Standard Bank Group (SBK) investor relations material

Executive summary

• Achieved record headline earnings of ZAR 26.1 billion for H1 2026, up 10% year-over-year, with headline EPS and dividends per share also up 10% to 902 cents, and ROE improving to 19.8%.

• Group ROE reached 19.8%, the highest in the post-Basel III era, with a dividend payout ratio of 56%.

• Active client base grew to 19.5 million, driven by digital client growth and increased transactional volumes.

• Continued investment in technology, AI, and payments, with 78% of migratable compute on cloud and over 39,000 employees using generative AI tools.

• Mobilized ZAR 51 billion in sustainable finance in H1 2026, with cumulative sustainable finance at ZAR 328 billion toward a 2028 target of ZAR 450 billion.

Financial highlights

• Net interest income rose 4% to ZAR 53.6 billion; non-interest revenue up 8% to ZAR 35.5 billion; cost-to-income ratio improved to 49.3%.

• Credit impairment charges down 12% to ZAR 7.1 billion; credit loss ratio improved to 73 bps from 93 bps year-over-year.

• Deposits increased by 11% to ZAR 2.5 trillion; gross loans and advances up 5% to ZAR 1.64 trillion; total assets at ZAR 3.81 trillion.

• Insurance and asset management headline earnings up 15% to ZAR 2.1 billion; assets under management rose to ZAR 1.8 trillion.

• Net asset value per share reached 16,771 cents.

Outlook and guidance

• Full-year 2026 guidance unchanged: banking revenue growth expected in mid to high single digits, cost-to-income ratio to decline slightly, credit loss ratio to remain in the lower half of the 70–100 bps range, and ROE to exceed prior year.

• 2028 targets reaffirmed: headline EPS CAGR of 8–12%, ROE within 18–22% range.

• Macroeconomic outlook: resilient African growth, easing inflation, and supportive policy expected to underpin continued balance sheet and earnings momentum.