Aug 13, 2026 / 08:00AM GMT
Presentation
Aug 13, 2026 / 08:00AM GMT
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Corporate Participants
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* Simpiwe Tshabalala
Standard Bank Group Ltd - Group Chief Executive Officer, Executive Director
* Arno Daehnke
Standard Bank Group Ltd - Chief Finance and Value Management Officer, Executive Director
* Bill Blackie
Standard Bank Group Ltd - Chief Executive Officer - Business and Commercial Clients
* Sarah Rivett-Carnac
Standard Bank Group Ltd - Head of Investor Relations
* Yuresh Maharaj
Standard Bank Group Ltd - Chief Executive Officer - IAM
* Luvuyo Masinda
Standard Bank Group Ltd - Deputy Chief Executive Officer - Corporate & Investment Banking
* Funeka Montjane
Standard Bank Group Ltd - Chief Executive Officer - Personal & Private Banking
=====================
Conference Call Participants
=====================
* Harry Botha
Bofa Merrill Lynch Asset Holdings Inc - Analyst
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Simpiwe Tshabalala -
Standard Bank Group Ltd
(STU:SKC2)
€
17.3
+0.20 (+1.17%)
Market Cap: 28.02 Bil
Enterprise Value: 21.69 Bil
PE Ratio: 10.15
PB Ratio: 1.75
GF Score: 73/100 Half Year 2026 Standard Bank Group Ltd Earnings Presentation Transcript
Aug 13, 2026 / 08:00AM GMT
Release Date Price:
€17.5
(+1.74%)
Key Points
Positve
- Record first-half headline earnings of ZAR26.1 billion, up 10% year-on-year, with a 10% increase in dividends per share.
- Return on equity improved to 19.8%, the highest in the post-Basel III era, and shareholder value added grew 55% to ZAR8.4 billion.
- Credit loss ratio improved to 73 basis points from 93 basis points, with credit impairments down 12% and improved performance across all major loan portfolios.
- Strong capital position with CET1 ratio up to 13.6%, providing flexibility for growth, dividends, and selective acquisitions.
- Continued positive operating leverage with 10 consecutive halves of positive jaws, and cost-to-income ratio improved to 49.3%.
- Robust growth in Africa Regions, with constant currency earnings up 11% and loan growth of 13%, contributing 40% of group headline earnings.
- Non-interest revenue grew 7%, driven by strong trading revenue (up 8%) and fee income (up 7%), with value-added services revenue up 50%.
- Insurance and Asset Management earnings up 15%, with Asset Management up 35% and ROE improving to 21.1%.
- Strong client activity and market share gains in payments, with cross-border market share up to 19% and total payments processed of ZAR88 trillion.
- AI and technology investments are scaling, with 39,000 employees using generative AI tools and a first-place ranking in the Evident AI Index for Africa.
Negative
- Net interest margin declined 17 basis points to 472 basis points, impacted by tighter corporate lending spreads and competition for wholesale deposits.
- Endowment impact from lower interest rates was significant, particularly in Africa Regions, with a net negative impact of ZAR1.4 billion.
- Loan growth in South Africa was slower than anticipated, with Home Services book growth only 1% and personal unsecured loan disbursements down 8%.
- BCB and PPB earnings declined 2% and 1% respectively, due to endowment headwinds and regulatory fee changes in Africa Regions.
- Stronger-than-expected rand is expected to have a negative 2% currency translation impact on earnings growth for the full year.
- Insurance attribution revenue growth was dampened by higher claims experience, with only 1% growth in the period.
- NIR growth of 7% was lower than the March guidance of low-double digits, partly due to currency and pricing adjustments in Africa Regions.
- Offshore businesses saw an 18% decline in earnings, impacted by endowment effects and market conditions.
- The shareholder portfolio in IAM recorded a loss of ZAR104 million, compared to a profit of ZAR120 million in the prior period.
- Africa Regions NIM compressed by 64 basis points to 7.2%, with Ghana alone contributing over half of the endowment impact.
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