Standard Bank Oil ETN · JSE:SBOIL
Standard Bank Oil ETN — Standard Bank Group — H1 2026 Earnings Presentation
57 slides from Standard Bank Oil ETN's earnings presentation, Aug 13, 2026
Slide 1: Standard Bank Group Interim Results 2026
STANDARD BANK GROUP INTERIM RESULTS 2026 13 AUGUST 2026 AFRICA IS OUR HOME, WE DRIVE HER GROWTH.
Slide 2: Contents
CONTENTS 1.0 SBG 1H26 2.0 1H26 financial performance and FY26 guidance 3.0 SBG 2028
Slide 3: SBG 1H26
U 1.0 SBG 1H26
Slide 4: Standard Bank Group – unlocking Africa's growth
Standard Bank Group – unlocking Africa's growth Sub-Saharan Africa (SSA) is the fastest Unmatched scale and reach provides Opportunities in Africa shaped by growing major region in the world1 access to ~80% of SSA's GDP four structural themes Largest 21 20m Rapid economic growth and Financial Market
Slide 5: Standard Bank Group – unlocking Africa's growth
Standard Bank Group – unlocking Africa's growth Well-diversified across three core Strong earnings growth and increasing Expanding shareholder value creation regions1 returns — Group ROE Shareholder value added2 Headline earnings Offshore and ICBCS Total shareholder return3 South SBG: 17% Africa
Slide 6: 1H26 strategic update – focused execution on strategic priorities
1H26 strategic update – focused execution on strategic priorities Effective cost and risk Client-led growth Diligent capital allocation management • Serving our clients as one Standard Bank • 10 consecutive halves of positive jaws • Directed resources to opportunities that Group best serve client ne
Slide 7: 1H26 strategic update – Technology, AI and payments
1H26 strategic update – Technology, AI and payments Artificial Intelligence evolution Leading technology platform Payments value creation at scale driving structural operating leverage and reimagining client experiences, improving improving client experience, unlocking enabling our strategic drivers
Slide 8: 1H26 financial performance and FY26 guidance
1H26 financial performance and FY26 guidance
Slide 9: Performance highlights – record earnings and higher returns
Performance highlights – record earnings and higher returns Group headline earnings Headline earnings per share Dividend per share Common equity tier 1 ratio 1H26: R26.1bn 1H26: 1 610c 1H26: 902c 1H26: 13.6% 1H25: R23.8bn 1H25: 1 458c 1H25: 817c 1H25: 13.2% 10% ZAR 10% 10% 13% CCY Group retu
Slide 10: Income statement – strong performance underpinned by balance sheet growth
Income statement – strong performance underpinned by balance sheet growth and sustained momentum in fees and trading 1H26 1H25 Change Change • Net interest income increase underpinned by growth in average interest-earning assets, in Rm Rm % CCY % particular corporate lending, partly offset by Net in
Slide 11: Banking
U 2.1 Banking
Slide 12: Gross loans and advances to customers – growth led by CIB portfolio
Gross loans and advances to customers – growth led by CIB portfolio Gross loans and advances to customers by product, R1.6trn HoH % change (Jun-26/Jun-25) By business units Rbn Personal Card 5% ZAR HoH % change (Jun-26/Jun-25) +6% unsecured +2% 7% CCY Business lending PPB CIB +3% +2% +8% 7% CC
Slide 13: Disbursements – growth reflecting positive outcomes linked to targeted strategies
Disbursements – growth reflecting positive outcomes linked to targeted strategies CIB origination1 Business lending origination Home services South Africa South Africa +21% +17% +27% Rbn Rbn Rbn Personal unsecured loans BCB – VAF PPB – VAF South Africa South Africa +8% +20% -8% Rbn Rbn Rbn 1 Include
Slide 14: Deposits – strong client-led growth in low-cost transactional balances
Deposits – strong client-led growth in low-cost transactional balances, particularly in South Africa Deposits and debt funding by product, R2.5trn HoH % change (Jun-26/Jun-25) By business units Deposits 11% ZAR HoH % change (Jun-26/Jun-25) from banks Rbn +32% 14% CCY PPB +3% Other Call deposits de
Slide 15: Net interest income – increase supported by growth in average interest-earning assets
Net interest income – increase supported by growth in average interest-earning assets Net interest margin, down 17bps Net interest income increased by 4% and margin Positive impact Negative impact declined by 17bps margin, driven by: • Average interest-earning assets increased by 7% driven by strong
Slide 16: Non-interest revenue – growth supported by continued fee and trading income momentum
Non-interest revenue – growth supported by continued fee and trading income momentum Non-interest revenue Non-interest revenue split 5-year CAGR, +10% 7% ZAR 10% CCY Other1 +4% Insurance attribution +1% Trading revenue +8% Net fee and commission revenue +7% Rbn Rbn 1 Other includes other gains a
Slide 17: Net fee and commission revenue – growth supported by higher client activity
Net fee and commission revenue – growth supported by higher client activity across our markets Net fee and commission revenue, R18.4bn1 Net fee and commission revenue supported by: Rbn Other 7% ZAR • Transactional fees were broadly flat as lower fees in Africa Regions due to pricing adjustments we
Slide 18: Trading revenue – growth underpinned by client-led activity
Trading revenue – growth underpinned by client-led activity, market fluctuations and positive sentiment drove demand Trading revenue 5-year CAGR, +13% 8% ZAR Trading revenue increased as: 12% CCY • Fixed income and currencies growth was driven by increased client activity and trading opportuniti
Slide 19: Credit provisions – gross loans increased and provisions declined
Credit provisions – gross loans and advances increased and provisions declined, coverage remained robust Gross loans and advances 7% ZAR Provisions 6% ZAR Total coverage ratio 9% CCY 4% CCY % NPL % % Rbn Rbn STANDARD BANK GROUP 2026 INTERIM RESULTS PRESENTATION | 13 AUGUST 2026 19
Slide 20: Credit impairment charges – decline across all loan portfolios
Credit impairment charges – decline in charges recorded across all loan portfolios Credit impairment charges Credit impairment charges 12% decline driven Credit loss ratio2 by: PPB Other1 Loans 12% ZAR • CIB charges decreased by 52% driven by lower stage 3 provisions and post write-off BCB CIB
Slide 21: SBSA credit performance – disciplined credit risk management
SBSA credit performance – disciplined credit risk management reflected in positive portfolio trends Credit loss ratio NPL ratio1 Home services • CLR declined driven by disciplined risk appetite and through-the-cycle provisioning • NPLs and NPL ratio declined from 2025 levels driven by lower inflows
Slide 22: Operating expenses – growth well contained while still investing
Operating expenses – growth well contained while still investing in talent, digital capabilities and strategic initiatives Operating expenses1, R42.7bn 5% ZAR Operating expenses driven by: Amortisation 6% CCY • Staff costs increased due to annual salary Other expenses adjustments, ongoing in
Slide 23: IT spend – well contained with increased investment in modernising client platforms
IT spend – well contained with increased investment in modernising client platforms IT spend, R11.8bn 5-year CAGR, 5% 2% ZAR IT staff spend 5-year CAGR IT staff costs 3% CCY Software, cloud and technology +8% Amortisation of intangible assets Depreciation and other expenses — Income to I
Slide 24: Operating expenses – 10 consecutive periods of positive jaws
Operating expenses – 10 consecutive periods of positive jaws Income vs cost growth and jaws Cost-to-income ratio Jaws, bps1 621 798 971 1 185 17 51 324 52 74 44 % % Revenue growth Cost growth 1 Jaws calculated as revenue growth less cost growth STANDARD BANK GROUP 2026 INTERIM RESULTS PRESENTATI
Slide 25: Insurance & Asset Management
Insurance & Asset Management
Slide 26: Insurance & Asset Management – key highlights
Insurance & Asset Management – key highlights Insurance AUM & AUA1 HoH % change (Jun-26/Jun-25) Short-term underwriting margin Open market indexed premium South Africa South Africa 15% Africa Regions and Offshore +23% Target: >10% % Rbn R1.8trn Short-term insurance sales Funeral and Flexi-life g
Slide 27: IAM 1H26 performance – strong headline earnings growth and returns
IAM 1H26 performance – strong headline earnings growth and returns 1H26 1H25 Change Insurance operations growth underpinned by: Rm Rm % • South Africa growth primarily driven by favourable persistency and risk experience in the retail and Insurance operations 2 806 2 561 10 corporate businesses Sout
Slide 28: Capital and returns
a Capital and returns
Slide 29: Capital – maintained a robust capital position, provides flexibility
Capital – maintained a robust capital position, provides flexibility CET1 capital1 Capital available: — CET1 ratio Expansion, dividends and share buybacks Provides optionality and distributions to 264 shareholders Buffer for macro-economic uncertainty2 Ensuring resilience to buffer risks Capital to
Slide 30: Returns – improving outlook and higher returns drove shareholder value and dividends
Returns – an improving portfolio outlook, combined with higher returns, drove higher shareholder value and dividends Return on equity and cost of equity1 Shareholder value added2 Dividends — Group ROE Final dividend — Cost of equity Interim dividend 56% dividend payout ratio +10% Rbn % cps 1 Cos
Slide 31: Business units & regional performance overview
Business units & regional performance overview
Slide 32: SBG portfolio – resilience driven by a diversified portfolio
SBG portfolio – resilience driven by a diversified portfolio of businesses, products and regions Business unit headline earnings1 Product headline earnings1 Legal entity headline earnings2 HoH % change (1H26/1H25) HoH % change (1H26/1H25) HoH % change (1H26/1H25) IAM IAM Liberty +15% +15% +6% Offsho
Slide 33: Business units – strong growth in CIB, PPB-SA and IAM
Business units – strong growth in CIB, PPB-SA and IAM Headline earnings contribution by business unit Offshore SBG Franchise, +9% Africa Regions South Africa South Africa +12% South Africa +5% Rbn HE growth +15 -2 -1 +15 +>100 +22 +10 ZAR, % ROE 24.8 36.3 18.6 21.1 21.2 19.8 % STANDARD BANK GR
Slide 34: SBSA – robust performance driven by balance sheet growth
SBSA – robust performance driven by balance sheet growth, an increasingly entrenched client base and higher client activity Net fee and commission 5-year CAGR % change 1H26 1H25 Change +5% Rm Rm % Gross loans and advances +7% to customers Net interest income 30 650 28 602 7 Non-interest revenue 22 3
Slide 35: Africa Regions – strong growth in the West Region
Africa Regions – strong growth in the West Region supported portfolio performance 7% 1H26 1H25 Change Change Headline earnings Egypt ZAR Rbn Rbn % CCY % 11% CCY Africa Regions East Africa1 10.4 2.3 9.7 2.3 7 (0) 11 11 South & Central 4.2 4.0 6 9 Cote Nigeria South Ethiopia Africa2 D’IvoireGhana
Slide 36: Africa Regions – a resilient and growing portfolio
Africa Regions – a resilient and growing portfolio Individually volatile Regionally diverse Collectively resilient Africa Regions headline earnings, by Africa Regions headline earnings, by Africa Regions headline earnings country (top 8) sub-region 3.5 Nigeria contribution 10.0 South & Central Afric
Slide 37: FY26 outlook
= FY26 outlook
Slide 38: FY26 macroeconomic outlook – 2026 expectations moderated slightly
FY26 macroeconomic outlook – 2026 expectations moderated slightly, but still reflect an improvement on 2025 Real GDP growth1 Inflation2 Interest rates3 Currency translation impact4 % % % • Growth expectations have • In South Africa and Offshore, • Interest rate expectations have % moderated slightly
Slide 39: SBG FY26 – guidance provided in March 2026 remains unchanged
SBG FY26 – guidance provided in March 2026 remains unchanged 1H26 FY26 guidance Key drivers for FY26 • Dampened by a larger than expected currency translation impact Mid-to-high Banking revenue growth +5% • NII growth - up mid-single digits single digits • NIR growth - up high single digits Banking
Slide 40: SBG 2028
U 3.0 SBG 2028
Slide 41: SBG 2028 – strategy is clear and effective
SBG 2028 – strategy is clear and effective Our purpose Africa is our home, we drive her growth Our strategy To compete and win in our chosen markets and segments Opportunities Africa’s rapid economic growth Africa’s large Africa’s growing and diversified Evolving financial and demographic dividend i
Slide 42: SBG 2028 – focused execution by business units
SBG 2028 – focused execution by business units 2028 financial targets Strategic focus areas Revenue growth ROE CAGR 2025/28 • Capture structural opportunities in Africa’s growth CIB • Defend the core franchise and grow in subscale markets 8% – 12% 22% – 24% • Leverage established, proven and discipl
Slide 43: SBG 2028 – ambitious and credible targets
SBG 2028 – ambitious and credible targets Banking revenue Cost-to-income ratio Target 7%-10% CAGR1 Target <50% 1H26 49.3% 1H26 5% Rbn % Confident that we can navigate uncertainty and deliver on our HEPS ROE 1H26 Target 8%-12% CAGR1 Target 18%-22% 2028 targets 19.8% 1H26 10% cps % 1 CAGR 2025/28 ST
Slide 44: SBG 2028 – key takeaways
SBG 2028 – key takeaways 1 Macroeconomic fundamentals remain supportive 2 Strategy is clear and effective 3 Disciplined execution by business units 4 Targets are ambitious and credible 5 Compelling investment case providing access to attractive African growth STANDARD BANK GROUP 2026 INTERIM RESULTS
Slide 45: Appendix i
Appendix i
Slide 46: Macroeconomic estimates – 2026
Macroeconomic estimates – 2026 Change in FY26 estimate from Mar-26 to Aug-26 Real GDP growth, % Inflation, % Interest rates, % Currency, % change 2026 Weighted ave. 2026 Weighted ave. 2026 Weighted ave. 2026 Weighted ave. expectation in Mar-261 2.5% expectation in Mar-262 4.8% expectation in Mar-263
Slide 47: Appendix ii
Appendix ii
Slide 48: Business units – income statement overview
Business units – income statement overview Total income Operating expenses Credit impairment charges Headline earnings 1H26 1H25 Change Change 1H26 1H25 Change Change 1H26 1H25 Change Change 1H26 1H25 Change Change Rbn Rbn % CCY % Rbn Rbn % CCY % Rbn Rbn % CCY % Rbn Rbn % CCY % Corporate & 39.4 36.1
Slide 49: Business units – key ratios
Business units – key ratios NIR/Costs CTI Jaws CLR1 Return on equity 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 % % % % bps bps bps bps % % Corporate & Investment Banking 120 117 40.4 41.4 270 856 3 27 24.8 23.0 Business & Commercial Banking 58 60 60.0 57.6 (421) (434) 87 129 36.3 37.5 Person
Slide 50: Corporate & Investment Banking – key highlights
Corporate & Investment Banking – key highlights 1H26 1H25 Change Change Key drivers of performance Rbn Rbn % CCY % • Total income growth was driven by robust credit demand Net interest income 20.4 18.6 10 14 across multiple sectors, increased client activity, higher transactional volumes and growth
Slide 51: Corporate & Investment Banking – client base diversified by client type, sector and geography
Corporate & Investment Banking – client base diversified by client type, sector and geography Client revenue by client Client revenue by sector Total income by geography HoH % change HoH % change Financial Institutions Multinational corporates – International Energy & Infrastructure Global M
Slide 52: Business & Commercial Banking – key highlights
Business & Commercial Banking – key highlights 1H26 1H25 Change Change Key drivers of performance Rbn Rbn % CCY % • Total income was flat as balance sheet growth and stronger Net interest income 12.3 12.4 (0) 1 fee & commission income in South Africa was offset by lower average interest rates, forei
Slide 53: Personal & Private Banking – key highlights
Personal & Private Banking – key highlights 1H26 1H25 Change Change Key drivers of performance Rbn Rbn % CCY % • Total income grew due to higher transactional activity, Net interest income 19.1 19.2 (1) 1 deeper digital engagement and expansion of value-added services, this was offset by negative en
Slide 54: Africa Regions – a well diversified portfolio that continues to deliver earnings growth
Africa Regions – a well diversified portfolio that continues to deliver earnings growth Headline earnings by region Headline earnings by country CAGR YOY % South & Central Africa CAGR 1H16-1H25 change Other1 East Africa 1H16-1H26 Tanzania +7% West Africa Kenya Mauritius Zambia Ango
Slide 55: ICBC Standard Bank plc – strong operational performance
ICBC Standard Bank plc – strong operational performance supported by higher commodity prices ICBCS performance SBG’s share of earnings 1H26 1H25 ICBCS earnings, USDm 149 111 @ % stake 40 40 SBG attributable earnings, USDm 60 44 ZAR/USD1 17.0 19.0 SBG attributable earnings, Rm 1 019 834 USDm 1 ICBCS
Slide 56: Disclaimer – Forward looking statements
Disclaimer – Forward looking statements The Group may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate t
Slide 57: Investor Relations
Investor Relations Investor Relations website: Upcoming events Standard Bank Group Investor Relations | 3Q26 SENS October 2026 Standard Bank FY26 Results 11 March 2027 Please send any queries to: Relations.Investors@standardbank.co.za Useful presentations Please send any meeting requests to: Sine Gu