Standard Bank Group Limited · JSE:SBK
Standard Bank — Investor Day (March 2026)
29 slides from Standard Bank's investor day presentation, March 2026
Slide 1: Capital Markets Day March 2026: Financial Outlook
STANDARD BANK GROUP CAPITAL MARKETS DAY | MARCH 2026 FINANCIAL OUTLOOK | ARNO DAEHNKE 1
Slide 2: SBG 2025, SBG 2028, Capital Allocation, Key Takeaways
01 02 03 04 SBG 2025 SBG 2028 CAPITAL ALLOCATION KEY TAKEAWAYS STANDARD BANK GROUP CAPITAL MARKETS DAY | MARCH 2026 FINANCIAL OUTLOOK | ARNO DAEHNKE 2
Slide 3: SBG 2025
SBG 2025
Slide 4: SBG 2025: Robust headline earnings growth and ROE at top end of target
SBG 2025 SBG 2028 Capital allocation Key takeaways SBG 2025 | Robust headline earnings growth and ROE at the top end of target range Headline earnings Return on equity Rbn % 60.0 Pre-Covid Post-Covid Pre-Covid Post-Covid CAGR 2015/19 CAGR 2022/25 19.3 50.0 +13% 49.2 ROE 15.6 40.0 33.9 COE +6% 28.2 1
Slide 5: SBG 2025: Strong diversified revenue growth, improved efficiency, disciplined risk
SBG 2025 SBG 2028 Capital allocation Key takeaways SBG 2025 | Delivered strong and diversified revenue growth, improved efficiency and maintained disciplined risk management Revenue growth Cost-to-income ratio Credit loss ratio Banking Banking Banking Rbn CAGR 2020/25 % bps +11% 169 36% 59.1% 151 11
Slide 6: SBG 2028
SBG 2028
Slide 7: SBG 2028: Focus on growth, while further increasing ROE
SBG 2025 SBG 2028 Capital allocation Key takeaways SBG 2028 | Focus on growth, while further increasing ROE Core financial targets 8% – 12% 18% – 22% HEPS growth1 ROE target range2 Underpinned by disciplined execution Growth-led strategy with clear nu e ris k-r Op Disciplined risk appetite revenue a
Slide 8: Macroeconomic Outlook: Supportive and resilient growth
SBG 2025 SBG 2028 Capital allocation Key takeaways Macroeconomic Outlook | Supportive and growth is expected to remain resilient, a key underpin of the group’s growth outlook Lower average interest rates1 Lower average inflation1 Higher average real GDP growth1 8.4% 8% 7.1% average 2026/28 6% 6% 5.3
Slide 9: Sovereign Risk: Expected to decline across our portfolio
SBG 2025 SBG 2028 Capital allocation Key takeaways Sovereign Risk | Expected to decline across our portfolio Debt-to-GDP ratios moderate Credit Ratings set to improve Bond yields decline 104% 16.5% Ba1 96% 12.6% Ba2 10.3% 77% 78% B1 B1 8.2% 65% 62% B2 4.6% 4.1% B3 20242025 2025202620262027 202720282
Slide 10: Banking Revenue: Focus on growing capital-light revenues
SBG 2025 SBG 2028 Capital allocation Key takeaways Banking Revenue | Focus on growing capital-light revenues Banking revenue by type Banking revenue by region By type By region Rbn CAGR 2025/28 Rbn 7% - 10% Africa Regions to grow faster than South Africa 8% - 12% Offshore 6% - 8% 169 Africa Regions
Slide 11: Net Interest Income: Driven by robust balance sheet growth
SBG 2025 SBG 2028 Capital allocation Key takeaways Net Interest Income | Driven by robust balance sheet growth, particularly deposits NII growth boosted by fast growing and high margin Deposits growing faster than loans business in Africa Regions Rbn Rbn Loans to customers Deposits from customers Ne
Slide 12: Non-Interest Revenue: Growth of diversified capital-light NIR streams
SBG 2025 SBG 2028 Capital allocation Key takeaways Non-Interest Revenue | Growth of diversified capital-light NIR streams NIR composition NIR drivers By type Rbn CAGR 2025/28 Fees & commission 8% - 12% • Client primacy and entrenchment to drive volume-related fees • Expanded set of adjacent products
Slide 13: Operating Expenses: Invest and optimise
SBG 2025 SBG 2028 Capital allocation Key takeaways Operating Expenses | Invest and optimise Operating expenses growth Operating expenses growth to support key Operating expenses investments to grow the client franchise Rbn CAGR 2025/28 Incremental investments 6% - 8% • Customer acquisition capacity
Slide 14: Credit Impairments: Receding sovereign risk and CLR in lower half of range
SBG 2025 SBG 2028 Capital allocation Key takeaways Credit Impairments | Receding sovereign risk and CLR to be in the lower half of TTC1 range Credit impairment charges aligned to lending growth Drivers Credit impairments Credit impairments Rbn 5% - 8% • Financial investment-related charges are subje
Slide 15: Insurance & Asset Management: Continued upward earnings trajectory
SBG 2025 SBG 2028 Capital allocation Key takeaways Insurance & Asset Management | Continued upward earnings trajectory Earnings growth in excess of 10% p.a. Drivers IAM Headline Earnings Rbn Closer collaboration with banking CAGR 2025/28 • Leverage lower acquisition costs to price competitively >10%
Slide 16: SBG ROE: Firmly in the 18% - 22% range
SBG 2025 SBG 2028 Capital allocation Key takeaways SBG ROE | Firmly in the 18% - 22% range All businesses deliver positive contributions, capital buffers held centrally Positive ROE momentum in all regions ROE % Change in ROE by business unit Change in ROE by region 19.3% 2025 CIB BCB PPB IAM Centra
Slide 17: Capital Allocation
CAPITAL ALLOCATION
Slide 18: Investing in Africa: History of active capital management
SBG 2025 SBG 2028 Capital allocation Key takeaways Investing in Africa | History of active capital management Disciplined capital allocation into Africa that supports growth, A combined distribution strategy that balances growth returns and diversification with delivering returns for shareholders Rb
Slide 19: Growth and Distributions: Maintain balance to drive shareholder value
SBG 2025 SBG 2028 Capital allocation Key takeaways Growth and Distributions | Maintain balance to drive shareholder value 1 Earnings Continue to focus on scaling and diversifying capital-efficient earnings 2 Capital for growth Capital retained for organic Capital retained for • Organic growth to del
Slide 20: Active Capital Allocation: Leverage growth and investment opportunities
SBG 2025 SBG 2028 Capital allocation Key takeaways Active Capital Allocation | Leverage growth and investment opportunities Key takeaways Our market position1 Comprehensive, client-led market analysis to identify growth and investment opportunities to inform capital allocations Limited that will del
Slide 21: Group Cost of Equity: Reflective of a diversified portfolio
SBG 2025 SBG 2028 Capital allocation Key takeaways Group Cost of Equity | Reflective of a diversified portfolio Regional Regional Group Africa Regions COE Africa Regions has delivered strong and NAV COE COE sustainable growth in ZAR earnings over time, % % demonstrating the quantifiable benefit of m
Slide 22: Key Takeaways
KEY TAKEAWAYS
Slide 23: Business Unit Overview: Strong growth, improving operating leverage and higher ROE
SBG 2025 SBG 2028 Capital allocation Key takeaways Business Unit Overview | Strong growth, improving operating leverage and higher ROE 2028 Financial Targets Revenue growth CTI ROE CAGR 2025/28 Target Target range ~40% 22% – 24% CIB 8% – 12% (2025: 43%) (2025: 22%) ~55% 35% – 40% BCB 7% – 9% (2025:
Slide 24: Driving Value: Focus on growth, whilst further improving ROE
SBG 2025 SBG 2028 Capital allocation Key takeaways Driving Value | Focus on growth, whilst further improving ROE Core metrics 2019 2025 2026-2028 Regional headline earnings contribution by 2028 HEPS (CAGR) 6% 25% 8% – 12% (2015/19) (2020/25) (2025/28) ROE 16.8% 19.3% 18% – 22% Supplementary metrics
Slide 25: Shocks and Market Disruptions: Strength and adaptability
SBG 2025 SBG 2028 Capital allocation Key takeaways Shocks and Market Disruptions | We have consistently demonstrated our strength and adaptability in the face of challenges US tariff CBOE Volatility Index® (VIX Index)1 announcements Gulf Asian Russian Global US debt Covid-19 US tariff financial fina
Slide 26: SBG 2028: Uniquely positioned to capture trends driving Africa's growth
SBG 2025 SBG 2028 Capital allocation Key takeaways SBG 2028 | Uniquely positioned to capture trends driving Africa’s growth Strong track record of delivery despite volatility 1 High-quality, sustainable and diversified revenue streams and positive operating leverage Drive client-led growth 2 Strong,
Slide 27: Disclaimer
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 to
Slide 28: Arno Daehnke
ARNO DAEHNKE Chief Finance and Value Management Officer Standard Bank Group QUALIFICATIONS: BSc, MSc Engineering (University of Cape Town), PhD (Vienna University of Technology), MBA (Milpark), AMP (Wharton) CURRENT ROLE APPOINTMENT: 2016 CAREER HIGHLIGHTS: • Arno Daehnke joined Standard Bank Group
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