Standard Bank Group Limited · JSE:SBK
Standard Bank — FY2025 Earnings Presentation
63 slides from Standard Bank's earnings presentation, Mar 12, 2026
Slide 1: 2025 Annual Results
STANDARD BANK GROUP 2025 ANNUAL RESULTS 12 MARCH 2026 AFRICA IS OUR HOME, WE DRIVE HER GROWTH.
Slide 2: Contents
CONTENTS 01 02 03 SBG 2025 FY25 financial SBG 2028 performance and FY26 guidance
Slide 3: SBG 2025
1.0 SBG 2025
Slide 4: SBG 2025 – In 2021 we made clear strategic choices and set ambitious medium-term targets
SBG 2025 – In 2021 we made clear strategic choices and set ambitious medium-term targets Our purpose: Why we exist Africa is our home, we drive her growth Transform client experience Execute with excellence Drive sustainable growth and value Our 2025 financial targets: What we 7% - 9% ~50% 17% - 20%
Slide 5: Operating environment – global uncertainty elevated
Operating environment – global uncertainty elevated Covid-19 Cboe Volatility Index® (VIX Index)1 US tariff announcements Invasion of Global inflation US Presidential Middle East Ukraine shocks election conflict Average index 1990 to date = 19.4 J an-20 Aug-20 Jan-21 Jul-21 Jan-22 Jun-22 Dec-22 Jun-2
Slide 6: Operating environment – volatility in our markets
Operating environment – volatility in our markets Inflation Interest rates Credit ratings1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca % 2020 2021 2022 2023 2024 2025 % 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 South Africa Angola Ghana Nigeria Kenya Uganda Mozambique 1 Moody's Investor Ser
Slide 7: Strong and steady growth – Africa's GDP and SBG headline earnings
Strong and steady growth – Africa's GDP and SBG headline earnings GDP growth – Sub-Saharan Africa1 Headline earnings +25% 4.2 4.1 3.7 3.7 3.2 % (3.1) 49.2 2020 2021 2022 2023 2024 2025 Rbn FY20 FY21 FY22 FY23 FY24 FY25 1 International Monetary Fund 5-year CAGR STANDARD BANK GROUP 2025 ANNUAL RESULTS
Slide 8: Strong and steady growth – large and diversified portfolio
Strong and steady growth – large and diversified portfolio Headline earnings by business unit1 Group headline earnings by region ¢ Insurance & Asset Management CAGR ¢ Offshore and other ¢ Personal & Private Banking 2020-2025 ¢ Africa Regions CAGR ¢ Business & Commercial Banking ¢ South Africa3 2020-
Slide 9: Transform client experience – growing, engaged and digitally-enabled client base
Transform client experience – growing, engaged and digitally- enabled client base +13% acquiring Onboarded 25% of Banking revenue growth +11% turnover1 BCB clients Improved merchant to new Online Banking offering platform2 >80% >40m of digital sales completed Personalised client through the Banking
Slide 10: Execute with excellence – cost efficiency while strategically investing in modern platforms
Execute with excellence – cost efficiency while strategically investing in modern platforms Save Invest Cost-to-income ratio • Cloud migration • R5bn investment in client channel 59.1 modernisation1 58.3 – 71% of migratable servers are in the cloud • Digital platform feature releases – 88% of legacy
Slide 11: Drive sustainable growth and value – positive impact
Drive sustainable growth and value – positive impact Financial health and inclusion 402 000 6 000 R890m CSI participants in financial new affordable savings for homeowners literacy initiatives housing mortgages of through LookSee solutions and discounts on home R616m in student R3.6bn loans in EDGE1
Slide 12: Drive sustainable growth and value – excellent growth and returns to shareholders
Drive sustainable growth and value – excellent growth and returns to shareholders Delivered growth and attractive returns Distributed to shareholders Shareholder value added1 Return on equity Dividend payout ratio ¢ Headline earnings +25% ¢ Dividend per share +48% 19.3 18.8 59 18.5 55 55 56 56 16.3
Slide 13: SBG 2025 – delivered financial targets
SBG 2025 – delivered financial targets 2020 Actual 2025 Targets 2025 Actual Revenue growth 7% – 9% 11% 2020/25 CAGR 2020/25 CAGR Cost-to-income ratio 59.1% Approaching 50% 50.2% Credit loss ratio 151bps 70bps – 100bps 73bps Return on equity 8.9% 17% – 20% 19.3% CET 1 ratio 13.2% >12.5% 13.8% STANDAR
Slide 14: FY25 financial performance and FY26 outlook
2.0 FY25 financial performance and FY26 outlook
Slide 15: Performance highlights – delivered another strong set of results
Performance highlights – delivered another strong set of results Group headline earnings Headline earnings per share Dividend per share Common equity tier 1 ratio FY25: R49.2bn FY25: 3 026c FY25: 1 695c FY25: 13.8% FY24: R44.5bn FY24: 2 691c FY24: 1 507c FY24: 13.5% h 11% ZAR h 12% h 12% h 11% CCY G
Slide 16: FY25 macroeconomic trends – GDP growth improved, inflation eased and interest rates declined
FY25 macroeconomic trends – GDP growth improved, inflation eased and interest rates declined Real GDP growth1 Inflation2 Interest rates3 Currency translation impact4 2024 2025 2024 2025 2024 2025 UK USA Angola Botswana Ghana Kenya Malawi Mauritius Mozambique 13.5 10.0 14.3 13.2 0.5 1.1 3.6 3.8 1.0 1
Slide 17: SBG income statement – performance underpinned by a healthy and growing franchise
SBG income statement – performance underpinned by a healthy and growing franchise FY25 FY24 Change Change • Net interest income growth supported by a larger average balance sheet, partly offset by negative Rm Rm % CCY % endowment and competitive pricing Net interest income 105 117 100 807 4 5 • Non-
Slide 18: Banking
2.1 Banking
Slide 19: Gross loans and advances to customers – solid growth driven by corporate lending
Gross loans and advances to customers – solid growth driven by corporate lending Gross loans and advances to customers by product, R1.6trn By business units YoY % change (Dec-24/Dec-25) h 6% ZAR YoY % change (Dec-24/Dec-25) ¢ Dec-20 to 24 ¢ Dec-25 +12% h 8% CCY PPB CIB +2% +12% +1% BCB 0% By region
Slide 20: Disbursements – meaningful growth in lending activity
Disbursements – meaningful growth in lending activity Investment banking origination Business lending origination Home services +19% +21% +11% HoH % change (1H25 vs 2H25) (South Africa) +40% +19% +23% 167 50 28 Rbn 1H24 2H24 1H25 2H25 Rbn 1H24 2H24 1H25 2H25 Rbn 1H24 2H24 1H25 2H25 Personal unsecure
Slide 21: Deposits – strong growth in both South Africa and Africa Regions
Deposits – strong growth in both South Africa and Africa Regions Deposits and debt funding by product, R2.4trn YoY % change (Dec-24/Dec-25) h 11% ZAR By business units YoY % change (Dec-24/Dec-25) ¢ Dec-20 to 24 ¢ Dec-25 h 13% CCY PPB +2% +4% +8% BCB CIB +10% +3% +14% +18% -4% By region +68% YoY % c
Slide 22: Net interest income – impact of lower interest rates moderated due to endowment hedge
Net interest income – impact of lower interest rates moderated due to endowment hedge benefit in South Africa Net interest margin, down 7bps Net interest income increased by 4% due to: Positive impact Negative impact • Asset pricing and mix ‒ Positive mix as the local currency book 2 7 (29) 11 2 (wh
Slide 23: Non-interest revenue – diversified and growing capital-light revenue streams
Non-interest revenue – diversified and growing capital-light revenue streams Non-interest revenue Non-interest revenue split 5-year CAGR, 10% h 10% ZAR 2.1 2.7 h 11% CCY 23.2 Other +1% Insurance attribution +11% Trading revenue +10% Net F&C +11% 35.7 63.7 Rbn FY20 FY21 FY22 FY23 FY24 FY25 Rbn FY25 S
Slide 24: Net fee and commission revenue – continued strong momentum
Net fee and commission revenue – continued strong momentum Net fee and commission revenue supported by: Net fee and commission revenue, R35.7bn1 ¢ FY24 ¢ FY25 h 11% ZAR • Account transaction fees increased due to increased transactional activity in the retail h 11% CCY portfolio, an expanded active
Slide 25: Trading revenue – growth driven by increased client activity and market-making opportunities
Trading revenue – growth driven by increased client activity and market-making opportunities Trading revenue 5-year CAGR, 11% h 10% ZAR Trading revenue increased due to: h 10% CCY • Fixed income and currencies growth driven by improved risk management and increased client demand for foreign exchange
Slide 26: Credit provisions – coverage was broadly flat
Credit provisions – coverage was broadly flat as an increase in stage 3 provisions was offset by decrease in stage 1 and 2 Gross loans and advances ¢ Stage 3 h 4% ZAR Coverage Gross loans and advances staging split: • Stage 1 and 2 loans increased by 4% driven ¢ Stage 2 ¢ Stage 1 1 712 1 783 h 7% CC
Slide 27: PPB South Africa credit provisions – continued downward trend in early delinquencies
PPB South Africa credit provisions – continued downward trend in early delinquencies and NPL ratio has peaked Early delinquency (1 - 89 days past due) Non-performing loans (NPL) ¢ 1 – 29 days NPL % ¢ 30 – 59 days ¢ NPL ¢ 60 – 89 days 11.1 17.0 8.4 4.6 69.7 Rbn Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-
Slide 28: Credit impairment charges – decrease driven by improved macroeconomic environment
Credit impairment charges – decrease driven by the improved macroeconomic environment and optimised collections strategies Credit impairment charges Credit loss ratio ¢ Other i 5% ZAR Credit impairment charges decline driven by: • BCB charges decreased by 22% due to prior ¢ Loans i 5% CCY year refin
Slide 29: Operating expenses – increase driven by ongoing investment in prioritised areas
Operating expenses – increase driven by ongoing investment in prioritised areas and higher activity-related costs FY25 FY24 Change Change Operating expenses driven by: Rm Rm % CCY % • Staff costs increased driven by annual Staff costs 49 783 47 223 5 6 salary adjustments, higher performance- Other o
Slide 30: Operating expenses – consistent positive operating leverage since 2021
Operating expenses – consistent positive operating leverage since 2021 Income vs cost growth and jaws Cost-to-income ratio Jaws, (296) 144 892 558 192 64 bps1 59.1 Revenue growth 58.3 Cost growth 54.0 51.5 50.5 50.2 bps % FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 1 Jaws calculated
Slide 31: Insurance & Asset Management
2.2 Insurance & Asset Management
Slide 32: IAM FY25 performance – strong earnings growth and capital optimisation
IAM FY25 performance – strong earnings growth and capital optimisation improved ROE in excess of group target range FY25 FY24 Change Insurance operations growth underpinned by: Rm Rm % • South Africa increase supported by good risk Insurance operations 5 088 3 953 29 experience and improved persiste
Slide 33: IAM 3-year performance – strong growth in earnings and ROE step change
IAM 3-year performance – strong growth in earnings and ROE step change since integrated into the group IAM headline earnings pre-attribution IAM headline earnings post-attribution ¢ Shareholder portfolio and other +13% +21% ¢ Asset Management ¢ Insurance ROE 18.5% 33.7% ROE 10.5% 22.1% 6.5 4.6 4.1 2
Slide 34: Capital & returns
2.3 Capital & returns
Slide 35: CET1 ratio – capital and liquidity remain robust
CET1 ratio – capital and liquidity remain robust CET1 ratio progression1 2.8 (1.5) (0.2) (0.1) (0.7) 13.5 13.8 % Dec-24 Earnings for Dividends Share Other RWA Dec-25 the year paid 2 buybacks growth CET1, Rbn 240 49.2 (26.4) (3.0) (2.1) - 258 RWA, Rbn 1 773 93 1 866 Capital progression Dec-23 Dec-24
Slide 36: Capital – strong capital position reflects resilience and provides flexibility
Capital – strong capital position reflects resilience and provides flexibility CET1 capital1 Capital available: CET1 ratio 13.8 13.7 13.8 Expansion, dividends and share buybacks 13.4 13.5 13.2 Provides optionality and distributions to 258 240 shareholders 25 221 18 200 20 188 56 Buffer for macro-eco
Slide 37: SBG cost of equity – reflects the group's diversified portfolio
SBG cost of equity – reflects the group's diversified portfolio of businesses and regions and a track record of dividend repatriation Africa Regions COE Regional Regional Group • Africa Regions COE pre-adjustments - Individual NAV COE COE Africa Regions entity COEs are calculated using various facto
Slide 38: ROE & dividends – strong returns and a step change in shareholder value add
ROE & dividends – strong returns and a step change in shareholder value add, higher dividends and distributions Return on equity and cost of equity1 Shareholder value added2 Ordinary dividend per share 56% dividend Group ROE payout ratio Cost of equity 19.3 18.8 18.5 +12% 16.3 14.1 14.4 13.8 8.4 8.7
Slide 39: Business units and regional performance overview
2.4 Business units and regional performance overview
Slide 40: SBG portfolio – earnings diversified across business units, products and regions
SBG portfolio – earnings diversified across business units, products and regions Business unit headline earnings1 Product headline earnings1 Legal entity headline earnings2 YoY % change YoY % change YoY % change Liberty IAM CIB +23% +26% Global Markets transactional +41% +1% Offshore -23% 4.1 8.1 3.
Slide 41: Business units – group earnings growth was driven by CIB and IAM
Business units – group earnings growth was driven by CIB and IAM, with BCB and PPB supporting group ROE Headline earnings contribution by business unit Positive SBG Franchise, +10% Negative 4.1 1.5 11.4 (1.2) 9.2 24.1 49.2 Rbn CIB BCB PPB IAM Centre & other ICBCS (40% stake) FY25 HE growth +18 -4 +3
Slide 42: Legal entities performance – delivered a strong performance over the last 5 years
Legal entities performance – delivered a strong performance over the last 5 years SBSA headline earnings, +7% +33% Africa Regions headline earnings, +9%, +10% CCY +16% Return on equity Return on equity ¢ Headline earnings ¢ Headline earnings West region1 36.7 15.6 +14% 7.6 Rbn FY20 FY21 FY22 FY23 FY
Slide 43: FY26 outlook
2.5 FY26 outlook
Slide 44: FY26 macroeconomic expectations – further improvement
FY26 macroeconomic expectations – further improvement, subject to knock-on impacts of Middle East developments Real GDP growth1 Inflation2 Interest rates3 Currency translation impact4 2024 2025 2026e 2024 2025 2026e 2024 2025 2026e 2025 2026e UK USA Angola Botswana Ghana Kenya Malawi Mauritius 11.8
Slide 45: SBG FY26 – expect continued growth and higher returns
SBG FY26 – expect continued growth and higher returns Core metrics FY25 FY26 guidance Key drivers in FY26 • NII - up mid-single digits, subject to loan growth Banking revenue growth 6% Mid-to-high single digits • NIR - up low-double digits, subject to client growth and market activity Group ROE 19.3
Slide 46: SBG 2028
3.0 SBG 2028
Slide 47: Looking ahead – confident about the short to medium term
Looking ahead – confident about the short to medium term Clear competitive advantages... ...to support strong shareholder ...and continued outcomes in 2026... momentum to 2028 2026 guidance Africa-focused market leader mid-to-high 8% - 12% Market-leading franchises, single digit headline earnings pe
Slide 48: Africa's Most Valuable Banking Brand
Africa’s Most Valuable Banking Brand 2022 – 2026
Slide 49: Appendix
i Appendix
Slide 50: Macroeconomic estimates – 2025 and 2026
Macroeconomic estimates – 2025 and 2026 Real GDP growth1, % Inflation2, % Interest rates3, % Currency4, % change South Africa South Africa South Africa South Africa UK UK UK UK USA USA USA USA Angola Angola Angola Angola Botswana Botswana Botswana Botswana Ghana Ghana Ghana Ghana Kenya Kenya Kenya K
Slide 51: Appendix
\S Standard Bank Appendix
Slide 52: SBSA – good growth supported by double-digit increase in non-interest revenue
SBSA – good growth supported by double-digit increase in non- interest revenue FY25 FY24 Change Rm Rm % Net fee and commission Trading revenue Net interest income 58 912 57 583 2 Non-interest revenue 43 920 39 498 11 h 10% h 21% Total income 102 832 97 081 6 Operating expenses (61 578) (57 601) 7 Pr
Slide 53: Africa Regions – strong underlying franchise growth
Africa Regions – strong underlying franchise growth h 9% FY25 FY24 Change CCY Headline earnings Egypt ZAR Rbn Rbn % % h 10% CCY Africa Regions 19.7 18.0 9 10 East Africa1 4.7 4.2 12 11 South & Central 7.4 8.7 (15) (13) Cote D’Ivoire Ghana Nigeria South Ethiopia Africa2 Sudan West Africa3 7.6 5.1 48
Slide 54: Africa Regions – diversified earnings and strong growth profile
Africa Regions – diversified earnings and strong growth profile Headline earnings by sub region Headline earnings by country CAGR YOY % ¢ South & Central CAGR 2015-2024 change ¢ East Africa 2015-2025 ¢ Other1 ¢ West Africa ¢ Angola +9% ¢ Ghana ¢ Tanzania ¢ Kenya ¢ Nigeria +10% ¢ Uganda ¢ Zambia +14%
Slide 55: Business units – income statement overview
Business units – income statement overview Credit Impairment Revenue Opex Headline Earnings charges FY25 FY24 CCY FY25 FY24 CCY FY25 FY24 CCY FY25 FY24 CCY Rbn Rbn % % Rbn Rbn % % Rbn Rbn % % Rbn Rbn % % Corporate & Investment Banking 74.4 64.6 15 16 (31.7) (28.7) 10 11 (2.1) (1.6) 32 36 24.1 20.5 1
Slide 56: Business units – key ratios
Business units – key ratios NIR/Costs CTI Jaws CLR Return on Equity FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 % % % % bps bps bps bps % % Corporate & Investment Banking1 112 109 42.6 44.4 477 360 14 8 22.4 21.9 Business & Commercial Banking 58 61 58.4 55.4 (548) 119 108 140 38.1 39.2 Persona
Slide 57: Corporate & Investment Banking – key highlights
Corporate & Investment Banking – key highlights FY25 FY24 Change Change Key drivers of performance Rbn Rbn % CCY % • Total income growth was driven by strong demand for Net interest income 38.8 33.4 16 18 credit, more deal activity, stronger fees and market volatility • Operating expenses growth was
Slide 58: Business & Commercial Banking – key highlights
Business & Commercial Banking – key highlights FY25 FY24 Change Change Key drivers of performance Rbn Rbn % CCY % • Total income flat as negative endowment effects, Net interest income 25.3 25.5 (1) (1) competitive pricing, and lower Offshore book balances were offset by increased electronic payment
Slide 59: Personal & Private Banking – key highlights
Personal & Private Banking – key highlights FY25 FY24 Change Change Key drivers of performance Rbn Rbn % CCY % • Total income grew due to continued momentum from a Net interest income 39.0 39.3 (1) (1) larger active client base, higher transactional activity, a 33% growth in value-added services in
Slide 60: Insurance & Asset Management – key highlights
Insurance & Asset Management – key highlights Insurance operations New business value SA Life Savings and Investments (S&I) earnings1 Liberty Group solvency cover ratio h 12% h 17% 3 366 3 780 3 118 3 653 1.56 1.47 Rm FY24 FY25 Rm FY24 FY25 x FY24 FY25 Asset Management AUM & AUA5 Africa Regions STAN
Slide 61: ICBC Standard Bank plc – strong operational performance
ICBC Standard Bank plc – strong operational performance supported by higher precious metal prices and client activity ICBCS performance SBG’s share of earnings FY25 FY24 ICBCS earnings, USDm 213 142 @ % stake 40 40 SBG attributable earnings, 85 57 USDm ZAR/USD1 18.1 18.5 SBG attributable earnings, 1
Slide 62: 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 63: Investor Relations
Investor Relations Use QR code to register Investor Relations website: for alerts: Standard Bank Group Investor Relations | Standard Bank Please send any queries to: Relations.Investors@standardbank.co.za Please send any meeting requests to: Sine Gumede Sine.Gumede@standardbank.co.za