and foreign currency service fees as well as higher point of representation fees. Negative endowment, and related margin compression, more than offset the revenue increases related to balance sheet growth. The net impact of R2.0 billion negatively impacted earnings attributable to the group in 1H20. Read: Standard Bank Group Interim results June 2019 The bank continued to keep cost increases as low as possible, with total operating costs increasing by only 6% compared to a year ago. Structural balance sheet changes required, following the South African sovereign downgrade, also impacted performance. After adjusting for treasury shares, the group’s share of the loss amounted to R0.7 billion (1H19: earnings of R0.9 billion). In line with the South African Reserve Bank’s guidance, the SBG Board has not declared an interim dividend. From September 2019, the investment was recognised as held for sale and the group ceased recognising its share of profits. … Trading revenues are expected to be below 1H20 levels. Client behaviour post the expiry thereof will be key. Applying the group’s accounting policy on IT intangibles, it was deemed necessary to impair the previously capitalised asset. Fear and uncertainty drove a precipitous fall in the markets and a liquidity squeeze in 1Q20. ESG. While the pandemic has created distress and anxiety for many people, it has also created new opportunities, specifically the opportunity to accelerate change. A foreign currency translation reserve (FCTR) accumulated over the life of the investment due to the devaluation of the Argentine Peso (ARS) vs ZAR. Trade and foreign exchange inflows dried up and oil-exporters were negatively impacted by the lower oil price. As at 30 June 2020, Covid-19 client relief provided by PBB SA totalled R107 billion representing 18% of the PBB SA portfolio. STANDARD BANK GROUP 7 TCFD Interim Report 2020 Impact of climate-related risks and opportunities on business, strategy and financial planning Standard Bank has undertaken a preliminary assessment of high carbon emitting sectors in our portfolio. Global Markets (GM) revenue grew 43% on the back of strong risk management and increased client activity in volatile markets. PBB revenues declined 1% to R35.1 billion. In 1H20, Liberty’s performance was negatively impacted by higher morbidity and mortality claims, new business strain and the creation of a R2.2 billion post-tax pandemic provision to cover future costs related Covid-19 which are still expected to arise. Our investor community helps us drive investment, trade and wealth creation worldwide . CIB’s capabilities and reach remains attractive to domestic clients and multi-national corporates already operating, seeking to operate or seeking to expand on the continent. The sale was completed on 29 June 2020, post receipt of the necessary regulatory approvals. A partial resumption of economic activity, following the relaxation of the lockdown regulations in the second half of May and in June, resulted in a partial recovery of transactional volumes and values and, in turn, NIR by the end of the period. To R508 million specifically related to Covid-19 totalled R279 million in 1H20 ( 1H19: %! 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