SBG 2026 Interim Results Booklet

Aug 13, 2026 at 7:05 AM UTC · Issued by Standard Bank Group Limited

Standard Bank

STANDARD BANK GROUP

INTERIM FINANCIAL RESULTS

Standard Bank

Standard Bank Group is purpose-driven, African focused, client led and digitally enabled. We provide comprehensive and integrated financial and related solutions to our clients. We drive inclusive growth and sustainable development.

Headline earnings and return on equity

CAGR1 (1H21 - 1H26): 18%

Rm %

Standard Bank Group results

HIGHLIGHTS

35 000 24

30 000 20

25 000 16

20 000

15 000

10 000 8

East Africa
South & Central Africa
West Africa
South Africa
Representative office

INTERNATIONAL OFFSHORE HUBS

Isle of Man, Jersey

HEADLINE EARNINGS (Rm)

26 100

10%

1H25: R23 785 million

HEADLINE EARNINGS PER SHARE

1 610

10%

(cents)

RETURN ON EQUITY

19.8

(%)

1H25: 19.1%

NET ASSET VALUE PER SHARE

(cents)

5 000

1H21 1H22 1H23 1H24 1H25 1H26

1H21	1H22	1H23	1H24	1H25	1H26
11 477	15 691	21 231	22 006	23 785	26 100
12.9	15.7	18.9	18.5	19.1	19.8

Headline earnings Return on equity

On-the-ground presence in

PRESENCE IN GLOBAL CENTRES

Beijing, Dubai, London, New York

1H25: 1 458 cents

1H25: 15 829 cents

Headline earnings and dividend per share

16 771

CAGR (1H21 - 1H26): Dividend per share: 20%

Headline earnings per share: 17%

Cents %

21 African countries

Listed on the

JSE Limited (JSE) since 1970

>163 years

of operation

Contents

1 23 59

BUSINESS UNITS

BANKING

Corporate & Investment Banking Business & Commercial Banking Personal & Private Banking

Insurance & Asset Management

COMMON EQUITY TIER 1 RATIO

(%)

13.6

1H25: 13.2%

DIVIDEND PER SHARE

(cents)

902

10%

1H25: 817 cents

BUSINESS UNITS2

PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (Rm)

1H25: R23 827 million

1 800

1 500

1 200

26 193

10%

900

600

300

1H21 1H22 1H23 1H24 1H25 1H26

1H21	1H22	1H23	1H24	1H25	1H26
360	515	690	744	817	902
721	956	1 281	1 329	1 458	1 610
50	54	54	56	56	56

Dividend per share Headline earnings per share Dividend payout ratio

STANDARD BANK GROUP RESULTS

BUSINESS UNIT REPORTING

BANKING FINANCIAL PERFORMANCE

RETURN ON EQUITY

(%)

COST-TO-INCOME RATIO

(%)

RETURN ON EQUITY

(%)

ASSET MANAGEMENT, AUM AND AUA4

(Rbn)

49.3

21.1

19.6

1 763

14%

77 87 117 143

LIQUIDITY AND CAPITAL MANAGEMENT

KEY LEGAL ENTITY INFORMATION

ADDITIONAL INFORMATION

SHAREHOLDER INFORMATION

1H25: 19.1%

JAWS

+44

(bps)

1H25: 49.5%

CREDIT LOSS RATIO

(bps)

1H25: 19.7%

7 478

12%

LONG-TERM INSURANCE INDEXED NEW BUSINESS5 (Rm)

1H25: R1 540 billion

1 840

INSURANCE OPERATIONS NEW BUSINESS VALUE (Rm)

Standard Bank Group's (SBG or the group) analysis of financial results for the six months ended 30 June 2026 has not been audited or independently reviewed. The preparation of the financial results was supervised by the Chief Finance & Value Management Officer, Arno Daehnke BSc, MSc, PhD, MBA, AMP.

1H25: +52bps

1H25: 93bps

TTC3 target range: 70bps to 100bps

1H25: R6 664 million

1H25: R1 806 million

1 Compound annual growth rate.

2 Refer to pages 24 - 25 for more information.

3 Through-the-cycle.

4 Assets under management and assets under administration. Comparative restated due to data enhancements in South Africa and Standard Bank Offshore.

5 A measure of long-term insurance new business which is calculated as the sum of 12 month premiums on new recurring premium policies and one-tenth of new single premium sales, including flows to the Linked Investment Service Provider platforms.

FINANCIAL RESULTS, RATIOS AND STATISTICS MARKET AND ECONOMIC INDICATORS

Change %		1H26	1H25	FY25
Standard Bank Group (SBG)
Headline earnings contribution by business unit1
Total headline earnings Rm	10	26 100	23 785	49 207
SBG Franchise2 Rm	9	25 081	22 951	47 663
Banking Rm	9	23 003	21 143	43 551
Insurance & Asset Management Rm	15	2 078	1 808	4 112
ICBCS Rm	22	1 019	834	1 544
Ordinary shareholders' interest
Profit attributable to ordinary shareholders Rm	10	26 193	23 827	49 100
Ordinary shareholders' equity Rm	6	271 574	256 261	264 158
Share statistics
Headline earnings per ordinary share (HEPS) cents	10	1 609.8	1 458.0	3 025.7
Diluted headline EPS cents	11	1 594.1	1 441.5	2 994.1
Basic earnings per share3 (EPS) cents	11	1 615.6	1 460.6	3 019.1
Diluted EPS cents	11	1 599.8	1 444.1	2 987.6
Dividend per share cents	10	902	817	1 695
Net asset value per share cents	6	16 771	15 829	16 277
Tangible net asset value per share cents	7	16 190	15 187	15 687
Dividend payout ratio %		56	56	56
Number of ordinary shares thousands	0	1 619 308	1 618 889	1 622 887
Return ratios
Return on equity (ROE) %		19.8	19.1	19.3
Return on risk-weighted assets (RoRWA) %		3.0	2.8	2.9
Capital adequacy
Common equity tier 1 capital adequacy ratio %		13.6	13.2	13.8
Tier 1 capital adequacy ratio %		14.9	14.4	15.1
Total capital adequacy ratio %		16.6	16.0	16.8
Client metrics
Active client base4 thousands	2	19 519	19 176	19 514
Sustainable finance annual mobilisation since 20225 Rbn		328	230	277
Other indicators
Effective direct taxation rate %		25.9	26.3	27.9
Number of employees number	1	51 200	50 488	50 714
Banking
ROE %		19.6	19.1	19.2
Loan-to-deposit ratio %		71	74	72
Net interest margin (NIM) bps		472	489	483
Non-interest revenue to operating expenses %		78	76	75
Credit loss ratio (CLR) bps		73	93	73
Jaws bps		44	52	64
Cost-to-income ratio %		49.3	49.5	50.2
Insurance & Asset Management
ROE %		21.1	19.7	22.1
Asset management, AUM & AUA6 Rbn	14	1 763	1 540	1 743
Long-term insurance indexed new business7 Rm	12	7 478	6 664	14 490
Insurance operations new business value8 Rm	2	1 840	1 806	3 780
Short-term insurance gross written premiums Rm	(6)	2 648	2 817	5 239
Solvency capital requirement cover of Liberty Group Limited times covered		1.5	1.5	1.5

Average Closing

		Change %	1H26	1H25	FY25	Change %	1H26	1H25	FY25
Market indicators
South Africa (SA) prime overdraft rate	%		10.30	10.99	10.74		10.50	10.75	10.25
South African Reserve Bank repo rate	%		6.80	7.49	7.24		7.00	7.25	6.75
SA Consumer Price Index	%		3.9	3.0	3.2		5.0	3.0	3.6
Africa Regions weighted average inflation	%		6.9	10.8	10.0		7.6	9.7	7.6
Banking weighted average inflation1	%		4.8	5.4	5.3		5.7	5.1	4.8
JSE All Share Index		31	117 221	89 435	98 007	14	110 314	96 430	115 832
JSE Bank Index		29	16 034	12 449	13 044	27	16 323	12 828	15 422
SBK share price	R	39	313.75	225.89	238.76	42	323.07	227.53	290.40
SBK ZAR market capitalisation	Rbn					42	532	375	478
SBK USD market capitalisation	USDbn					52	32	21	29
Key exchange rates
USD/ZAR		(11)	16.40	18.39	17.87	(8)	16.38	17.79	16.61
GBP/ZAR		(8)	22.06	23.86	23.55	(11)	21.72	24.36	22.32
ZAR/AOA		13	56.30	49.64	51.13	11	56.80	51.28	54.96
ZAR/GHS		(9)	0.68	0.75	0.70	19	0.69	0.58	0.63
ZAR/NGN		(1)	83.88	84.69	85.20	(2)	84.26	86.09	86.59
ZAR/KES		12	7.88	7.04	7.24	9	7.90	7.26	7.76
ZAR/UGX		13	224.30	199.08	201.69	11	223.75	202.02	217.54
ZAR/MZN		12	3.89	3.48	3.58	9	3.90	3.59	3.84
ZAR/ZMW		(22)	1.17	1.50	1.42	(18)	1.11	1.35	1.33

1 Weighted by legal entity operating expenses.

1 Refer to pages 24 - 25 for more information.

2 Standard Bank Group Franchise represents the group's core business activities which consist of Corporate & Investment Banking, Business & Commercial Banking, Personal & Private Banking, and Insurance & Asset Management.

3 Represents earnings attributable to ordinary shareholders divided by the weighted average number of shares.

4 Comparative restated due to data enhancements in West Africa within Personal & Private Banking.

5 Refer to page 9 for further information.

6 Assets under management and assets under administration. Comparative restated due to data enhancements in South Africa and Standard Bank Offshore.

7 A measure of long-term insurance new business which is calculated as the sum of 12 month premiums on new recurring premium policies and one-tenth of new single premium sales, including flows to the Linked Investment Service Provider platforms.

8 Represents the expected economic value of new business generated, in that specific reporting period, over its lifetime.

OVERVIEW OF FINANCIAL RESULTS

In 1H26, Standard Bank Group delivered another record performance, with headline earnings and dividend per share up 10% and return on equity improving to 19.8%.

South Africa

In South Africa, the first half of 2026 was characterised by a cautiously improving domestic backdrop, even as global shocks

Impact of Middle East conflict and commodity dynamics

The Middle East conflict has had a differentiated impact across our

Reflecting on the six months to June 2026

Shareholder value and returns

Standard Bank Group (the group or Standard Bank) continues to offer a gateway to diversified African growth, supported by leading client franchises across the continent.

The group remains focused on delivering client-led growth, supported by disciplined capital allocation and robust risk management.

This, combined with continued investment in people, systems and capabilities, provides the framework for the delivery of the group's medium-term earnings growth and return targets, as outlined at the group's Capital Markets Day in March 2026.

In the six months to 30 June 2026 (1H26), the group delivered solid headline earnings per share growth of 10%, with return on equity (ROE) strengthening to 19.8%. In line with this performance, the board approved an interim dividend of 902 cents per ordinary share, representing a 10% increase on 1H25 and a payout ratio of 56%,

at the upper end of the group's target range of 45% to 60%.

Technology, AI and payments

During the first half of 2026, the group continued to scale the deployment of technology and artificial intelligence (AI) across both

Overview of financial results Group results

In 1H26, the group recorded headline earnings growth of 10% to R26.1 billion and delivered an ROE of 19.8%, close to the midpoint of the group's ROE target range of 18% to 22%.The banking businesses delivered a solid performance, underpinned by healthy balance sheet growth and sustained momentum in fee and trading revenues. Credit impairment charges were lower period-on-period, supported by a resilient macroeconomic environment, while costs remained well managed. Insurance & Asset Management continued to deliver strong earnings growth and returns.

In 1H26, the group's active client base grew to 19.5 million, driven by growth in both South Africa and Africa Regions. In South Africa,

targeted initiatives to grow digital retail transactional clients resulted in a 9% increase in digital clients, a 17% increase in digital transactional volumes and an increase in the proportion of transactional clients who transact digitally to 69%.

Our South African franchises delivered earnings of R13.4 billion, our Africa Regions franchise R10.4 billion, our Offshore businesses

R1.3 billion and the contribution from our 40% stake in ICBC Standard Bank Plc (ICBCS) was R1.0 billion, contributing 51%, 40%, 5% and

increasingly shaped local conditions. Real GDP growth strengthened relative to the prior period, supported by solid activity in finance, trade and agriculture, as well as more reliable electricity supply.

Ongoing structural reforms in the energy and logistics sectors contributed to a gradual stabilisation of operating conditions, supporting business confidence and underpinning our operating performance.

At the same time, inflation moved higher as Middle East-related tensions pushed global oil prices above USD 100 per barrel, increasing fuel and transport costs. These renewed price pressures prompted the South African Reserve Bank to pivot from an earlier easing bias to modest tightening, raising the repo rate by 25 basis points in May 2026 to 7%. This policy response, while incrementally increasing funding costs, supports medium-term macro stability and anchors inflation expectations, providing a more predictable environment for credit growth and balance sheet management.

Overview of financial results

footprint. Oil-importing countries have faced renewed inflationary pressures from higher fuel, fertiliser and shipping costs, leading to tighter financial conditions in some markets. Conversely, oil-exporting countries, notably Nigeria and Angola, benefitted from higher energy prices through stronger terms of trade, improved foreign exchange liquidity and more robust fiscal revenues. In addition, continued

AI-related investment and demand have supported global activity and driven higher prices for selected commodities, benefitting exporters in our portfolio through better external balances and foreign exchange inflows.

Resilient franchise and risk diversification

Taken together, these dynamics underline the continued resilience of our franchise. Differences in macro conditions across our countries mitigate the impact of idiosyncratic shocks and rating actions on the group's overall performance. Our diversified presence across both oil-importing and oil-exporting economies, and across lower- and higher-inflation environments, continues to support earnings resilience, balance sheet strength and the sustainability of our growth strategy.

client-facing and employee workflows. As at 30 June 2026, 72% of employees were active users of generative AI tools, with 87 use cases approved. The group's AI-enabled recommendation capabilities have supported more than 10 million personalised client interactions in the current period. This is underpinned by a technology platform, with 78% of our migratable compute now in the cloud, providing a scalable foundation for the continued deployment of AI across the group.

This progress has also been recognised externally. In the inaugural Evident AI Index for Banks - Middle East and Africa, published in June 2026, Standard Bank ranked as the leading bank in Africa (including South Africa) and second overall across the Middle East and Africa region¹.

Payments continued to support capital-light revenue growth and a growing deposit base. In 1H26, domestic and cross-border electronic payment values increased by 11% and 7%, respectively, period-on-period. Standard Bank maintained leading market shares in cross-border payments, with 30% in South Africa and 19% across Africa, reinforcing its position as the largest transactional franchise on the continent by payment value².

Overall, payments contributed positively to the group's financial performance, supporting deposit growth, merchant acquiring volumes, cross-border fee income, and value-added services.

Active capital and risk management

We remain deliberate in how we allocate capital and manage risk, directing our resources to the opportunities that best serve client needs and support sustainable growth and long-term value creation. The group's common equity tier 1 ratio (including unappropriated profits) was 13.6% as at 30 June 2026 (30 June 2025: 13.2%).

This equates to R79 billion of capital above the group's regulatory minimum of 9.5%.

The judicious deployment of capital has resulted in shareholder value generated (measured as earnings minus the cost of capital) in the six month period of R8.4 billion, up by 55% period-on-period.

¹ Evident Insights, Evident AI Index for Banks - Middle East and Africa, June 2026. This index is the global standard benchmark of AI maturity in banking.

² Source: SWIFT network cross-border payment values, (June 2025 - June 2026). Excludes card and other rails.

4% respectively to group headline earnings. The top eight contributors to Africa Regions' headline earnings were Angola, Ghana, Kenya, Mauritius, Mozambique, Nigeria, Uganda and Zambia.

We remain committed to supporting our clients in achieving sustainable outcomes. Since 2022, the group has cumulatively mobilised over R328 billion in sustainable finance for clients against a target of R450 billion by 2028. In 1H26, the group mobilised R50.6 billion.

Operating environment

Global macroeconomic and operating environment

In 1H26, despite ongoing trade and geopolitical disruptions, the global macro backdrop remained broadly supportive, with moderating inflation and interest rates, and resilient real GDP growth of around 3.3%, as reported by the International Monetary Fund (IMF). Across sub-Saharan Africa, most economies entered 2026 benefitting from prior stabilisation efforts, which allowed monetary policy to become more accommodative and helped underpin domestic demand.

Sub-Saharan Africa ex-South Africa

Within our portfolio of countries in sub-Saharan Africa (excluding South Africa), inflation eased in the majority of markets, enabling several central banks to pause or reduce policy rates. This environment supported credit demand and asset quality, while also beginning to relieve pressure on funding costs. However, the pace of disinflation and monetary easing varied by country, reflecting differing exposures to external shocks and domestic policy settings.

In contrast to the broader regional trend, inflation remained elevated and average interest rates increased period-on-period in Botswana and Mauritius, weighing on borrowing costs and consumer purchasing power. Botswana and Mozambique faced foreign exchange constraints, and Malawi continued to experience fiscal pressures, which in turn influenced credit growth, liquidity management and risk appetite in those markets. During the period, Mozambique's sovereign credit rating was downgraded amid rising financing pressures, while Nigeria's sovereign rating was upgraded, reflecting reform progress and improved external metrics.

The group's products and services are grouped into (i) Banking and (ii) Insurance & Asset Management.

BUSINESS UNIT PERFORMANCE

Headline earnings ROE

	CCY1	Change	1H26	1H25	FY25	1H26	1H25	FY25
	%	%	Rm	Rm	Rm	%	%	%
Corporate & Investment Banking (CIB)	18	15	13 825	12 065	24 150	24.8	23.0	22.5
Business & Commercial Banking (BCB)	(1)	(2)	4 448	4 555	9 140	36.3	37.5	37.8
Personal & Private Banking (PPB)	1	(1)	4 600	4 659	11 128	18.6	19.2	22.8
Central and other	(>100)	(>100)	130	(136)	(867)
Banking	12	9	23 003	21 143	43 551	19.6	19.1	19.2
Insurance & Asset Management (IAM)	15	15	2 078	1 808	4 112	21.1	19.7	22.1
Standard Bank Group Franchise	13	9	25 081	22 951	47 663	19.8	19.1	19.4
ICBCS (40% stake)	38	22	1 019	834	1 544	21.2	17.8	16.1
Standard Bank Group	13	10	26 100	23 785	49 207	19.8	19.1	19.3

1 Constant currency.

REGIONAL PERFORMANCE BY LEGAL ENTITY

Headline earnings 1H26

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
South Africa1	15	15	13 376	11 632	24 881	51
Africa Regions	11	7	10 408	9 733	19 695	40
Standard Bank Offshore	(12)	(18)	1 297	1 586	3 087	5
ICBCS	38	22	1 019	834	1 544	4
Standard Bank Group	13	10	26 100	23 785	49 207	100

Headline earnings contribution

1 South Africa includes SBSA Group, Liberty Holdings Group and other group entities.

OVERVIEW OF FINANCIAL RESULTS

Banking

Banking headline earnings increased by 9% period-on-period, supported by solid growth in non-interest revenue, lower credit impairment charges and continued cost discipline.

Corporate & Investment Banking (CIB) delivered a robust performance, with earnings rising 15% to R13.8 billion. This growth was underpinned by balance sheet expansion which supported total income growth of 9%, alongside a reduction in credit impairment charges driven by higher cures and post write-off recoveries.

Headline earnings in Business & Commercial Banking (BCB) and Personal & Private Banking (PPB) were moderated by margin compression, commensurate with lower average interest rates and ongoing competitive pricing pressures. Both business units mitigated these headwinds through growth in their active client base, which supported increased transactional activity and balance sheet expansion. This, together with lower credit impairment charges

and sustained cost discipline, partially offset margin pressures. In addition, PPB benefitted from strong growth in revenue from value-added services.

Loans and advances

Gross loans and advances to customers grew by 5% period-on-period.

Retail and business lending growth was muted, reflecting low consumer demand and an increasingly competitive environment. Certain Africa Regions markets experienced liquidity constraints, while Offshore business lending balances declined as clients deleveraged and risk appetite parameters were refined. In 1H26, the retail Vehicle and Asset Finance (VAF) portfolio increased by 10%, demonstrating early traction from the group's strategic emphasis on growing and serving its primary client franchise. The Card portfolio was up 6%, supported by higher customer spend and a shift in client behaviour from transactors to revolvers, underscoring the franchise's ability to deepen client engagement and capture a greater share of everyday banking activity. The Home loans book grew at a muted pace, as a 17% increase in disbursements was largely offset by higher portfolio repayments.

Corporate lending grew by 8%, driven by good loan origination in Energy, Diversified Industries and Telecommunications & Media sectors.

In South Africa, gross loans and advances to customers grew by 5% to R1.4 trillion. In Africa Regions, gross loans and advances to customers grew by 7% to R257 billion.

Total provisions for credit impairments decreased by 6%

period-on-period to R65 billion, reflecting a continued improvement in the Group's credit risk profile. Stage 1 and 2 provisions declined by 12%, supported by improved collections performance and proactive portfolio management. Stage 3 provisions decreased by 4%, as cures within Corporate and Business Lending more than offset an increase in Card and Home Services provisions.

Total coverage remained robust at 3.6% as at 30 June 2026

(30 June 2025: 4.0%), while Stage 3 coverage was broadly stable

at 50% (30 June 2025: 50%). Stage 3 loans decreased by 3% to R101 billion, with reductions in Home Services, Vehicle and Asset Finance, Unsecured Lending and Business Lending, and corporate loans remaining flat. This was partially offset by an increase in the Card portfolio.

Deposits and funding

Total deposits increased by 11% period-on-period to R2.5 trillion, supported by growth in low-cost transactional and cash management balances as client acquisition and retention strategies continued to gain traction. Current account balances rose by 13%, while cash management deposits grew by 5%, reflecting the success of targeted solutions that deepen primary client relationships and support clients' working capital needs. In South Africa, customer deposits grew by 12%, underpinned by competitive product offerings across the portfolio, a sustained focus on client engagement and retention, and

a higher active client base. In Africa Regions, customer deposits increased by 21% in constant currency, driven by higher current account and fixed deposit balances, supported by focused client acquisition initiatives and retention efforts aimed at deepening and broadening client relationships.

Revenue

Net interest income increased by 4%, underpinned by growth in average interest-earning assets. Lending momentum remained strong in CIB, where origination activity benefitted from healthy deal flow.

In BCB and PPB, loan growth improved modestly against the prior period as client affordability improved. This was partially offset by negative endowment as average interest rates declined relative to the prior period.

Net interest margin moderated to 472 basis points, reflecting the lower rate environment and competitive pricing pressures in select retail and business portfolios. Margin pressures were partly mitigated by the continued positive mix effect from Africa Regions, which grew faster than the South African portfolio. As at 30 June 2026, the group's net interest income sensitivity to a 100 basis point rate cut was R4.0 billion, of which the ZAR sensitivity was R871 million.

Net fee and commission revenue increased by 7% to R18.4 billion, supported by strong debt origination activity within CIB, increased transaction volumes across BCB and PPB, and an increasingly active client base. PPB delivered fee income growth of 11%, with value-added services revenue increasing by over 50%, demonstrating the success of the client engagement strategy.

Client activity remained elevated across markets, supporting an 8% increase in trading revenue. Increased market volatility created opportunities for client-driven foreign exchange activity across Africa Regions. Risk management and financing solutions, particularly in South Africa, further supported growth. Demand for structured products and hedging solutions remained strong, reflecting the franchise's ability to support clients through evolving market conditions.

Insurance revenue attributable to banking was broadly stable at R1.3 billion, reinforcing the strategic value of the Group's integrated financial services model. Ongoing collaboration between Banking and Insurance & Asset Management continues to enhance client proposition breadth and deepen relationships through end-to-end insurance and investment solutions. The Funeral and Flexi Life products gross written premiums saw double digit growth, reflecting sustained demand and effective distribution execution. This performance was offset by higher claims linked specifically to the Credit Life offering.

Credit impairment charges

Credit impairment charges decreased by 12% period-on-period, reflecting an improved credit performance across the portfolio. The corporate portfolio benefitted from lower stage 3 provisions, post write-off recoveries and cures in the current period. Stage 3 provisions raised in BCB for specific client matters in the prior period did not repeat in 1H26. In PPB, credit impairment charges were contained, supported by an improving macroeconomic environment, optimised collection strategies, targeted remediation efforts and enhanced

early-intervention strategies. As a result, the group's credit loss ratio improved from 93 basis points in 1H25 to 73 basis points in 1H26.

Credit impairment charges on financial investments were muted relative to 1H25.

Credit impairment charges on letters of credit, guarantees and other exposures increased, driven by higher performing portfolio

provisions on undrawn retail balances, as well as a specific corporate client matter.

Operating expenses

Operating expenses increased by 5% to R42.7 billion. The group continued to fund targeted investment in talent, digital capabilities and key strategic initiatives by optimising in other areas.

Staff costs increased by 6%, driven by annual salary adjustments, higher performance-linked incentives and continued investment in specialist skills critical to the achievement of the group's strategic priorities. These investments support the ongoing enhancement of client propositions, technology capabilities and long-term growth capacity.

Growth in other operating expenses remained well contained at 2%. Increased investment in digital marketing platforms, client acquisition campaigns and professional services associated with strategic initiatives were largely offset by lower amortisation costs and disciplined management of discretionary spend.

Technology-related investment remained focused on modernisation, scalability and resilience. Software, cloud and technology costs increased by 6%, reflecting contractual service escalations, higher cloud consumption and continued investment in strategic technology programmes that support digital transformation and future growth.

Total income growth exceeded cost growth, resulting in positive jaws of 44 basis points and an improvement in the cost-to-income ratio

to 49.3% (1H25: 49.5%).

Central and other

This segment includes costs associated with corporate functions and the group's treasury and capital requirements that have not been allocated to the business units. In 1H26, the segment recorded a profit of R130 million (1H25: cost of R136 million), driven primarily by higher interest earned on capital held at the centre. Costs held centrally remain tightly managed.

Insurance & Asset Management

Insurance & Asset Management delivered strong headline earnings growth of 15% to R2.1 billion and an ROE of 21.1% (1H25: 19.7%). This was supported by favourable persistency and risk experience in the South African Life, Savings and Investments business, solid Corporate Benefits underwriting, and a significant reduction in Liberty Health losses as the orderly market exit progressed. Insurance operations headline earnings grew by 10% to R2 806 million, with new business value up 2% to R1 840 million and strong momentum in South African and Africa Regions long-term indexed new business.

Asset management operating earnings increased by 35% to

R660 million, underpinned by performance fees and positive market performance in South Africa and Nigeria, while total South African assets under administration (AUA) and assets under management (AUM) rose 13% to R1 438 billion and Africa Regions and Offshore AUA and AUM increased by 23% to R325 billion, reflecting favourable local and offshore market movements.

ICBC Standard Bank Plc

Higher precious metal prices, coupled with strong client activity and book growth in the structured financing portfolio, supported a strong operational performance from ICBCS in 1H26. The contribution

from the group's 40% stake in ICBCS amounted to R1.0 billion (1H25: R0.8 billion), a 22% increase period-on-period.

Taxation

The group's effective direct tax rate decreased from 26.3% in 1H25 to 25.9% in 1H26. The reduction primarily reflects lower policyholder taxes driven by a decline in the market value of investment portfolios, reduced foreign and withholding taxes in the Africa Regions, and additional exempt dividends earned in South Africa. These positive effects were partly offset by a lower benefit from non-taxable interest income in the Africa Regions, higher non-deductible expenses, and the non-recurrence of prior-period tax adjustments.

Prospects

Resilient African macroeconomic outlook

As at July 2026, the IMF expects global real GDP growth of 3.0% in 2026 and 3.4% in 2027. Tailwinds from technology investment and accommodative macroeconomic conditions are expected to partially offset the effects of geopolitical tensions in the Middle East, higher and more volatile energy and food prices, and increasing trade fragmentation. Global headline inflation is projected to rise from 4.1% in 2025 to 4.7% in 2026, as energy and food price shocks feed through the global economy, before moderating to 3.9% in 2027.

In sub-Saharan Africa, economic growth is expected to remain resilient at approximately 4.3% in 2026 and improve to 4.5% in 2027. This outlook is supported by ongoing macroeconomic stabilisation and reform efforts in key markets, including Angola, Ghana, Nigeria and Zambia, alongside strengthening policy frameworks and favourable terms of trade in commodity-exporting countries.

While elevated energy and food costs remain a challenge, inflationary pressures are expected to gradually ease over time.

OVERVIEW OF FINANCIAL RESULTS SUSTAINABLE FINANCE INDICATORS

In South Africa, average inflation is forecast at 4.3% in 2026 and to decline to 3.3% in 2027. Interest rates are expected to decline by a cumulative 100 basis points by the end of 2027 (Nov-26: 25 basis points, 2027: 75 basis points). Real GDP growth is projected at 1.3% in 2026, improving to 1.7% in 2027 (Standard Bank Research).

Group 2026 guidance unchanged

Against this backdrop, the group's diversified and well-positioned franchise is expected to benefit from resilient macroeconomic conditions and increased economic activity across its markets. These developments should support continued balance sheet growth, higher client activity and sustained earnings momentum, notwithstanding ongoing geopolitical risks, elevated energy and food prices and increasing trade fragmentation.

For the 12 months to 31 December 2026, our guidance remains unchanged. We expect:

Banking revenue growth of mid-to-high single digits, supported by continued business momentum across our franchise;
Cost-to-income ratio to decline slightly as we apply our ʻsave to invest' approach to fund targeted strategic investments;
Credit loss ratio slightly higher than FY25 but remain within the lower half of the through-the-cycle target range of 70 to 100 basis points; and
ROE to be higher than in the prior year.
Our guidance reflects current information and expectations, and is subject to uncertainties regarding global sentiment, trade flows, inflation and economic growth.
Group 2028 strategy and targets on track
We remain confident that the group's diversified portfolio will remain resilient and continue to grow, supported by disciplined execution and risk management. We remain committed to delivering our 2028 targets, as outlined at our Capital Markets Day in March 2026, and will continue to allocate capital and resources in line with these strategic priorities.
The group's key 2026-2028 financial targets are:
Headline earnings per share compound annual growth of 8% to 12%.
ROE within the target range of 18% to 22%.

We remain guided by our purpose: Africa is our home, we drive her growth. The structural opportunities across the continent remain significant and continue to underpin our confidence in the long-term growth prospects of our franchise. These include Africa's rapid economic growth, substantial infrastructure needs, growing and diversified trade and capital flows, and an evolving financial services landscape with significant room for deeper financial inclusion. At the same time, we remain mindful of an increasingly competitive landscape, evolving regulatory requirements and the accelerating impact of artificial intelligence and other advanced technologies on financial services.

Capital deployment to enable Africa's growth

We remain committed to disciplined capital allocation, deploying capital into the most attractive growth opportunities across our footprint to generate sustainable long-term returns for shareholders. We continue to see significant opportunities to expand and deepen our position across Africa and will selectively invest where we have clear competitive advantages and strong prospects for value creation. In support of this ambition, we invested additional capital in Standard Bank Tanzania in July 2026 and we remain on track to increase our shareholding in Standard Bank Angola during the second half of 2026, further strengthening the group's presence in two of Africa's most attractive growth markets.

Long-term shareholder value

Standard Bank Group is a leading pan-African franchise with a proud 163-year heritage. Our 2028 strategy is anchored in a clear ambition: to compete and win in our chosen markets and client segments. It is underpinned by disciplined capital allocation, deep insight into the opportunities across our markets, and an unrelenting focus on execution.

The targets we have set are ambitious yet achievable, underpinned by our unmatched scale and reach, a diversified and resilient set

of clients, businesses and capabilities, and a purpose-driven,

high-performance culture. This provides a strong base from which to move forward and unlock Africa's growth.

We are led by a highly experienced management team with a deep bench, whose track record and commitment give us confidence in our ability to deliver sustainable, long-term value for our clients, communities, employees and shareholders.

We thank our clients, employees and shareholders for their continued support and trust.

The forecast financial information above is the sole responsibility of the board and has not been reviewed and reported on by the group's auditors.

Sim Tshabalala Nonkululeko Nyembezi

Group Chief Executive Officer Chairman

13 August 2026 13 August 2026

SBG SUSTAINABLE FINANCE IMPACT INDICATORS

	1H26 Rbn	1H25 Rbn	FY25 Rbn
Sustainable finance key metrics
Sustainable finance annual mobilisation	50.6	53.0	100.0
Use of proceeds1	35.5	45.0	86.0
General purpose2	15.1	8.0	14.0
Sustainable finance annual mobilisation by region	50.6	53.0	100.0
South Africa	40.3	42.0	76.7
Africa Regions	10.3	11.0	23.3
Total cumulative (since 2022)3	328.0	230.4	277.4
CIB	268.4	204.1	233.6
BCB	39.8	15.1	27.8
PPB	14.5	8.1	11.1
IAM and other	5.3	3.1	4.9
Sustainable finance key sub metrics (total cumulative since 2025)
Green finance mobilisation4	67.5	24.0	47.1
Social finance mobilisation4	56.9	21.5	40.4
Treasury transactions5	20.4	5.6	14.9
Green, social, sustainable (use of proceeds) treasury transactions	7.1	5.6	5.6
General purpose	13.3		9.3

1 Funds used exclusively to finance eligible sustainable activities, as defined within the use of proceeds categories of the Sustainable Finance Fundraising and Product Framework (SFFPF).

2 Finance mobilisation for general purpose instruments as detailed in our SFFPF, includes sustainability-linked (embedded sustainability indicators and targets) and pure play (corporate funding for organisations where a pre-determined threshold is met for eligible green/social/transition activities).

3 Sustainable finance mobilisation target >R450 billion (2022 - 2028). As at 1H26, 73% of the target has been achieved.

4 An indicator aligning with green and social eligibility and pure play criteria in our SFFPF. Target >R100 billion (2025 - 2028) for green and social respectively. As at 1H26, 68% of the target was achieved for green finance and 57% achieved for social finance.

5 Treasury transactions are not included in sustainable finance mobilisation.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2026

Change %		1H26 Rm	1H25 Rm	FY25 Rm
Assets
Cash and balances with central banks	37	197 375	144 518	150 465
Derivative assets	8	69 870	64 436	81 143
Trading assets	18	544 326	460 676	528 523
Pledged assets	44	33 818	23 479	40 300
Disposal group assets held for sale	>100	31 215	5 088	5 119
Financial investments	13	1 029 443	911 340	963 495
Receivables and other assets	3	55 881	54 128	37 861
Current and deferred tax assets	1	10 833	10 776	10 079
Loans and advances	7	1 783 259	1 660 776	1 725 696
Reinsurance contract assets	(9)	5 055	5 558	5 496
Insurance contract assets	1	1 212	1 197	1 302
Interest in associates and joint ventures	3	13 411	12 961	13 251
Investment property	(94)	1 701	26 542	27 491
Property, equipment and right of use assets	3	20 856	20 298	21 059
Goodwill and other intangible assets	(10)	9 414	10 408	9 574
Total assets	12	3 807 669	3 412 181	3 620 854
Equity and liabilities
Equity	6	322 372	302 857	312 416
Equity attributable to ordinary shareholders	6	271 574	256 261	264 158
Equity attributable to other equity holders1	7	29 868	27 906	27 867
Equity attributable to non-controlling interests	12	20 930	18 690	20 391
Liabilities	12	3 485 297	3 109 324	3 308 438
Derivative liabilities	(4)	67 660	70 306	83 064
Trading liabilities	15	138 603	120 761	115 451
Provisions and other liabilities	17	202 648	172 475	185 602
Current and deferred tax liabilities	17	15 947	13 640	16 795
Deposits and debt funding	12	2 495 588	2 236 402	2 365 475
Financial liabilities under investment contracts	11	198 381	178 773	195 868
Insurance contract liabilities	10	314 044	285 908	310 515
Flac instruments2	100	16 469
Debt capital instruments3	16	35 957	31 059	35 668
Total equity and liabilities	12	3 807 669	3 412 181	3 620 854

1 Includes other equity holders of preference share capital and additional tier 1 capital.

2 Issued to support compliance with the Base Minimum Flac Requirement being phased in for South African Domestic Systemically Important Banks over a six-year period.

3 Previously referred to as subordinated debt.

CONDENSED CONSOLIDATED INCOME STATEMENT

for the six months ended 30 June 2026

CCY Change % %			1H26 Rm	1H25 Rm	FY25 Rm
Net interest income	6	4	53 588	51 703	105 734
Non-interest revenue	10	8	35 490	32 841	67 374
Net income from Insurance & Asset Management	(3)	(3)	9 903	10 245	21 655
Total net income	6	4	98 981	94 789	194 763
Credit impairment charges	(12)	(12)	(7 133)	(8 135)	(14 321)
Net income before operating expenses	8	6	91 848	86 654	180 442
Operating expenses	5	4	(50 348)	(48 341)	(99 662)
Net income before non-trading and capital related items	12	8	41 500	38 313	80 780
Non-trading and capital related items1	>100	>100	132	58	(104)
Share of post-tax profit from associates and joint ventures	46	33	1 258	948	2 220
Profit before indirect taxation	13	9	42 890	39 319	82 896
Indirect taxation	2	0	(2 237)	(2 233)	(4 343)
Profit before direct taxation	13	10	40 653	37 086	78 553
Direct taxation	11	8	(10 540)	(9 736)	(21 887)
Profit for the period	14	10	30 113	27 350	56 666
Attributable to ordinary shareholders	14	10	26 193	23 827	49 100
Attributable to other equity instrument holders	2	2	1 054	1 029	2 115
Attributable to non-controlling interests	22	15	2 866	2 494	5 451
Earnings per share
Basic earnings per ordinary share (cents)		11	1 615.6	1 460.6	3 019.1
Diluted earnings per ordinary share (cents)		11	1 599.8	1 444.1	2 987.6

1 Refer to page 17 for more information.

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

for the six months ended 30 June 2026

Change %		1H26				1H25			FY25
		Ordinary shareholders' equity	Non-controlling interests and other equity instruments	Total equity	Ordinary shareholders' equity Rm	Non-controlling interests and other equity instruments Rm	Total equity Rm	Ordinary shareholders' equity Rm	Non-controlling interests and other equity instruments Rm	Total equity Rm
		Rm	Rm	Rm	Ordinary shareholders' equity Rm	Non-controlling interests and other equity instruments Rm	Total equity Rm	Ordinary shareholders' equity Rm	Non-controlling interests and other equity instruments Rm	Total equity Rm
Profit for the period	10	26 193	3 920	30 113	23 827	3 523	27 350	49 100	7 566	56 666
Other comprehensive loss after tax for the period		(3 422)	(134)	(3 556)	(661)	(538)	(1 199)	(4 732)	(1 050)	(5 782)
Items that may be subsequently reclassified to profit or loss		(2 956)	(134)	(3 090)	(270)	(538)	(808)	(4 391)	(1 050)	(5 441)
Movements in the cash flow hedging reserve		(1 994)		(1 994)	881		881	1 849		1 849
Movement in debt instruments measured at fair value through other comprehensive income (OCI)		669	6	675	333	(8)	325	2 049	(73)	1 976
Exchange differences on translating foreign operations		(1 594)	(140)	(1 734)	(1 484)	(530)	(2 014)	(8 284)	(977)	(9 261)
Net change on hedges of net investments in foreign operations		(37)		(37)				(5)		(5)
Items that may not be subsequently reclassified to profit or loss		(466)		(466)	(391)		(391)	(341)		(341)
Total comprehensive income for the period		22 771	3 786	26 557	23 166	2 985	26 151	44 368	6 516	50 884
Attributable to ordinary shareholders		22 771		22 771	23 166		23 166	44 368		44 368
Attributable to other equity holders			1 054	1 054		1 029	1 029		2 115	2 115
Attributable to non-controlling interests			2 732	2 732		1 956	1 956		4 401	4 401

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30 June 2026

	Ordinary share capital and premium	Treasury shares	Foreign currency translation reserve	Retained earnings	Other reserves	Ordinary shareholders' equity	Other equity instruments holders	Non-controlling interests	Total equity
	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm
1H26
Balance at 1 January 2026	20 273	(4 582)	(20 251)	251 949	16 769	264 158	27 867	20 391	312 416
Increase in statutory credit risk reserve				(1 132)	1 132
Equity movements relating to share-based payments				(398) 623		225			225
Total comprehensive income for the period			(1 594)	26 214	(1 849)	22 771	1 054	2 732	26 557
Dividends paid				(14 456)		(14 456)	(1 054)	(1 886)	(17 396)
Other equity movements		(1 082)		(42)		(1 124)	2 001	(307)	570
Balance at 30 June 2026	20 273	(5 664)	(21 845)	262 135	16 675	271 574	29 868	20 930	322 372
1H25
Balance at 1 January 2025	23 209	(3 583)	(11 850)	229 896	12 983	250 655	23 725	18 276	292 656
Increase in statutory credit risk reserve				(543) 543
Equity movements relating to share-based payments				(335) 212		(123)			(123)
Total comprehensive income for the period			(1 484)	23 851	799	23 166	1 029	1 956	26 151
Dividends paid				(12 568)		(12 568)	(1 029)	(1 750)	(15 347)
Other equity movements	(3 000)	(1 434)	(119)	(316)		(4 869)	4 181	208	(480)
Balance at 30 June 2025	20 209	(5 017)	(13 453)	239 985	14 537	256 261	27 906	18 690	302 857
FY25
Balance at 1 January 2025	23 209	(3 583)	(11 850)	229 896	12 983	250 655	23 725	18 276	292 656
Increase in statutory credit risk reserve				(563) 563
Equity movements relating to share-based payments				(575)	(208)	(783)			(783)
Total comprehensive income for the period			(8 284)	49 221	3 431	44 368	2 115	4 401	50 884
Dividends paid				(26 016)		(26 016)	(2 115)	(2 252)	(30 383)
Other equity movements	(2 936)	(999)	(117)	(14)		(4 066)	4 142	(34)	42
Balance at 31 December 2025	20 273	(4 582)	(20 251)	251 949	16 769	264 158	27 867	20 391	312 416

All balances are stated net of applicable tax.

BANKING INCOME STATEMENT HEADLINE EARNINGS

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income	6	4	53 246	51 401	105 117
Non-interest revenue	10	7	33 441	31 152	63 710
Net fee and commission revenue	9	7	18 368	17 112	35 748
Trading revenue	12	8	12 762	11 775	23 210
Other revenue	(19)	(17)	457	551	1 094
Other gains and losses on financial instruments	36	34	525	393	976
Insurance inter-BU attribution1	1	1	1 329	1 321	2 682
Total income	7	5	86 687	82 553	168 827
Credit impairment charges	(12)	(12)	(7 127)	(8 134)	(14 317)
Loans and advances	(18)	(18)	(6 518)	(7 971)	(12 844)
Financial investments	(29)	(34)	(102)	(154)	(1 354)
Corporate lending fair value through other comprehensive income2	(100)	(100)	(82)
Letters of credit, guarantees and other	>100	>100	(425)	(9)	(119)
Net income before operating expenses	9	7	79 560	74 419	154 510
Operating expenses	6	5	(42 694)	(40 828)	(84 748)
Staff costs	8	6	(25 280)	(23 819)	(49 783)
Other operating expenses	4	2	(17 414)	(17 009)	(34 965)
Net income before capital items and equity accounted earnings	13	10	36 866	33 591	69 762
Non-trading and capital related items3	45	32	131	99	41
Net income before equity accounted earnings	14	10	36 997	33 690	69 803
Share of post-tax profits from associates and joint ventures	>100	>100	220	93	640
Profit before indirect taxation	14	10	37 217	33 783	70 443
Indirect taxation	5	3	(1 751)	(1 697)	(3 311)
Profit before direct taxation	14	11	35 466	32 086	67 132
Direct taxation	20	16	(8 814)	(7 605)	(16 763)
Profit for the period	13	9	26 652	24 481	50 369
Attributable to preference shareholders	(9)	(9)	(216)	(238)	(461)
Attributable to additional tier 1 capital noteholders	6	6	(837)	(790)	(1 652)
Attributable to non-controlling interests	21	12	(2 504)	(2 231)	(4 676)
Attributable to ordinary shareholders	12	9	23 095	21 222	43 580
Headline adjustable items	27	16	(92)	(79)	(29)
Banking headline earnings	12	9	23 003	21 143	43 551

Headline earnings

CAGR (1H21 - 1H26): 18%

Rm 60 000

50 000

40 000

30 000

20 000

10 000

FY21 FY22 FY23 FY24 FY25 1H26

First half Second half

FY21	FY22	FY23	FY24	FY25	1H26
11 477	15 691	21 231	22 006	23 785	26 100
13 544	18 162	21 717	22 497	25 422

	1H26				1H		25	FY25
	Gross	Direct tax	NCI and other1	Net	Gross Rm	Direct tax Rm	NCI and other1 Rm	Net Rm	Net2 Rm
	Rm	Rm	Rm	Rm	Gross Rm	Direct tax Rm	NCI and other1 Rm	Net Rm	Net2 Rm
Standard Bank Group headline earnings3	40 521	(10 502)	(3 919)	26 100	37 028	(9 743)	(3 500)	23 785	49 207
Headline adjustable items	132	(38)	(1)	93	58	7	(23)	42	(107)
IAS 16 - Gains on sale of property and equipment	103	(25)	(1)	77	113		(23)	90	56
IAS 16 - Compensation from third parties for assets that were impaired	47	(13)		34	47	(13)		34	37
IAS 21 - Foreign currency translation reserve release on disposal/liquidation of business	(17)			(17)	(23)			(23)	(23)
IAS 27/IAS 28 - Loss on disposal of subsidiary					(3)			(3)	(3)
IAS 28 - (Loss)/profit on disposal of associate	(1)			(1)	(15) 4			(11)	12
IAS 28/IAS 36 - Impairment of associate					(61) 16			(45)	(63)
IAS 36 - Impairment of intangible assets									(140)
IAS 40 - Fair value gains on investment property									17
Profit for the period	40 653	(10 540)	(3 920)	26 193	37 086	(9 736)	(3 523)	23 827	49 100

RECONCILIATION OF GROUP HEADLINE EARNINGS TO PROFIT FOR THE PERIOD

1 Share of profit between Banking and Insurance & Asset Management.

2 Growth was mainly driven by an expansion of the structured lending loan book.

3 Refer to page 17 for more information.

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Standard Bank Group Franchise	13	9	25 081	22 951	47 663
Banking	12	9	23 003	21 143	43 551
Insurance & Asset Management	15	15	2 078	1 808	4 112
ICBCS	38	22	1 019	834	1 544
Standard Bank Group	13	10	26 100	23 785	49 207

RECONCILIATION TO STANDARD BANK GROUP HEADLINE EARNINGS

1 Non-controlling interests and other equity instrument holders.

2 FY25 total headline adjustable items had a tax impact of R18 million and NCI and other amounted to R21 million. For details of the gross and net profit for the period and total tax refer to the group's condensed consolidated income statement.

3 Headline earnings are based on the requirements as set out in the circular titled Headline earnings, issued by the South African Institute of Chartered Accountants, as amended from time to time.

HEADLINE EARNINGS AND DIVIDEND PER SHARE

DILUTED HEADLINE EARNINGS PER SHARE

Headline earnings per share

CAGR (1H21 - 1H26): 17%

Cents

Dividend per share and payout ratio

CAGR (1H21 - 1H26): 20%

Cents %

Diluted headline earnings per share

CAGR (1H21 - 1H26): 17%

Cents

3 200

2 800

2 400

2 000

1 600

1 200

800

400

FY21 FY22 FY23 FY24 FY25 1H26

First half Second half

2 000

1 600

1 200

800

400

FY21 FY22 FY23 FY24 FY25 1H26

FY21	FY22	FY23	FY24	FY25	1H26
721	956	1 281	1 329	1 458	1 610
852	1 094	1 309	1 362	1 568

FY21	FY22	FY23	FY24	FY25	1H26
360	515	690	744	817	902
511	691	733	763	878
50	54	54	56	56	56

Dividend per share - interim Dividend per share - final Dividend payout ratio - first half

3 200

2 400

1 600

800

FY21 FY22 FY23 FY24 FY25 1H26

FY21	FY22	FY23	FY24	FY25	1H26
717	950	1 267	1 316	1 442	1 594
848	1 086	1 293	1 348	1 552

First half Second half

Change %			1H26	1H25	FY25
Headline earnings	Rm	10	26 100	23 785	49 207
Headline EPS	cents	10	1 610	1 458	3 026
Basic EPS	cents	11	1 616	1 461	3 019
Total dividend per share	cents	10	902	817	1 695
Interim	cents	10	902	817	817
Final	cents				878
Dividend cover - based on headline EPS	times		1.8	1.8	1.8
Dividend payout ratio - based on headline EPS	%		56	56	56

	1H26		1H25		FY25
	Issued number of shares	Weighted number of shares	Issued number of shares ʻ000	Weighted number of shares ʻ000	Issued number of shares ʻ000	Weighted number of shares ʻ000
	ʻ000	ʻ000	Issued number of shares ʻ000	Weighted number of shares ʻ000	Issued number of shares ʻ000	Weighted number of shares ʻ000
Beginning of the period - IFRS shares	1 622 887	1 622 887	1 640 263	1 640 263	1 640 263	1 640 263
Shares in issue	1 646 457	1 646 457	1 658 921	1 658 921	1 658 921	1 658 921
Deemed treasury shares	(23 570)	(23 570)	(18 658)	(18 658)	(18 658)	(18 658)
Shares issued					245	10
Shares bought back			(12 709)	(5 634)	(12 709)	(9 201)
Movement in deemed treasury shares	(3 579)	(1 616)	(8 665)	(3 324)	(4 912)	(4 764)
Share exposures held to facilitate client trading activities	850	947	796	184	(492)	278
Share exposures held to hedge the group's equity compensation plans	(4 429)	(2 563)	(9 461)	(3 508)	(4 420)	(5 042)
End of the period - IFRS shares	1 619 308	1 621 271	1 618 889	1 631 305	1 622 887	1 626 308
Shares in issue	1 646 457	1 646 457	1 646 212	1 653 287	1 646 457	1 649 730
Deemed treasury shares	(27 149)	(25 186)	(27 323)	(21 982)	(23 570)	(23 422)

MOVEMENT IN THE NUMBER OF ORDINARY AND WEIGHTED AVERAGE SHARES ISSUED

DILUTED HEADLINE EARNINGS PER SHARE

Change

1H26

cents

1H25

cents

FY25

cents

Diluted headline EPS

1 594

1 442

2 994

Diluted EPS

1 600

1 444

2 988

DILUTED WEIGHTED AVERAGE NUMBER OR ORDINARY SHARES ISSUED

Change		1H26	1H25	FY25
%		'000	'000	'000
Weighted average shares	(1)	1 621 271	1 631 305	1 626 308
Dilution from equity compensation plans	(14)	15 982	18 674	17 152
Equity growth scheme1	(100)		249
Deferred bonus scheme and long-term incentive plans	(13)	15 982	18 425	17 152
Diluted weighted average shares	(1)	1 637 253	1 649 979	1 643 460

1 As at 31 December 2025, all rights granted under the Equity growth scheme were exercised during the year.

STATEMENT OF FINANCIAL POSITION

as at 30 June 2026

Banking Insurance & Asset Management ICBCS Standard Bank Group

	Change	1H26	1H25	FY25 Change	1H26	1H25	FY25 Change	1H26	1H25	FY25 Change	1H26	1H25	FY25
	%	Rm	Rm	Rm %	Rm	Rm	Rm %	Rm	Rm	Rm %	Rm	Rm	Rm
Assets
Cash and balances with central banks	37	197 355	144 480	150 432 (47)	20	38	33			37	197 375	144 518	150 465
Derivative assets	15	63 634	55 173	70 550 (33)	6 236	9 263	10 593			8	69 870	64 436	81 143
Trading assets	18	539 807	459 039	525 966 >100	4 519	1 637	2 557			18	544 326	460 676	528 523
Pledged assets	67	25 807	15 474	32 115 0	8 011	8 005	8 185			44	33 818	23 479	40 300
Disposal of group assets held for sale	>100	24	1	>100	31 191	5 087	5 119			>100	31 215	5 088	5 119
Financial investments	15	425 991	371 689	383 359 12	603 452	539 651	580 136			13	1 029 443	911 340	963 495
Receivables and other assets	10	52 729	48 136	34 235 (47)	3 152	5 992	3 626			3	55 881	54 128	37 861
Current and deferred tax assets	1	10 446	10 319	9 675 (15)	387	457	404			1	10 833	10 776	10 079
Loans and advances	7	1 780 597	1 658 476	1 723 476 16	2 662	2 300	2 220			7	1 783 259	1 660 776	1 725 696
Reinsurance contract assets				(9)	5 055	5 558	5 496			(9)	5 055	5 558	5 496
Insurance contract assets				1	1 212	1 197	1 302			1	1 212	1 197	1 302
Interest in associates and joint ventures	3	3 246	3 165	3 489 (4)	253	263	261 4	9 912	9 533	9 501 3	13 411	12 961	13 251
Investment property	(0)	1 181	1 186	1 127 (98)	520	25 356	26 364			(94)	1 701	26 542	27 491
Property, equipment and right of use asset	3	18 905	18 402	19 117 3	1 951	1 896	1 942			3	20 856	20 298	21 059
Goodwill and other intangible assets	(10)	8 539	9 472	8 727 (7)	875	936	847			(10)	9 414	10 408	9 574
Total assets	12	3 128 261	2 795 012	2 962 268 10	669 496	607 636	649 085 4	9 912	9 533	9 501 12	3 807 669	3 412 181	3 620 854
Equity and liabilities
Equity	7	287 257	269 255	277 975 5	25 203	24 069	24 940 4	9 912	9 533	9 501 6	322 372	302 857	312 416
Equity attributable to ordinary shareholders	6	241 484	227 472	234 717 5	20 178	19 256	19 940 4	9 912	9 533	9 501 6	271 574	256 261	264 158
Equity attributable to other equity holders	7	29 844	27 884	27 844 9	24	22	23			7	29 868	27 906	27 867
Preference shares	0	5 503	5 503	5 503					0		5 503	5 503	5 503
Additional tier 1 capital	9	24 341	22 381	22 341 9	24	22	23		9		24 365	22 403	22 364
Equity attributable to non-controlling interests	15	15 929	13 899	15 414 4	5 001	4 791	4 977		12		20 930	18 690	20 391
Liabilities	12	2 841 004	2 525 757	2 684 293 10	644 293	583 567	624 145		12		3 485 297	3 109 324	3 308 438
Derivative liabilities	(1)	61 300	62 158	75 002 (22)	6 360	8 148	8 062		(4)		67 660	70 306	83 064
Trading liabilities	15	138 603	120 761	115 451					15		138 603	120 761	115 451
Provisions and other liabilities	34	71 146	53 087	62 930 10	131 502	119 388	122 672		17		202 648	172 475	185 602
Current and deferred tax liabilities	9	10 998	10 086	11 399 39	4 949	3 554	5 396		17		15 947	13 640	16 795
Deposits and debt funding	11	2 511 716	2 253 804	2 389 030 (7)	(16 128)	(17 402)	(23 555)		12		2 495 588	2 236 402	2 365 475
Financial liabilities under investment contracts				11	198 381	178 773	195 868		11		198 381	178 773	195 868
Insurance contract liabilities				10	314 044	285 908	310 515		10		314 044	285 908	310 515
Flac instruments1	100	16 469							100		16 469
Debt capital instruments2	19	30 772	25 861	30 481 (0)	5 185	5 198	5 187		16		35 957	31 059	35 668
Total equity and liabilities	12	3 128 261	2 795 012	2 962 268 10	669 496	607 636	649 085 4	9 912	9 533	9 501 12	3 807 669	3 412 181	3 620 854

1 Issued to support compliance with the Base Minimum Flac Requirement being phased in for South African Domestic Systemically Important Banks over a six-year period.

2 Previously referred to as subordinated debt.

22 STANDARD BANK GROUP RESULTS

TAXATION

Direct taxation charge and effective direct taxation rate

Rm %

12 000

10 000

8 000

6 000

4 000

2 000

1H21 1H22 1H23 1H24 1H25 1H26

1H21	1H22	1H23	1H24	1H25	1H26
4 640	4 907	8 188	8 360	9 736	10 540
24.7	21.4	24.6	25.3	26.3	25.9

Direct taxation charge Direct effective taxation rate

	1H26	1H25 FY25
	%	% %
Direct taxation - statutory rate	27.0	27.0	27.0
Prior period tax	(0.0)	(0.3)	(0.2)
Total direct taxation - current period	27.0	26.7	26.8
Policyholder tax1	0.7	2.5	2.1
Foreign tax and withholdings tax1	3.6	4.0	3.6
Normal direct taxation - current period	31.3	33.2	32.5
Permanent differences:	(5.4)	(6.9)	(4.6)
Non-taxable income - dividends	(3.5)	(2.9)	(2.6)
Non-taxable income - other2	(4.3)	(5.1)	(4.7)
Other1,3	2.4	1.1	2.7
Effective direct taxation rate	25.9	26.3	27.9
Less taxation specific to policyholder tax funds2	(0.7)	(2.5)	(2.1)
Total shareholder effective direct tax rate	25.2	23.8	25.8

DIRECT TAXATION RATE RECONCILIATION

BUSINESS UNIT REPORTING

1 Capital gains tax has been renamed to ʻpolicyholder taxes' as this description more accurately reflects the nature of the line item. In accordance with South African tax legislation there are distinct policyholder funds. The taxes within these funds are, in substance, direct taxes on the investment returns attributable to policyholders rather than shareholders. These taxes are determined based on the fair value changes of financial instruments held within each fund. Accordingly, all policyholder taxes are presented separately and have been disaggregated from foreign and withholding taxes and other to enhance the analysis and presentation, as IFRS requires both policyholder and shareholder taxation to be reported in the taxation line. The decrease in policyholder taxes due to a decline in market value of portfolios.

2 Primarily comprises of non-taxable interest income.

3 Primarily comprises of non-deductible expenses.

Direct taxation rate

The shareholder effective direct taxation rate increased from 23.8% to 25.2% in the current period. This increase was mainly driven by:

The non-recurrence of prior period tax adjustments.
The impact of lower non-taxable interest income within Africa Regions, reducing the benefit from non taxable income.
Higher taxes and levies within Africa Regions as well as additional non-deductible expenses, reflected as an increase in ʻOther'.
These impacts were partially offset by:
Lower foreign and withholding taxes in Africa Regions.
Additional exempt dividends earned in South Africa.

SBG structure of business units 24

Condensed consolidated business unit results 26

Corporate & Investment Banking 34

Business & Commercial Banking 40

Personal & Private Banking 47

Insurance & Asset Management 55

BANKING CIB BCB PPB

SBG structure of business units

Our operating model is client led and structured around our business units as follows:

Investment Banking

Offers a full suite of advisory and financing solutions, ranging from term lending to structured and specialised products across equity and debt in the private and public capital markets. This includes underwriting new debt and equity securities, facilitating mergers and acquisitions, providing strategic advisory services, strategic equity investments and equity financing.

Global Markets

Trading, risk management and financing solutions across financial markets, including foreign exchange, money markets, interest rates, equities, credit and commodities.

Investment Banking

Institutional and Corporate offerings

BCB Forex PPB Forex

Standard Bank Group

BUSINESS UNITS

The business units are responsible for designing and executing the client value proposition. Business units own the client relationship and create multi-product client experiences distributed through our client engagement network.

Transactional

Comprehensive suite of cash management, international trade finance, working capital and investor services solutions including related value-added services.

Lending

Extensive suite of lending products provided to individuals and small- and medium-sized businesses.

Card and Payments

Credit card facilities to individuals and businesses. Merchant acquiring services. Enablement of digital payment capabilities through various products and platforms. Mobile money and cross-border businesses.

Vehicle and Asset Finance

Comprehensive finance solutions in instalment credit, fleet management and related services across our retail, corporate and business markets.

Home Services

Tailored home financing solutions for home buyers and existing homeowners, across our retail market.

Transaction Banking

Transactional Banking

Business Lending

Card Acquiring and Commercial Card Issuing

Commercial Asset Finance, Fleet and Wholesale

Transactional Banking

Personal Unsecured Lending

Retail Card Issuing

Retail Asset Finance

Retail Home Services

CIB

Corporate & Investment Banking

BCB

Business & Commercial Banking

PPB

Personal & Private Banking

IAM

Insurance & Asset Management

The Corporate & Investment Banking (CIB) business unit serves

large companies (multinational, regional and domestic), governments, parastatals and institutional clients across Africa and internationally. Our clients leverage our in-depth sector and regional expertise, our specialist capabilities and our access to global capital markets for advisory, transactional, risk management and funding support.

The Business & Commercial Banking (BCB) business unit provides broad-based client solutions for a wide spectrum of small- and medium-sized businesses as well as large commercial enterprises. Our client coverage extends across a wide range of industries, sectors and solutions that deliver the necessary advisory, networking and sustainability support required by our clients to enable their growth.

The Personal & Private Banking (PPB) business unit offers tailored and comprehensive financial services solutions. We serve individual clients across Africa by enabling their daily lives throughout their life journeys. The business provides a comprehensive suite of financial products, advisory services, and tailored solutions which are designed to meet each client's unique needs.

The Insurance & Asset Management (IAM) business unit offers a wide range of solutions to fulfil clients' long and short-term insurance, investment, and asset management needs, through our advice-led distribution force, third-party distribution network, as well as in partnership with the Banking sales channels. Our clients, who range from individual customers to corporate and institutional clients across Africa, can leverage our extensive market-leading range of

propositions and services so that together we can protect and grow what matters most to them.

BANKING

CENTRAL AND OTHER

⏹ Banking hedging activities ⏹ Unallocated capital ⏹ Liquidity earnings ⏹ Central costs

INSURANCE & ASSET MANAGEMENT

Insurance

Life Insurance

Development, sourcing and management of life and contractual savings propositions distributed via advice-led, third-party and banking distribution channels. Propositions include long-term insurance products such as life, critical illness, disability, funeral cover and various insurance plans sold in conjunction with related banking products.

Corporate Benefits

Intermediated corporate benefits advice on competitive employee benefit solutions through our advice-led and third-party distribution networks. The proposition consists of investment and

risk solutions mainly through our umbrella offering as well as consulting services.

Short-term Insurance Development and management of short-term insurance solutions to protect against loss or damage of assets.

Propositions are distributed by banking and brokerage networks and include homeowners' insurance, household contents, vehicle insurance and commercial all-risk insurance.

Asset management

Investments

Development and maintenance of local and offshore investment propositions. These include discretionary asset management, stockbroking, investment platform and discretionary fund management services, and traditional life company products.

Asset management

Development and maintenance of asset management propositions for institutional and wholesale clients. Propositions include collective investment schemes and pension fund administration.

ICBC STANDARD BANK PLC

Equity investment held in terms of strategic partnership agreements with ICBC

ICBC Standard Bank Plc (40% associate).

CONDENSED CONSOLIDATED BUSINESS UNIT RESULTS

as at 30 June 2026

Corporate & Investment Banking Business & Commercial Banking Personal & Private Banking Central and other Banking

Change	1H26	1H25	FY25	Change	1H26	1H25	FY25	Change	1H26	1H25	FY25	Change	1H26	1H25	FY25	Change	1H26	1H25	FY25
%	Rm	Rm	Rm	%	Rm	Rm	Rm	%	Rm	Rm	Rm	%	Rm	Rm	Rm	%	Rm	Rm	Rm
Statement of financial position Assets Cash and balances with central banks 38	185 542	134 318	136 865	12	3 016	2 684	2 981	12	7 847	7 016	8 142	>100	950	462	2 444	37	197 355	144 480	150 432
Trading assets 17	548 076	469 127	532 795					(100)		1	2	(18)	(8 269)	(10 089)	(6 831)	18	539 807	459 039	525 966
Financial investments 21	322 056	265 481	285 877	(3)	38 956	40 362	37 008	(4)	49 730	51 933	47 656	10	15 249	13 913	12 818	15	425 991	371 689	383 359
Receivables and other assets 22	132 462	108 506	124 344	13	7 835	6 940	8 109	(4)	23 825	24 822	24 185	(3)	20 389	21 060	22 397	14	184 511	161 328	179 035
Net loans and advances 12	919 574	820 194	886 219	4	210 131	201 239	201 650	3	685 420	667 298	675 757	14	(34 528)	(30 255)	(40 150)	7	1 780 597	1 658 476	1 723 476
Net loans and advances to banks 28	207 962	161 885	193 529	(4)	13 564	14 167	15 824	1	16 817	16 598	18 491	10	(33 814)	(30 621)	(39 371)	26	204 529	162 029	188 473
Net loans and advances to customers 8	711 612	658 309	692 690	5	196 567	187 072	185 826	3	668 603	650 700	657 266	(>100)	(714)	366	(779)	5	1 576 068	1 496 447	1 535 003
Gross loans and advances to customers 8	720 489	668 471	702 576	4	207 871	200 794	197 140	2	712 859	695 562	701 308	(>100)	(648)	367	(748)	5	1 640 571	1 565 194	1 600 276
Home Services								1	477 617	471 998	473 722					1	477 617	471 998	473 722
Vehicle and Asset Finance				5	62 166	58 989	59 675	10	85 208	77 762	81 655					8	147 374	136 751	141 330
Card and Payments				9	3 463	3 185	2 997	6	38 540	36 502	37 630					6	42 003	39 687	40 627
Personal Unsecured Lending								2	111 494	109 300	108 301					2	111 494	109 300	108 301
Business Lending				3	142 242	138 620	134 468									3	142 242	138 620	134 468
Corporate Lending 8	720 489	668 471	702 576													8	720 489	668 471	702 576
Central and other												(>100)	(648)	367	(748)	(>100)	(648)	367	(748)
Credit impairments (13)	(8 877)	(10 162)	(9 886)	(18)	(11 304)	(13 722)	(11 314)	(1)	(44 256)	(44 862)	(44 042)	>100	(66)	(1)	(31)	(6)	(64 503)	(68 747)	(65 273)

Total assets 17	2 107 710	1 797 626	1 966 100	3	259 938	251 225	249 748	2	766 822	751 070	755 742	26	(6 209)	(4 909)	(9 322)	12	3 128 261	2 795 012	2 962 268
Equity and liabilities Equity 7	133 607	124 988	124 760	4	29 262	28 006	27 588	5	61 037	58 143	59 856	9	63 351	58 118	65 771	7	287 257	269 255	277 975
Liabilities 18	1 974 103	1 672 638	1 841 340	3	230 676	223 219	222 160	2	705 785	692 927	695 886	10	(69 560)	(63 027)	(75 093)	12	2 841 004	2 525 757	2 684 293
Trading liabilities 12	138 817	123 711	115 660									(93)	(214)	(2 950)	(209)	15	138 603	120 761	115 451
Provisions and other liabilities1 37	258 424	188 808	248 909	6	(297 955)	(281 607)	(294 804)	1	258 026	256 741	257 550	>100	(27 810)	(12 750)	(31 843)	26	190 685	151 192	179 812
Deposits and debt funding 16	1 576 862	1 360 119	1 476 771	5	528 631	504 826	516 964	3	447 759	436 186	438 336	(12)	(41 536)	(47 327)	(43 041)	11	2 511 716	2 253 804	2 389 030
Deposits from banks 25	275 726	221 100	275 901	16	3 291	2 827	2 917	4	941	904	901	(10)	(36 041)	(40 132)	(40 718)	32	243 917	184 699	239 001
Deposits and current accounts from customers 14	1 301 136	1 139 019	1 200 870	5	525 340	501 999	514 047	3	446 818	435 282	437 435	(24)	(5 495)	(7 195)	(2 323)	10	2 267 799	2 069 105	2 150 029
Current accounts 20	206 421	171 879	188 511	9	172 748	158 323	161 730	5	85 875	81 811	82 376	22	(4 986)	(4 088)	(3 009)	13	460 058	407 925	429 608
Cash management deposits 5	248 956	236 373	241 369	5	75 237	71 706	68 900	>100	93	32	24					5	324 286	308 111	310 293
Call deposits 44	202 236	140 766	164 533	2	199 095	195 080	202 382	2	214 844	210 059	209 806	1	13 560	13 372	16 451	13	629 735	559 277	593 172
Savings accounts 5	88	84	60	(1)	6 147	6 230	6 072	5	48 505	46 137	46 849					4	54 740	52 451	52 981
Term deposits 10	357 695	326 274	361 167	2	70 318	68 646	72 828	(0)	93 903	94 229	95 297	(18)	(11 660)	(14 154)	(14 482)	7	510 256	474 995	514 810
Negotiable certificates of deposit (11)	154 017	172 501	157 132	>100	55	2	13	>100	779	146	242	(50)	(197)	(395)	(626)	(10)	154 654	172 254	156 761
Foreign currency and other deposits 45	131 723	91 142	88 098	(14)	1 740	2 012	2 122	(2)	2 819	2 868	2 841	15	(2 212)	(1 930)	(657)	42	134 070	94 092	92 404
Total equity and liabilities 17	2 107 710	1 797 626	1 966 100	3	259 938	251 225	249 748	2	766 822	751 070	755 742	26	(6 209)	(4 909)	(9 322)	12	3 128 261	2 795 012	2 962 268
Average ordinary shareholders' equity 6	112 591	105 938	107 539	1	24 692	24 496	24 175	2	50 006	49 054	48 817	11	48 858	44 008	31 482	6	236 147	223 496	226 513

1 Provisions and other liabilities include inter-divisional funding which fluctuates in line with asset growth.

Where reporting responsibility for individual cost centres and divisions within business units' change, the segmental analysis comparative figures have been reclassified accordingly.

CONDENSED CONSOLIDATED BUSINESS UNIT RESULTS

as at 30 June 2026

Banking Insurance & Asset Management SBG Franchise ICBCS Standard Bank Group

	Change %	1H26 Rm	1H25 Rm	FY25 Rm	Change %	1H26 Rm	1H25 Rm	FY25 Rm	Change %	1H26 Rm	1H25 Rm	FY25 Rm	Change %	1H26 Rm	1H25 Rm	FY25 Rm	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Statement of financial position
Assets
Cash and balances with central banks	37	197 355	144 480	150 432	(47)	20	38	33	37	197 375	144 518	150 465				37		197 375	144 518	150 465
Trading assets	18	539 807	459 039	525 966	>100	4 519	1 637	2 557	18	544 326	460 676	528 523				18		544 326	460 676	528 523
Financial investments	15	425 991	371 689	383 359	12	603 452	539 651	580 136	13	1 029 443	911 340	963 495				13		1 029 443	911 340	963 495
Receivables and other assets	14	184 511	161 328	179 035	(8)	52 576	57 255	57 341	8	237 087	218 583	236 376	4	9 912	9 533	9 501	8	246 999	228 116	245 877
Net loans and advances	7	1 780 597	1 658 476	1 723 476	16	2 662	2 300	2 220	7	1 783 259	1 660 776	1 725 696				7		1 783 259	1 660 776	1 725 696
Reinsurance contract assets				(9)		5 055	5 558	5 496	(9)	5 055	5 558	5 496				(9)		5 055	5 558	5 496
Insurance contract assets				1		1 212	1 197	1 302	1	1 212	1 197	1 302				1		1 212	1 197	1 302
Total assets	12	3 128 261	2 795 012	2 962 268	10	669 496	607 636	649 085	12	3 797 757	3 402 648	3 611 353	4	9 912	9 533	9 501	12	3 807 669	3 412 181	3 620 854
Equity and liabilities
Equity	7	287 257	269 255	277 975	5	25 203	24 069	24 940	7	312 460	293 324	302 915	4	9 912	9 533	9 501	6	322 372	302 857	312 416
Liabilities	12	2 841 004	2 525 757	2 684 293	10	644 293	583 567	624 145	12	3 485 297	3 109 324	3 308 438				12		3 485 297	3 109 324	3 308 438
Trading liabilities	15	138 603	120 761	115 451				15		138 603	120 761	115 451			15			138 603	120 761	115 451
Provisions and other liabilities	26	190 685	151 192	179 812	9	147 996	136 288	141 317	18	338 681	287 480	321 129			18			338 681	287 480	321 129
Deposits and debt funding	11	2 511 716	2 253 804	2 389 030	(7)	(16 128)	(17 402)	(23 555)	12	2 495 588	2 236 402	2 365 475			12			2 495 588	2 236 402	2 365 475
Financial liabilities under investment contracts				11		198 381	178 773	195 868	11	198 381	178 773	195 868			11			198 381	178 773	195 868
Insurance contract liabilities				10		314 044	285 908	310 515	10	314 044	285 908	310 515			10			314 044	285 908	310 515
Total equity and liabilities	12	3 128 261	2 795 012	2 962 268	10	669 496	607 636	649 085	12	3 797 757	3 402 648	3 611 353	4	9 912	9 533	9 501	12	3 807 669	3 412 181	3 620 854
Average ordinary shareholders' equity	6	236 147	223 496	226 513	8	19 882	18 463	18 618	6	256 029	241 959	245 131	3	9 684	9 439	9 575	6	265 713	251 398	254 706

CONDENSED CONSOLIDATED BUSINESS UNIT RESULTS

Corporate & Investment Banking Business & Commercial Banking Personal & Private Banking Central and other Banking

	Change	1H26	1H25	FY25 Change	1H26	1H25	FY25 Change	1H26	1H25	FY25 Change	1H26	1H25	FY25 Change		1H26	1H25	FY25
	%	Rm	Rm	Rm %	Rm	Rm	Rm %	Rm	Rm	Rm %	Rm	Rm	Rm %		Rm	Rm	Rm
Income statement
Net interest income	10	20 386	18 601	38 824 (0)	12 307	12 368	25 242 (1)	19 079	19 207	38 998 20	1 474	1 225	2 053	4	53 246	51 401	105 117
Non-interest revenue	9	19 019	17 467	35 250 (0)	6 559	6 563	13 080 8	10 505	9 701	20 807 2	(2 642)	(2 579)	(5 427)	7	33 441	31 152	63 710
Net fee and commission revenue	8	5 583	5 179	10 406 2	4 680	4 593	9 358 11	8 228	7 444	16 181 18	(123)	(104)	(197)	7	18 368	17 112	35 748
Trading revenue	9	12 912	11 861	23 714 11	88	79	157 (3)	168	173	308 20	(406)	(338)	(969)	8	12 762	11 775	23 210
Other revenue	17	252	215	509 (15)	370	437	792 (18)	307	374	733 (1)	(472)	(475)	(940)	(17)	457	551	1 094
Other gains and losses on financial instruments	28	272	212	621 37	243	177	350 100	6		0	4	4	5	34	525	393	976
Inter-BU attribution1				(8)	1 178	1 277	2 423 5	1 796	1 710	3 585 (1)	(1 645)	(1 666)	(3 326)	1	1 329	1 321	2 682
Foreign exchange attribution			(7)		1 183	1 273	2 418 18	462	393	908 (1)	(1 645)	(1 666)	(3 326)
Insurance attribution			(>100)		(5)	4	5 1	1 334	1 317	2 677				1	1 329	1 321	2 682
Total income	9	39 405	36 068	74 074 (0)	18 866	18 931	38 322 2	29 584	28 908	59 805 (14)	(1 168)	(1 354)	(3 374)	5	86 687	82 553	168 827
Credit impairment charges	(52)	(475)	(994)	(2 065) (30)	(931)	(1 327)	(2 369) (2)	(5 710)	(5 813)	(9 882) (100)	(11)		(1)	(12)	(7 127)	(8 134)	(14 317)
Net income before operating expenses	11	38 930	35 074	72 009 2	17 935	17 604	35 953 3	23 874	23 095	49 923 (13)	(1 179)	(1 354)	(3 375)	7	79 560	74 419	154 510
Operating expenses	7	(15 904)	(14 926)	(31 346) 4	(11 323)	(10 901)	(22 441) 4	(16 875)	(16 153)	(33 541) 22	1 408	1 152	2 580	5	(42 694)	(40 828)	(84 748)
Staff costs	8	(6 949)	(6 419)	(14 035) 7	(3 872)	(3 624)	(7 460) 8	(9 652)	(8 974)	(18 404) 0	(4 807)	(4 802)	(9 884)	6	(25 280)	(23 819)	(49 783)
Software, cloud and technology	5	(2 032)	(1 938)	(3 958) 5	(519)	(495)	(1 003) 9	(3 611)	(3 317)	(6 753) 1	(995)	(988)	(2 120)	6	(7 157)	(6 738)	(13 834)
Amortisation and depreciation	0	(342)	(341)	(729) (1)	(280)	(283)	(578) (12)	(1 817)	(2 054)	(4 045) (1)	(509)	(515)	(891)	(8)	(2 948)	(3 193)	(6 243)
Other operating expenses	6	(6 581)	(6 228)	(12 624) 2	(6 652)	(6 499)	(13 400) (1)	(1 795)	(1 808)	(4 339) 4	7 719	7 457	15 475	3	(7 309)	(7 078)	(14 888)
Inter-BU attribution expense	(1)	(1 645)	(1 667)	(3 327)					(1)		1 645	1 667	3 327
Net income before non-trading and capital related items	16	21 381	18 481	37 336 (1)	6 612	6 703	13 512 1	6 999	6 942	16 382 28	1 874	1 465	2 532	10	36 866	33 591	69 762
Non-trading and capital related items	(>100)	31	(8)	(4) >100	32	15	(23) (11)	32	36	(1) (36)	36	56	69	32	131	99	41
Share of post-tax profit from associates and joint ventures	(>100)	4	(69)	275 (>100)	13	(2)	(2) 21	199	165	371 (>100)	4	(1)	(4)	>100	220	93	640
Profit before indirect taxation	16	21 416	18 404	37 607 (1)	6 657	6 716	13 487 1	7 230	7 143	16 752 26	1 914	1 520	2 597	10	37 217	33 783	70 443
Indirect taxation	(5)	(402)	(422)	(806) 1	(167)	(166)	(331) 14	(839)	(738)	(1 483) (8)	(343)	(371)	(691)	3	(1 751)	(1 697)	(3 311)
Profit before direct taxation	17	21 014	17 982	36 801 (1)	6 490	6 550	13 156 (0)	6 391	6 405	15 269 37	1 571	1 149	1 906	11	35 466	32 086	67 132
Direct taxation	28	(4 945)	(3 868)	(8 424) 5	(1 697)	(1 614)	(3 338) 5	(1 350)	(1 290)	(3 253) (1)	(822)	(833)	(1 748)	16	(8 814)	(7 605)	(16 763)
Profit for the period	14	16 069	14 114	28 377 (3)	4 793	4 936	9 818 (1)	5 041	5 115	12 016 >100	749	316	158	9	26 652	24 481	50 369
Attributable to preference shareholders										(9)	(216)	(238)	(461)	(9)	(216)	(238)	(461)
Attributable to additional tier 1 capital noteholders	(1)	(376)	(378)	(773) (5)	(83)	(87)	(170) (6)	(196)	(209)	(419) 57	(182)	(116)	(290)	6	(837)	(790)	(1 652)
Attributable to non-controlling interests	10	(1 850)	(1 678)	(3 459) (14)	(243)	(283)	(530) 1	(226)	(223)	(472) >100	(185)	(47)	(215)	12	(2 504)	(2 231)	(4 676)
Attributable to ordinary shareholders	15	13 843	12 058	24 145 (2)	4 467	4 566	9 118 (1)	4 619	4 683	11 125 (>100)	166	(85)	(808)	9	23 095	21 222	43 580
Headline adjustable items	(>100)	(18)	7	5 73	(19)	(11)	22 (21)	(19)	(24)	3 (29)	(36)	(51)	(59)	16	(92)	(79)	(29)
Headline earnings	15	13 825	12 065	24 150 (2)	4 448	4 555	9 140 (1)	4 600	4 659	11 128 (>100)	130	(136)	(867)	9	23 003	21 143	43 551
Key ratios
CLR (bps)		5	19	9	87	129	108	151	165	138					73	93	73
Cost-to-income ratio (%)		40.4	41.4	42.3	60.0	57.6	58.6	57.0	55.9	56.1					49.3	49.5	50.2
ROE (%)		24.8	23.0	22.5	36.3	37.5	37.8	18.6	19.2	22.8					19.6	19.1	19.2

1 Share of profit between Banking and Insurance & Asset Management.

Where reporting responsibility for individual cost centres and divisions within business units' change, the segmental analysis comparative figures have been reclassified accordingly.

CONDENSED CONSOLIDATED BUSINESS UNIT RESULTS

Banking Insurance & Asset Management SBG Franchise ICBCS Standard Bank Group

	Change %	1H26 Rm	1H25 Rm	FY25 Rm	Change %	1H26 Rm	1H25 Rm	FY25 Rm	Change %	1H26 Rm	1H25 Rm	FY25 Rm	Change %	1H26 Rm	1H25 Rm	FY25 Rm	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Income statement
Net interest income	4	53 246	51 401	105 117	13	342	302	617	4	53 588	51 703	105 734			4			53 588	51 703	105 734
Non-interest revenue	7	33 441	31 152	63 710	21	2 049	1 689	3 664	8	35 490	32 841	67 374			8			35 490	32 841	67 374
Net fee and commission revenue	7	18 368	17 112	35 748	16	2 101	1 817	3 764	8	20 469	18 929	39 512			8			20 469	18 929	39 512
Trading revenue	8	12 762	11 775	23 210	(29)	5	7	12	8	12 767	11 782	23 222			8			12 767	11 782	23 222
Other revenue	(17)	457	551	1 094	7	1 272	1 186	2 570	(0)	1 729	1 737	3 664			(0)			1 729	1 737	3 664
Other gains and losses on financial instruments	34	525	393	976					34	525	393	976			34			525	393	976
Inter-BU attribution	1	1 329	1 321	2 682	1	(1 329)	(1 321)	(2 682)
Foreign exchange attribution
Insurance attribution	1	1 329	1 321	2 682	1	(1 329)	(1 321)	(2 682)
Net income from insurance and asset management activities			(3)			9 903	10 245	21 655	(3)	9 903	10 245	21 655			(3)			9 903	10 245	21 655
Total income	5	86 687	82 553	168 827	0	12 294	12 236	25 936	4	98 981	94 789	194 763			4			98 981	94 789	194 763
Credit impairment charges	(12)	(7 127)	(8 134)	(14 317)	>100	(6)	(1)	(4)	(12)	(7 133)	(8 135)	(14 321)			(12)			(7 133)	(8 135)	(14 321)
Net income before operating expenses	7	79 560	74 419	154 510	0	12 288	12 235	25 932	6	91 848	86 654	180 442			6			91 848	86 654	180 442
Operating expenses	5	(42 694)	(40 828)	(84 748)	2	(7 654)	(7 513)	(14 914)	4	(50 348)	(48 341)	(99 662)			4			(50 348)	(48 341)	(99 662)
Staff costs	6	(25 280)	(23 819)	(49 783)					6	(25 280)	(23 819)	(49 783)			6			(25 280)	(23 819)	(49 783)
Software, cloud and technology	6	(7 157)	(6 738)	(13 834)					6	(7 157)	(6 738)	(13 834)			6			(7 157)	(6 738)	(13 834)
Amortisation and depreciation	(8)	(2 948)	(3 193)	(6 243)					(8)	(2 948)	(3 193)	(6 243)			(8)			(2 948)	(3 193)	(6 243)
Other operating expenses	3	(7 309)	(7 078)	(14 888)					3	(7 309)	(7 078)	(14 888)			3			(7 309)	(7 078)	(14 888)
Operating expenses from insurance and asset management					2	(7 654)	(7 513)	(14 914)	2	(7 654)	(7 513)	(14 914)			2			(7 654)	(7 513)	(14 914)
Net income before non-trading and capital related items	10	36 866	33 591	69 762	(2)	4 634	4 722	11 018	8	41 500	38 313	80 780		1 019			8	41 500	38 313	80 780
Non-trading and capital related items	32	131	99	41	(>100)	1	(41)	(145)	>100	132	58	(104)					>100	132	58	(104)
Share of post-tax profit from associates and joint ventures	>100	220	93	640	(10)	19	21	36	>100	239	114	676	22		834	1 544	33	1 258	948	2 220
Profit before indirect taxation	10	37 217	33 783	70 443	(1)	4 654	4 702	10 909	9	41 871	38 485	81 352	22	1 019	834	1 544	9	42 890	39 319	82 896
Indirect taxation	3	(1 751)	(1 697)	(3 311)	(9)	(486)	(536)	(1 032)	0	(2 237)	(2 233)	(4 343)					0	(2 237)	(2 233)	(4 343)
Profit before direct taxation	11	35 466	32 086	67 132	0	4 168	4 166	9 877	9	39 634	36 252	77 009	22	1 019	834	1 544	10	40 653	37 086	78 553
Direct taxation	16	(8 814)	(7 605)	(16 763)	(19)	(1 726)	(2 131)	(5 124)	8	(10 540)	(9 736)	(21 887)					8	(10 540)	(9 736)	(21 887)
Profit for the period	9	26 652	24 481	50 369	20	2 442	2 035	4 753	10	29 094	26 516	55 122	22	1 019	834	1 544	10	30 113	27 350	56 666
Attributable to preference shareholders	(9)	(216)	(238)	(461)					(9)	(216)	(238)	(461)					(9)	(216)	(238)	(461)
Attributable to additional tier 1 capital noteholders	6	(837)	(790)	(1 652)	0	(1)	(1)	(2)	6	(838)	(791)	(1 654)					6	(838)	(791)	(1 654)
Attributable to non-controlling interests	12	(2 504)	(2 231)	(4 676)	38	(362)	(263)	(775)	15	(2 866)	(2 494)	(5 451)					15	(2 866)	(2 494)	(5 451)
Attributable to ordinary shareholders	9	23 095	21 222	43 580	17	2 079	1 771	3 976	9	25 174	22 993	47 556	22	1 019	834	1 544	10	26 193	23 827	49 100
Headline adjustable items	16	(92)	(79)	(29)	(>100)	(1)	37	136	>100	(93)	(42)	107					>100	(93)	(42)	107
Headline earnings	9	23 003	21 143	43 551	15	2 078	1 808	4 112	9	25 081	22 951	47 663	22	1 019	834	1 544	10	26 100	23 785	49 207
Key ratios
CLR (bps)		73	93	73
Cost-to-income ratio (%)		49.3	49.5	50.2
ROE (%)		19.6	19.1	19.2		21.1	19.7	22.1		19.8	19.1	19.4		21.2	17.8	16.1		19.8	19.1	19.3

CORPORATE & INVESTMENT BANKING

Corporate & Investment Banking (CIB)

CIB delivered headline earnings of R13 825 million, up by 15%, alongside an improved ROE of 24.8% (1H25: 23.0%). This strong performance was driven by income growth of 9% to R39 405 million, lower credit impairment charges and continued cost discipline.

The overall result was partially offset by the strengthening of the South African Rand, which negatively impacted the translated contribution from Africa Regions.

The client franchise delivered a strong performance, with client revenue increasing by 10% (14% in constant currency (CCY)). Growth remained robust despite a challenging operating environment and elevated geopolitical uncertainty, reflecting the benefits of sector, client and geographic diversification. Stand-out sector performance was recorded in Energy, Financial Institutions and Mining & Metals,

as the franchise capitalised on opportunities arising from market volatility, including increased foreign exchange, hedging and working capital demand. Performance in the Consumer sector was softer over the period but is expected to improve as delayed opportunities are executed in the second half of 2026. The outlook for the remainder

of the year remains positive, supported by a strong pipeline across sectors and geographies.

Net interest income increased by 10% to R20 386 million, underpinned by robust credit demand across multiple sectors which drove an 8% growth in customer loans (CCY: 11%). Deposits from customers grew by 14%, reflecting the outcome of targeted client acquisitions and engagement, which included duration extension of funding facilities and disciplined pricing strategies. This performance was partially offset by the impact of negative endowment linked to lower average interest rates.

CIB remained the largest contributor to the group's sustainable finance origination in 1H26, mobilising R35 billion of sustainability-linked and green and social finance loans and bonds (1H25:

R45 billion). Green finance accounted for more than 50% of this mobilisation, with a large portion directed toward renewable energy financing. CIB has mobilised R268 billion of sustainable finance since 2022, representing 82% of the group's cumulative mobilisation to date.

Non-interest revenue grew by 9% to R19 019 million, with net fee and commission revenue up by 8% to R5 583 million. This outcome was supported by good performances in Global Markets and Transaction Banking linked to increased client activity, higher transactional volumes and growth in custody fees. This was partly offset by lower Investment Banking fees, reflecting subdued Equity, Debt Capital Markets and advisory activity, while loan origination fees remained resilient. Trading revenue grew by 9% to R12 912 million, supported by increased opportunities to provide commodity hedging solutions to clients and heightened demand for foreign exchange solutions across West Africa.

Operating expenses increased by 7%, reflecting continued investment in technology to enhance the client franchise and higher regulatory costs associated with balance sheet growth. Staff costs rose primarily due to annual salary adjustments, ongoing investment in critical talent to support the long-term growth of the franchise, and higher performance-linked incentives aligned to the business performance.

Total net income growth of 9.3% exceeded cost growth of 6.6% which resulted in positive jaws of 270 basis points and an improved cost-to-income ratio of 40.4% (1H25: 41.4%).

Credit impairment charges decreased period-on-period, reflecting a reduction in the non-performing portfolio, resulting in a net release in the current period compared to a charge in 1H25. This outcome was primarily supported by cures and post write-off recoveries, partially offset by new charges on specific exposures where recovery expectations deteriorated. Performing portfolio charges increased over the period, commensurate with loan book growth.

Global Markets

Global Markets delivered record headline earnings of R6 148 million, an increase of 13% compared to 1H25.

The South African franchise achieved revenue growth of 7% supported by strong performances across treasury and commodities, partially offset by weaker trading performance amid heightened geopolitical tensions. Revenue in Africa Regions increased by 18%, underpinned by solid trading activity and continued demand for structured solutions, with policy shifts and improving economic fundamentals in West Africa driving stronger foreign exchange flows and liquidity.

The scale of the Global Markets business provides a differentiated offering to clients, enabling access to liquidity and risk aggregation across a diverse product set and operating markets. Supported by experienced, on-the-ground teams with deep local and international market expertise, the franchise is well positioned to meet client needs through both stable and volatile market conditions. In all environments, Global Markets provides comprehensive risk management solutions and facilitates market making1 opportunities across the client base.

Global Markets serves a broad and diversified client franchise, ranging from retail and personal clients to large local and international corporates, as well as sovereigns. The foreign exchange business ranks first in more than half of the markets in which it operates, providing a strong and reliable base of capital-light client revenue.

The business also offers structured hedging and financing solutions to corporate and sovereign clients, supported by robust risk aggregation and distribution capabilities that enable scalable and tailored offerings.

The structured products capability (markets financing) is underpinned by the design and implementation of complex client solutions commonly available in developed markets, which are then customised and packaged for local conditions and deployed across the operating footprint. This approach allows the business to leverage global expertise while responding effectively to specific client and market needs.

1 Market making is the revenue earned when managing current and anticipated client flow, excess liquidity and market movements within approved market risk limits.

Investment Banking

Investment Banking delivered a strong performance in 1H26, with headline earnings increasing by 41% to R3 504 million against the prior period.

Net interest income increased by 3% to R4 932 million, reflecting the impact of a timing difference on interest earned on structured trades relative to 1H25. Net interest on loans and advances to customers rose by 11%, supported by asset growth and an expansion in margins, with origination momentum from 2025 continuing and broad-based growth achieved across the portfolio. Energy, Diversified Industries and Telecommunications & Media were key contributors to this performance.

Non-interest revenue increased by 19% to R3 250 million. Net fee and commission revenue declined by 8%, primarily due to lower Equity, Debt Capital Markets and advisory activity, although origination-related fees remained resilient. Growth in other gains on fair value instruments was primarily driven by gains on equity investments and dividends received in the current period, as well as the absence of equity valuation write-downs recognised in the prior period.

Overall, total income rose by 9% to R8 182 million.

Regional diversification remained a key competitive advantage, highlighting the maturity and relevance of the franchise across the continent. Revenue in South Africa increased by 12% in a competitive market, while Africa Regions revenue grew by 7% (CCY: 14%) off a high base.

The business remains well positioned for future growth and is focused on capitalising on market opportunities. Strategic priorities include scaling high-growth segments across energy, infrastructure and structured capital; expanding international corridors as a targeted growth opportunity; and implementing an artificial intelligence-led operating model to accelerate productivity, optimise operations and identify new opportunities to create value for clients.

Transaction Banking

Transaction Banking delivered a solid performance in 1H26, with revenue increasing by 5% to R13 420 million and headline earnings growing by 1% to R4 173 million. This result was driven by robust balance sheet expansion, double-digit growth in Investor Services and sustained momentum in Payments. Average deposits grew by 19%, loans and advances increased by 15%. Total costs, including IT project expenditure, were well managed, with the cost-to-income ratio of 47.4% (1H25: 47.3%).

Net interest income increased by 4%, with deposits rising by 22% to R537 billion, partially offset by significant negative endowment effects, particularly in the Africa Regions portfolio. Non-interest revenue grew by 9%, supported by higher transactional volumes, increased custody and safekeeping fees following a 24% growth in assets under custody to R9.4 trillion, and stronger trade finance activity underpinned by a 10% increase in off-balance sheet trade exposures to R179 billion.

South Africa delivered revenue growth of 8%, supported by double-digit growth in Payments and Investor Services, strong deposit mobilisation and higher custody related revenues. Africa Regions revenue increased by 4% (CCY: 8%), driven by strong performances in multiple markets, underpinned by 17% growth in deposits, 23% growth in off-balance sheet trade exposures and 42% growth in assets under custody.

Credit impairment charges increased to a net charge of R143 million, reflecting a prudent risk posture in a changing macroeconomic environment, while overall credit quality remained resilient.

Operating expenses increased by 5%, driven by continued investment in strategic technology initiatives and digital platform modernisation.

Transaction Banking enters the second half of 2026 with improved momentum, supported by strong balance sheet growth, rising transaction volumes and a growing pipeline of new business opportunities. Strategic priorities remain focused on accelerating growth across Africa Regions, increasing the breadth and value of client relationships, scaling digital and payments capabilities and strengthening Transaction Banking's position as the leading trade, payments and custody partner across the African continent.

Looking ahead

CIB remains the leading corporate and investment banking franchise in, for and across Africa, supported by its differentiated regional footprint, deep sector expertise and diversified client base.

The franchise continues to benefit from its strategic focus on enabling Africa's energy transition, financing critical infrastructure and facilitating trade and investment flows across the continent.

This diversified presence across products, sectors and geographies reinforces CIB's market-leading position and underpins the resilience and relevance of its strategy.

During the first half of 2026, CIB continued to support multinational corporations, large domestic clients and institutional investors through integrated solutions, advisory capabilities and comprehensive risk management offerings. The franchise remains well positioned to capture emerging opportunities across its markets, supported by a healthy pipeline of client activity, ongoing investment in talent and product innovation, and the strength of its longstanding client relationships.

CIB remains focused on executing against Africa-specific growth opportunities while deepening client relationships and expanding its share of wallet across key sectors and corridors. The business continues to balance growth ambitions with disciplined risk management, prudent capital allocation and rigorous cost control.

These foundations enable continued investment in client experience, digital and platform capabilities, and the modernisation of the franchise, supporting sustainable long-term growth and the achievement of the group's medium-term targets to 2028.

CORPORATE & INVESTMENT BANKING

Composition of client revenue (%)

1H26

1H25

Client revenue growth	Change %	CCY %
Local corporates - South Africa and Africa Regions	20	23
Multinational corporates -International	6	11
Multinational corporates - South Africa and Africa Regions	5	7

Composition of total net income by geography (%)

1H26
1H25

	1H26	1H25
Global Markets Africa Regions	25	24
Transaction Banking Africa Regions	21	22
Investment Banking Africa Regions	11	11
Global Markets South Africa	21	21
Transaction Banking South Africa	12	13
Investment Banking South Africa	10	9

Composition of client revenue by sector (%)

1H26
1H25

Client revenue growth by sector	Change %	CCY %
Financial Institutions	16	17
Energy & Infrastructure	13	19
Consumer	(3)	0
Telecommunications & Media	1	4
Mining & Metals	18	20
Diversified Industries	(1)	1
Sovereign & Public Sector	21	25
Real Estate	4	4

SUMMARISED INCOME STATEMENT

	CCY %	Change %		1H26 Rm	1H25 Rm	FY25 Rm
Net interest income	14	10	20 386		18 601	38 824
Non-interest revenue	11	9	19 019		17 467	35 250
Net fee and commission revenue	10	8	5 583		5 179	10 406
Trading revenue	11	9	12 912		11 861	23 714
Other revenue	17	17	252		215	509
Other gains and losses on financial instruments	31	28	272		212	621
Total income	12	9	39 405		36 068	74 074
Credit impairment charges	(51)	(52)	(475)		(994)	(2 065)
Operating expenses	9	7	(15 904)		(14 926)	(31 346)
Inter-BU attribution expense	3	(1)	(1 645)		(1 667)	(3 327)
Headline earnings	18	15	13 825		12 065	24 150

LOANS AND ADVANCES

	CCY %	Change %	1H26 Rm		1H25 Rm	FY25 Rm
Net loans and advances to banks	33	28	207 962		161 885	193 529
Gross loans and advances to banks1	33	28	208 297		162 143	193 730
Credit impairments for loans and advances to banks	33	30	(335)		(258)	(201)
Net loans and advances to customers	11	8	711 612		658 309	692 690
Investment Banking	6	3	526 532		511 686	528 365
Global Markets	>100	>100	67 538		30 857	46 376
Transaction Banking	4	2	117 542		115 766	117 949
Gross loans and advances to customers including high quality liquid assets (HQLA)	10	8	727 858		676 626	710 880
Less: HQLA	(10)	(10)	(7 369)		(8 155)	(8 304)
Gross loans and advances to customers1	11	8	720 489		668 471	702 576
Investment Banking	5	3	534 142		520 236	536 861
Global Markets	>100	>100	67 560		30 875	46 396
Transaction Banking	3	1	118 787		117 360	119 319
Credit impairments for loans and advances to customers	(9)	(13)	(8 877)		(10 162)	(9 886)
Investment Banking	(7)	(11)	(7 610)		(8 550)	(8 496)
Global Markets	22	22	(22)		(18)	(20)
Transaction Banking	(20)	(22)	(1 245)		(1 594)	(1 370)
Total coverage ratio			1.23		1.52	1.41
Net loans and advances	15	12	919 574		820 194	886 219
Gross loans and advances	15	12	928 786		830 614	896 306
Credit impairments	(8)	(12)	(9 212)		(10 420)	(10 087)
Credit impairments for loans and advances to banks	33	30	(335)		(258)	(201)
Credit impairments for loans and advances to customers	(9)	(13)	(8 877)		(10 162)	(9 886)
Credit impairments for stage 3 loans	(15)	(19)		(5 877)	(7 254)	(7 106)
Credit impairments for stage 1 and 2 loans	6	3		(3 000)	(2 908)	(2 780)

1 Restated. Includes a reallocation entry between CIB and Central and other. The restatement had no impact on the Banking balance sheet.

CORPORATE & INVESTMENT BANKING

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Deposits from banks	29	25	275 726	221 100	275 901
Deposits from customers	16	14	1 301 136	1 139 019	1 200 870
Current accounts	25	20	206 421	171 879	188 511
Cash management deposits	6	5	248 956	236 373	241 369
Call deposits	46	44	202 236	140 766	164 533
Savings accounts	6	5	88	84	60
Term deposits	11	10	357 695	326 274	361 167
Negotiable certificates of deposit	(11)	(11)	154 017	172 501	157 132
Foreign currency and other deposits	46	45	131 723	91 142	88 098
Total deposits and current accounts	18	16	1 576 862	1 360 119	1 476 771

DEPOSITS AND CURRENT ACCOUNTS

Composition of total net income by solution (%)

Composition of headline earnings by solution (%)

1H26

1H25

1H26

1H25

	1H26	1H25
Global Markets	45	44
Transaction Banking	34	35
Investment Banking	21	21

	1H26	1H25
Global Markets	45	45
Transaction Banking	30	34
Investment Banking	25	21

KEY STATEMENT OF FINANCIAL POSITION ITEMS

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Cash and balances with central banks	41	38	185 542	134 318	136 865
Financial investments	24	21	322 056	265 481	285 877
Trading assets	17	17	548 076	469 127	532 795
Trading liabilities	12	12	138 817	123 711	115 660

KEY RATIOS

		1H26	1H25	FY25
Headline earnings contribution to the group	%	53	51	49
Net interest margin1	bps	309	316	315
CLR	bps	5	19	9
Customer CLR	bps	3	27	15
Coverage ratio	%	1.2	1.6	1.4
Cost-to-income ratio	%	40.4	41.4	42.3
ROE	%	24.8	23.0	22.5

1 Restated. Includes a reallocation entry between CIB and Central and other. The restatement had no impact on the Banking balance sheet.

SUMMARISED INCOME STATEMENT BY PRODUCT

Global Markets Investment Banking

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	36 9	30 6	5 425 12 378	4 169 11 629	9 437 22 577	9 21	3 19	4 932 3 250	4 767 2 731	9 520 6 409
Total income	16	13	17 803	15 798	32 014	13	9	8 182	7 498 15 929
Credit impairment charges	40	31	(206)	(157)	(918)	(87)	(86)	(126)	(924) (997)
Operating expenses	8	6	(5 828)	(5 480)	(11 354)	11	9	(3 711)	(3 407) (7 432)
Inter-BU attribution expense	3	(1)	(1 645)	(1 667)	(3 327)
Headline earnings	16	13	6 148	5 445	9 912	47	41	3 504	2 493 6 113
Net loans and advances to customers	>100	>100	67 538	30 857	46 376	6	3	526 532	511 686	528 365
Deposits and current accounts from customers	10	9	762 870	699 144	728 339	8	8	1 230	1 134	120
Cost-to-income ratio (%)			32.7	34.7	35.5			45.4	45.4	46.7

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	6 10	4 9	10 029 3 391	9 665 3 107	19 867 6 264	14 11	10 9	20 386 19 019	18 601 17 467	38 824 35 250
Total income	7	5	13 420	12 772	26 131	12	9	39 405	36 068 74 074
Credit impairment charges	(>100)	(>100)	(143)	87	(150)	(51)	(52)	(475)	(994) (2 065)
Operating expenses	8	5	(6 365)	(6 039)	(12 560)	9	7	(15 904)	(14 926) (31 346)
Inter-BU attribution expense						3	(1)	(1 645)	(1 667) (3 327)
Headline earnings	3	1	4 173	4 127	8 125	18	15	13 825	12 065 24 150
Net loans and advances to customers	4	2	117 542	115 766	117 949	11	8	711 612	658 309	692 690
Deposits and current accounts from customers	25	22	537 036	438 741	472 411	16	14	1 301 136	1 139 019	1 200 870
Cost-to-income ratio (%)			47.4	47.3	48.1			40.4	41.4	42.3

Transaction Banking Total

BUSINESS & COMMERCIAL BANKING

Business & Commercial Banking (BCB)

BCB delivered headline earnings of R4 448 million, down 2% compared with the prior period, while sustaining a strong return on equity of 36.3% (1H25: 37.5%).The earnings outcome reflects a disciplined strategic repositioning of the South African portfolio, a structurally lower interest rate environment as well as a deliberate reduction of Offshore loans and advances book.

Against a backdrop of lower interest rates, heightened exchange rate volatility, evolving regulation and increasing geopolitical uncertainty, the franchise maintained robust commercial momentum in the first half of 2026. The business continued to execute on its strategy to deepen primary client relationships and drive quality growth, prioritising competitive client propositions, structured debt capabilities and disciplined pricing. Targeted investments in technology and process optimisation, with progress in digital onboarding and automated lending processes supporting faster turnaround times, improved client experience and scalable growth.

Strategic franchise health indicators continued to trend positively. The active client base grew by 5%, while digitally active clients increased by 12%, evidencing the ongoing shift towards more digitally engaged relationships. Total loan disbursements of R63 billion were 12% higher period-on-period, underpinned by Business Lending disbursement growth of 14% and Vehicle and Asset Finance disbursement growth of 8%. Merchant acquiring turnover rose by

3% to R129 billion, with international payment volumes increasing by 10%, reinforcing the franchise's role at the centre of clients' transactional and payments flows.

Gross loans and advances to customers increased by 4% to

R208 billion (5% in constant currency (CCY)), reflecting underlying momentum led by South Africa, where loan growth of 9% was supported by strong disbursement activity. Africa Regions delivered moderate growth of 6% (CCY: 11%), while Offshore exposures declined in line with the group's refined risk appetite. Customer deposits grew by 5% to R525 billion (CCY: 7%), underpinned by sustained strength in South Africa and continued traction from the transactional-led deposit strategy in Africa Regions, resulting in overall current account growth of 9%. This performance was partially offset by lower Offshore balances following the strategic business reset, with currency translation further moderating reported growth.

Net interest income was flat at R12 307 million (CCY: up by 1%). The benefit of balance sheet growth, was largely offset by the adverse endowment impact linked to lower average interest rates, most notably in Africa Regions, as well as reduced loan balances in Offshore.

Non-interest revenue decreased slightly to R6 559 million (CCY: up by 1%), with performance impacted by lower foreign exchange trading margins in Global Markets, the absence of prior period's property related disposal gains, and marginally weaker net fee and commission income in Africa Regions linked to regulatory fee caps and elevated scheme related costs. This was partially mitigated by a 6% increase in South Africa, driven by higher electronic payment volumes, pricing optimisation, BizFlex1 gains, and advisory fees generated through Structured Lending solutions.

Operating expenses increased by 4% to R11 323 million (CCY: 6%), reflecting investment in our people, digital platforms, and targeted initiatives to enhance client experience and operational capacity. These increases were partially mitigated by disciplined cost management and technology-driven efficiencies.

Muted net income growth combined with elevated cost growth led to negative jaws of 422 basis points and a higher cost-to-income ratio of 60.0% (1H25: 57.6%).

Credit impairment charges decreased significantly by 30% to

R931 million, primarily driven by an improved performance in Africa Regions, supported by strengthened non-performing loan management and enhanced collections. Offshore impairments reduced materially, reflecting provision releases following facility settlements. The credit loss ratio improved to 87bps (1H25: 129bps), while the coverage ratio moderated to 5.4% (1H25: 6.8%), consistent with improved portfolio quality and a lower overall risk profile.

South Africa

Headline earnings increased by 5% to R3 359 million, with return on equity strengthening to 44.9% (1H25: 43.2%), underscoring disciplined capital deployment and resilient underlying performance. The South African franchise delivered a solid outcome in a lower interest rate environment, supported by sustained client momentum and balance sheet growth. Active clients grew by 3%, while strong origination trends drove Business Lending up by 27% and Vehicle and Asset Finance up by 6%. This translated into loan growth of 9% and deposit growth of 4%.

Net interest income increased by 4% to R7 508 million, driven by balance sheet expansion and the benefit of the endowment hedge programme, which partially mitigated the adverse impact of lower interest rates. Margins remained under pressure due to a shift in deposit mix toward higher yielding investment products.

Non-interest revenue grew by 6% to R4 415 million, supported by higher digital transaction volumes, including Business Online, bulk instant money and real-time clearing. Growth was further aided by inflationary pricing adjustments, increased PayShap2 activity following the automatic routing of low-value payments, and a strong performance in BizFlex1, with disbursements up by 17%. Advisory fee income also increased following the recent rollout of the Structured Lending capability. Merchant acquiring turnover rose by 5% to R98 billion, driven by a 28% increase in new merchants onboarded, partially offset by lower cash-related fees and reduced DebiCheck3 volumes.

Operating expenses increased by 5% to R6 463 million, reflecting annual salary adjustments and continued investment in technology, including higher software and cloud-related costs associated with accelerated digital platform delivery. Additional spend on call centre capacity and marketing initiatives also contributed to cost growth.

Cost growth exceeded income growth, leading to negative jaws of 80 basis points and a higher cost-to-income ratio of 54.2% (1H25: 53.8%).

Credit performance remained robust, supported by improved outcomes in the Vehicle and Asset Finance portfolio, lower risk migration, and recoveries on previously impaired exposures. This was partly offset by higher credit charges in Card and Business Lending, reflecting portfolio growth and a lower base in the prior period.

The credit loss ratio improved to 92bps (1H25: 99bps).

The South African franchise is well positioned to capture future growth, underpinned by an expanding and increasingly digital client base, strong lending momentum, and continued investment in platform capabilities, which are expected to drive sustained revenue growth over time.

1 BizFlex offers a digital short-term unsecured lending solution with a pay-as-you-earn repayment structure, providing flexibility and predictability for clients.

2 PayShap is a real-time digital payment service in South Africa that enables instant electronic payments between bank accounts held at participating financial institutions.

3 DebiCheck is a debit order authentication system that requires customers to approve a debit order mandate with their bank before money can be collected from their account.

Africa Regions

The Africa Regions operating environment remained challenging, characterised by ongoing geopolitical tensions, slower economic growth, elevated inflation and lower average interest rates, all of which weighed on banking profitability across the continent.

Africa Regions recorded a 22% decline in headline earnings to

R590 million (CCY: 16%), with return on equity moderating to 16.4% (1H25: 22.3%). Performance was negatively impacted by material negative endowment effects related to lower average interest rates, softer non-interest revenue and elevated cost growth, which more than offset healthy franchise expansion and a marked improvement in credit performance. Robust delivery in East Africa was tempered by weaker outcomes in West Africa and South & Central Africa, highlighting the uneven impact of regional macro conditions.

The franchise continued to grow and diversify, with the client base expanding by 7% and customer deposits increasing by 12% (CCY: 18%) supported by a transaction-led deposit strategy, focused client acquisition and successful conversion of the deposit mobilisation pipeline. Loans and advances grew by 6% (CCY: 11%) with lending disbursements increased by 6%, evidencing disciplined risk appetite in a volatile environment.

Net interest income declined by 3% (CCY: up 1%) as balance sheet growth was largely offset by the negative endowment impact of lower interest rates across the region. Non-interest revenue fell by 10%, driven by the absence of property related disposal gains, lower Global Markets foreign exchange revenue in West Africa and softer net fee and commission income in South & Central Africa linked to regulatory caps and elevated scheme costs.

Operating expenses increased by 2% (CCY: 5%), reflecting continued investment in people and operational capacity to drive business growth. Cost growth was driven by higher employee-related expenses, strategic headcount additions and business development. This was partially offset by technology-driven efficiencies and favourable foreign exchange translation.

Cost growth exceeded income growth, resulting in negative jaws of 712 basis points and a higher cost-to-income ratio of 75.7% (1H25: 70.4%).

Credit impairment charges reduced by 50% to R239 million, reflecting improved credit outcomes across all regions. This was supported by strengthened non-performing loan management, enhanced collections and recoveries, and the benefit of elevated prior period provisions in West Africa. The credit loss ratio improved to 110bps (1H25: 233bps), indicating a significantly lower level of credit risk and a more resilient portfolio.

Despite near-term earnings pressure, Africa Regions continues to diversify and grow its franchise while managing risk prudently.

Normalising for endowment headwinds, headline earnings growth would increase by 3% reflective of deposit growth gathering

and improving.

Standard Bank Offshore

The Offshore franchise remains in a deliberate reset phase, with headline earnings declining by 15% to R499 million (CCY: 8%), while return on equity remained robust at 42.9% (1H25: 44.7%), underscoring the resilience of the underlying business model.

The balance sheet continues to be actively reshaped, with customer deposits down 8% (CCY: up 4%) as currency translation and targeted reductions in deposits following regulatory changes weighed on reported growth. Loans and advances contracted by 26%

(CCY: 18%), reflecting lending remediation actions, client attrition and repayments outpacing new disbursements, as well as a deliberate acceleration in book run-off.

Net interest income declined by 23%, due to lower loan balances, margin compression as the deposit composition favoured higher-cost term deposits and the negative endowment impact of lower average interest rates. Non-interest revenue decreased by 5% (CCY: up 2%), with weaker foreign exchange trading revenue offsetting underlying volume growth in fee and commission income.

Credit impairment charges reduced by 84% to R29 million, benefitting from provision releases following the repayment of facilities and the elevated provisions raised in the comparative period, with the credit loss ratio improving to 22bps (1H25: 117bps).

Operating expenses increased by 7%, due to higher employee-related costs, regulatory costs and investment in technology.

The refreshed strategy, expanded value proposition and disciplined risk posture continue to position the Offshore business for stabilisation and a return to growth, with particular emphasis on serving African clients' cross-border and international banking needs.

Looking ahead

BCB's performance in the first half of 2026 demonstrates a franchise in fundamentally sound health, managing a pronounced interest rate headwind and the final stages of the Offshore repositioning, while still growing its core business. Strong client acquisition, rising digital adoption, robust disbursement momentum and solid deposit gathering all contributed to underlying franchise strength, with credit quality improving toward the lower end of the through-the-cycle range and earnings growth delivered in both South Africa and East Africa.

Looking ahead, anticipated monetary easing across several African markets is expected to prolong endowment pressure in the near term, even as it supports client activity, loan demand and portfolio performance. In South Africa, the endowment hedge programme continues to provide partial protection, helping to moderate the impact of lower rates on earnings. Strategic focus for the remainder of the year will centre on sustaining lending and transactional momentum, accelerating deposit growth, scaling the recently launched insurance offering and exercising disciplined cost management, alongside completing the Offshore repositioning.

With a diversified regional footprint, a strengthening and increasingly digital client franchise, and improving credit fundamentals, BCB remains well placed to continue its forward trajectory. The business is positioned to deliver on its medium-term commitments to 2028, supported by consistent execution, prudent risk management and ongoing investment in platforms and capabilities that underpin sustainable growth.

BUSINESS & COMMERCIAL BANKING

KEY BUSINESS STATISTICS

Change %			1H26	1H25	FY25
South Africa Clients Active clients1 Digitally active users2 Transactional digital active penetration3	thousands thousands %	3 17	536 362 87	520 310 83	537 356 86
Client activity
Vehicle and Asset Finance disbursements	Rm	6	11 597	10 913	22 901
Business Lending disbursement	Rm	27	20 902	16 488	41 832
Card acquiring turnover4	Rm	5	98 195	93 662	199 367
Digital banking volumes	thousands	5	76 446	73 027	157 048
ATM transactional volumes	thousands	3	6 008	5 825	11 811
Branch transactional volumes	thousands	(0)	1 254	1 260	2 571
Digital composition5 %			91	91	92
Africa Regions
Clients
Active clients1	thousands	7	333	312	324
Digitally active users2	thousands	0	135	135	131
Client activity
Vehicle and Asset Finance disbursements	Rm	16	3 584	3 100	6 409
Business Lending disbursements	Rm	5	26 692	25 426	49 869
Card acquiring turnover	Rm	(2)	30 436	30 934	63 821
Digital banking volumes	thousands	6	20 832	19 603	40 582
ATM transactional volumes	thousands	(5)	2 343	2 472	4 824
Branch transactional volumes	thousands	(16)	2 659	3 175	5 974
Digital composition5 %		4	81	78	79

1 An active client is defined by a single client transacting on at least one solution within a specific timeframe.

2 Clients that actively transact with us on digital platforms (Mobile App, USSD and internet banking).

3 Digital active transactional clients relative to transactional clients.

4 Comparative values for 1H25 restated to exclude CIB.

5 Digital composition expresses digital transaction volumes over total transaction volumes (i.e. digital, branch and ATM).

SUMMARISED INCOME STATEMENT

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income	1	(0)	12 307	12 368	25 242
Non-interest revenue	1	(0)	6 559	6 563	13 080
Net fee and commission revenue	3	2	4 680	4 593	9 358
Trading revenue	23	11	88	79	157
Other revenue	(16)	(15)	370	437	792
Other gains and losses on financial instruments	38	37	243	177	350
Inter-BU attribution revenue	(5)	(8)	1 178	1 277	2 423
Total income	1	(0)	18 866	18 931	38 322
Credit impairment charges	(31)	(30)	(931)	(1 327)	(2 369)
Operating expenses	6	4	(11 323)	(10 901)	(22 441)
Headline earnings	(1)	(2)	4 448	4 555	9 140

	CCY %	Change %	1H26		1H25 Rm	FY25 Rm
	CCY %	Change %	Rm		1H25 Rm	FY25 Rm
Net loans and advances to banks	6	(4)	13 564		14 167	15 824
Gross loans and advances to banks	6	(4)	13 564		14 167	15 824
Net loans and advances to customers	7	5	196 567		187 072	185 826
Vehicle and Asset Finance	7	7	60 441		56 736	57 982
Card and Payments	9	9	3 226		2 966	2 798
Business Lending	7	4	132 900		127 370	125 046
Gross loans and advances to customers	5	4	207 871		200 794	197 140
Vehicle and Asset Finance	6	5	62 166		58 989	59 675
Card and Payments	9	9	3 463		3 185	2 997
Business Lending	5	3	142 242		138 620	134 468
Credit impairments for loans and advances to customers	(14)	(18)	(11 304)		(13 722)	(11 314)
Vehicle and Asset Finance	(23)	(23)	(1 725)		(2 253)	(1 693)
Card and Payments	8	8	(237)		(219)	(199)
Business Lending	(13)	(17)	(9 342)		(11 250)	(9 422)
Total coverage ratio (%)			5.4		6.8	5.7
Vehicle and Asset Finance			2.8		3.8	2.8
Card and Payments			6.8		6.9	6.6
Business Lending			6.6		8.1	7.0

Net loans and advances	7	4	210 131		201 239	201 650
Gross loans and advances	6	3	221 435		214 961	212 964
Credit impairments	(14)	(18)	(11 304)		(13 722)	(11 314)
Credit impairments for loans and advances to customers	(14)	(18)	(11 304)		(13 722)	(11 314)
Credit impairments for stage 3 loans	(16)	(20)		(8 727)	(10 847)	(8 768)
Credit impairments for stage 1 and 2 loans	(8)	(10)		(2 577)	(2 875)	(2 546)

LOANS AND ADVANCES

BUSINESS & COMMERCIAL BANKING

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Deposits from banks	19	16	3 291	2 827	2 917
Deposits from customers	7	5	525 340	501 999	514 047
Current accounts	12	9	172 748	158 323	161 730
Cash management deposits	5	5	75 237	71 706	68 900
Call deposits	4	2	199 095	195 080	202 382
Savings accounts	5	(1)	6 147	6 230	6 072
Term deposits	6	2	70 318	68 646	72 828
Negotiable certificates of deposit	>100	>100	55	2	13
Foreign currency and other deposits	(13)	(14)	1 740	2 012	2 122
Total deposits and current accounts	7	5	528 631	504 826	516 964

DEPOSITS AND CURRENT ACCOUNTS

Composition of total net income by geography (%)

Composition of headline earnings by geography (%)

1H26

1H25

1H26

1H25

	1H26	1H25
South Africa	63	60
Africa Regions	32	34
Standard Bank Offshore	5	6

	1H26	1H25
South Africa	76	70
Africa Regions	13	17
Standard Bank Offshore	11	13

KEY RATIOS

		1H26	1H25	FY25
Headline earnings contribution to the group	%	17	19	19
Net interest margin	bps	1 029	1 050	1 087
Loans and advances margin	bps	454	434	442
Deposit margin	bps	301	328	327
CLR	bps	87	129	108
CLR to customers	bps	93	139	115
Coverage ratio	%	5.4	6.8	5.7
Cost-to-income ratio	%	60.0	57.6	58.6
ROE	%	36.3	37.5	37.8

SUMMARISED FINANCIAL RESULTS BY GEOGRAPHY

South Africa Africa Regions

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	4 6	4 6	7 508 4 415	7 230 4 178	14 857 8 612	1 (7)	(3) (10)	4 043 1 989	4 152 2 222	8 559 4 144
Total income	5	5	11 923	11 408	23 469	(2)	(5)	6 032	6 374 12 703
Credit impairment charges	0	0	(663)	(662)	(1 116)	(54)	(50)	(239)	(478) (980)
Operating expenses	5	5	(6 463)	(6 138)	(12 856)	5	2	(4 568)	(4 489) (9 016)
Headline earnings	5	5	3 359	3 208	6 636	(16)	(22)	590	757 1 377
Net loans and advances to customers	9	9	143 955	132 077	134 059	11	6	39 607	37 313	37 580
Deposits and current accounts from customers	4	4	363 420	348 606	367 179	18	12	114 466	102 038	101 345
CLR (bps)			92	99	82			110	233	196
Cost-to-income ratio (%)			54.2	53.8	54.8			75.7	70.4	71.0
ROE (%)			44.9	43.2	45.1			16.4	22.3	19.8

Standard Bank Offshore Total

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	(17) 2	(23) (5)	756 155	986 163	1 826 324	1 1	(0) (0)	12 307 6 559	12 368 6 563	25 242 13 080
Total income	(14)	(21)	911	1 149	2 150	1	(0)	18 866	18 931 38 322
Credit impairment charges	(84)	(84)	(29)	(187)	(273)	(31)	(30)	(931)	(1 327) (2 369)
Operating expenses	15	7	(292)	(274)	(569)	6	4	(11 323)	(10 901) (22 441)
Headline earnings	(8)	(15)	499	590	1 127	(1)	(2)	4 448	4 555 9 140
Net loans and advances to customers	(18)	(26)	13 005	17 682	14 187	7	5	196 567	187 072	185 826
Deposits and current accounts from customers	4	(8)	47 454	51 355	45 523	7	5	525 340	501 999	514 047
CLR (bps)			22	117	97			87	129	108
Cost-to-income ratio (%)			32.1	23.8	26.5			60.0	57.6	58.6
ROE (%)			42.9	44.7	44.7			36.3	37.5	37.8

BUSINESS & COMMERCIAL BANKING PERSONAL & PRIVATE BANKING

Composition of total net income by solution (%)

1H26

1H25

	1H26	1H25
BCB Transactional	63	65
Business Lending	23	22
Vehicle and Asset Finance	9	8
Card and Payments	5	5

SUMMARISED INCOME STATEMENT BY PRODUCT

Composition of headline earnings by solution (%)

1H26

1H25

	1H26	1H25
BCB Transactional	75	87
Business Lending	17	9
Card and Payments	1	1
Vehicle and Asset Finance	7	3

Personal & Private Banking (PPB)

PPB reported headline earnings of R4 600 million, down 1% periodon-period, with a return on equity of 18.6% (1H25: 19.2%). This earnings outcome primarily reflects negative endowment in a lower average interest rate environment, which compressed interest margins and masked solid underlying operational and strategic execution across the core portfolio.

Despite a complex operating backdrop characterised by lower interest rates, exchange rate volatility, evolving regulatory requirements, liquidity constraints in select markets and heightened geopolitical uncertainty, PPB sustained strong momentum in the first half of 2026. Performance was supported by a robust contribution from the South African franchise, where headline earnings increased by 12%, underpinned by double-digit growth in net fee and commission income, continued balance sheet expansion and growth in the active client base. This was partially offset by declines of 31% in Africa Regions and 23% in Offshore, where lower average interest rates reduced endowment revenue. Overall, the PPB portfolio

Operating expenses rose by 4% to R16 875 million (CCY: 6%), reflecting tight cost control alongside ongoing investment in digital infrastructure and annualisation impacts of client-facing teams.

Modernisation initiatives are delivering clear strategic and financial benefits, with strong growth in digital transactional volumes supporting a shift toward lower-cost channels and enhanced client convenience, while branch volumes declined by 8%. Cost growth of 4.3% outpaced income growth of 2.3%, resulting in negative jaws of 213 basis points and a higher cost-to-income ratio of 57.0% (1H25: 55.9%).

Credit quality remained robust, with credit impairment charges declining by 2% to R5 710 million (CCY: 1%), supported by proactive risk management, ongoing client engagement and improved collections performance. The credit loss ratio to customers reduced to 155bps (1H25: 170bps), reflecting disciplined portfolio management and a stable risk profile. The coverage ratio moderated to 6.2% (1H25: 6.4%), consistent with strategic initiatives to improve

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income	4	3	1 145	1 114	2 269	10	8	3 282	3 045	6 193
Non-interest revenue	8	8	485	449	899	12	8	1 127	1 042	1 884
Total income	5	4	1 630	1 563	3 168	10	8	4 409	4 087	8 077
Credit impairment charges	(64)	(61)	(96)	(248)	(478)	(27)	(26)	(767)	(1 031) (1 798)
Operating expenses	1	1	(1 082)	(1 074)	(2 193)	5	3	(2 547)	(2 466) (5 064)
Headline earnings	>100	>100	291	140	289	94	84	738	401	738
Net loans and advances to customers	7	7	60 440	56 735	57 982	7	4	132 900	127 371	125 044
CLR (bps)			31	90	83			102	141	114
Cost-to-income ratio (%)			66.4	68.7	69.2			57.8	60.3	62.7

Vehicle and Asset Finance Business Lending

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	0 4	4 4	80 875	77 845	190 1 715	(3) (2)	(4) (4)	7 800 4 072	8 132 4 227	16 590 8 582
Total income	3	4	955	922	1 905	(2)	(4)	11 872	12 359 25 172
Credit impairment charges	42	42	(68)	(48)	(93)
Operating expenses	3	2	(775)	(761)	(1 573)	7	5	(6 919)	(6 600) (13 611)
Headline earnings	(22)	(9)	50	55	122	(14)	(15)	3 369	3 959 7 992
Net loans and advances to
customers	9	9	3 226	2 966	2 798
Deposits and current accounts
from customers						7	5	525 340	501 999	514 047
CLR (bps)			430	236	306
Cost-to-income ratio (%)			81.2	82.5	82.6			58.3	53.4	54.1

Card and Payments BCB Transactional

Total

demonstrated resilience, supported by geographic and revenue diversification and active balance sheet management.

Client experience and engagement remain central to PPB's strategy, with advanced data and technology used to deepen relationships and grow revenue. In the first half of 2026, PPB delivered over 3.1 million tailored digital offers via its mobile app, supporting stronger engagement, growth in the active client base and rising digital adoption. Value-added services such as electricity, lotto, online vouchers, prepaid data and airtime are expanding revenue pools beyond traditional lending and supporting more diversified, sustainable earnings through the cycle.

Customer loans grew by 3%, reflecting strong disbursement momentum across key portfolios, partly offset by elevated book run-off, particularly within the large Home Services book. In South Africa, disbursements increased by 17% in Home Services and 20%

in Vehicle and Asset Finance, underscoring sustained client demand and continued support through the cycle. Personal Lending disbursements declined by 8% following targeted risk appetite adjustments in response to emerging client strain. In Africa Regions, disbursements grew by 40% relative to the first half of 2025, with the strongest growth recorded in West Africa, highlighting ongoing expansion opportunities across the portfolio.

The customer deposit base increased by 3%, supported by higher transactional activity and a continued client shift toward higher-yielding investment products. Growth was driven by South Africa, up 4%, and Africa Regions, up 9% (16% in constant currency (CCY)), while Offshore remained flat in constant currency. This momentum supported net fee and commission income growth of 11%, alongside 8% growth in assets under management in partnership with the Insurance & Asset Management business, reinforcing the strength of PPB's integrated investment and insurance offering.

Net interest income declined by 1% to R19 079 million (CCY: up 1%), primarily due to negative endowment as average interest rates reduced across key markets. This was partially offset by underlying balance sheet growth, effective endowment hedging in South Africa and ongoing balance sheet optimisation.

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income	1	(0)	12 307	12 368	25 242
Non-interest revenue	1	(0)	6 559	6 563	13 080
Total income	1	(0)	18 866	18 931	38 322
Credit impairment charges	(31)	(30)	(931)	(1 327) (2 369)
Operating expenses	6	4	(11 323)	(10 901) (22 441)
Headline earnings	(1)	(2)	4 448	4 555	9 140

Non-interest revenue grew by 8% to R10 505 million (CCY: 10%), supported by increased transactional activity, deeper digital engagement and continued expansion of value-added services. Revenue from Insurance & Asset Management was up by 1%, as 13% growth in funeral premiums was partially offset by lower credit life and elevated claims. Management remains focused on improving the revenue mix toward fee and risk-light income while sustaining strong client engagement across products.

portfolio quality.

South Africa

The South African franchise delivered a strong earnings performance, supported by balance sheet growth and sustained fee momentum, driven by higher digital activity and strong client engagement.

Headline earnings increased by 12% to R3 468 million, with return on equity improving to 18.0% (1H25: 16.2%). Performance was underpinned by 11% growth in net fee and commission income, solid balance sheet expansion and a positive endowment hedge benefit, which helped mitigate margin pressure from lower average interest rates. The franchise continues to demonstrate resilience, leveraging its scale, diversified revenue streams and ongoing investment in digital capabilities to enhance client experience and support sustainable earnings growth.

Loans to customers increased by 3%, underpinned by strong origination momentum across key portfolios, reflecting sustained client demand and effective distribution capabilities. Disbursements grew by 17% in Home Services and 20% in Vehicle and Asset Finance, highlighting the strength of the franchise's lending pipeline. Personal Lending disbursements were 8% lower, reflecting targeted risk appetite adjustments in select segments during the latter part of 2025. The impact of elevated book run-off, particularly within the large Home Services portfolio, reflects the maturation of prior high-growth vintages and moderated the translation of strong origination into headline loan growth. Customer deposits rose by 4%, supported by improved client entrenchment1. Clients continued to allocate liquidity towards higher-yielding products, underpinning 10% growth in assets under management in collaboration with Insurance &

Asset Management.

Net interest income increased by 3% to R14 055 million, supported by balance sheet growth and the positive endowment hedge benefit, partially offset by negative endowment as rates reduced.

Management remained focused on pricing discipline, portfolio mix and quality balance sheet growth to protect returns in a highly competitive environment.

Non-interest revenue grew by 9% to R7 410 million, with net fee and commission income up 11%, driven by higher transactional activity, continued high-levels of client engagement and a 50% growth in value-added services such as Instant Money and online vouchers. Deeper client engagement and rising digital adoption are evident in more frequent transactional usage and broader uptake of PPB's propositions. Insurance & Asset Management revenue share was muted, as higher funeral gross written premiums of 13% were offset by a 1% reduction in credit life and elevated claims.

1 Entrenched clients are highly engaged customers with an increased product holding within the group.

PERSONAL & PRIVATE BANKING

PPB continued to enhance its digital offerings, supporting improved digital sales of 5% and ongoing migration of clients to digital platforms. Branch volumes declined by 7% as cash transaction alternatives improved and branch services became increasingly digitised, reinforcing the shift toward lower-cost, higher-convenience channels. System stability remained a priority, supported by investment in infrastructure resilience, monitoring and fraud detection.

Operating expenses increased by 5% to R11 284 million, reflecting investment in client relationship management capabilities, annual salary adjustments and strategic technology initiatives to enhance client experience and strengthen fraud detection and monitoring. Management continues to direct spend toward capabilities that improve client outcomes, protect the franchise and support long-term operational efficiency, contributing to stable operating leverage.

Income growth marginally exceeded cost growth, resulting in positive jaws of 1 basis point and a stable cost-to-income ratio of 52.6%.

Credit impairment charges reduced by 1% to R5 258 million, driven by proactive risk appetite management, continued client engagement and improved collections. The credit loss ratio to customers decreased to 159bps (1H25: 174bps), while the coverage ratio of 6.3% (1H25: 6.6%) remained elevated, reflecting the prolonged nature of the legal book in Home Services.

Africa Regions

The operating backdrop in Africa Regions remained demanding, with persistent geopolitical tensions, subdued economic growth and lower inflation rates which supported interest rate cuts, collectively compressing banking margins and profitability across the continent. In addition, pronounced foreign exchange volatility, liquidity constraints and rising regulatory compliance costs, particularly in South & Central Africa, further constrained earnings and reinforced pressure on returns.

Africa Regions delivered headline earnings of R584 million, down 31% period-on-period (CCY: 27%), with return on equity of 13.7% (1H25: 22.4%). Performance was materially impacted by negative endowment arising from lower average interest rates across several markets, compounded by liquidity constraints and foreign exchange shortages in parts of South & Central Africa. Notwithstanding

these headwinds, the portfolio demonstrated resilience, with 13 of 14 markets remaining profitable.

The franchise continues to execute on its long-term growth agenda, sustaining strong client momentum and reinforcing its brand position while demonstrating targeted improvements in client experience.

Active client growth of 6% reflects ongoing franchise relevance, supported by increased digital adoption which is enabling more efficient, scalable, and cost-effective client engagement.

Net interest income declined by 7% to R3 974 million (CCY: 3%), reflecting margin compression from lower average interest rates and the resulting negative endowment across markets. This was partially offset by continued balance sheet growth, with loans to customers increasing by 5% (CCY: 11%) and deposits growing by 9% (CCY: 16%), demonstrating sustained client activity and franchise momentum.

Non-interest revenue increased by 3% to R2 771 million (CCY: 8%), supported by solid transactional activity, growth in insurance income, and effective client retention strategies. Increased client engagement continued to underpin transactional volumes, partially offset by regulatory fee compression in certain markets.

Operating expenses rose by 2% to R4 874 million (CCY: 5%), reflecting annual salary adjustments, continued investment in client-facing teams, and targeted technology spend to enhance system resilience and platform stability. The business remains focused on disciplined cost management, while prioritising strategic investments that support long-term growth. Productivity gains, digital migration, and simplification initiatives continue to be key levers to improve

operating leverage over time, particularly in a constrained revenue environment.

Cost growth of 1.9%, combined with a 2.7% decline in income, resulted in negative jaws of 462 basis points and an increase in the cost-to-income ratio to 72.3% (1H25: 69.0%). These dynamics are expected to improve as revenue growth normalises.

Credit impairment charges increased by 1% to R444 million

(CCY: 6%), reflecting pressure in selected markets amid challenging macroeconomic conditions. This was mitigated by a robust collections performance and proactive portfolio management.

The business continues to maintain a disciplined risk framework, with focus on appropriate credit appetite, portfolio quality and sustainable collections outcomes.

Standard Bank Offshore

Standard Bank Offshore delivered headline earnings of R548 million, down 23% period-on-period (CCY: 16%), with return on equity remaining robust at 43.2% (1H25: 52.6%). This decline reflects a normalisation in earnings following a period of elevated endowment, with lower average global interest rates resulting in negative endowment and reduced net interest margins.

Net interest income decreased by 19% to R1 050 million (CCY: 13%), primarily driven by margin compression in a lower average interest rate environment. This was further impacted by client balance optimisation, as clients actively reallocated liquidity toward higher-yielding investment opportunities and the settlement of existing debt.

Non-interest revenue increased by 52% to R324 million (CCY: 64%), supported by sustained client transactional activity and continued client engagement across the franchise.

Operating expenses rose to R717 million, up by 17% (CCY: 27%), reflecting annual salary adjustments and ongoing strategic investment in technology to enhance client experience and platform capabilities.

Cost growth of 17.2% combined with income reduction of 9.1%, led to negative jaws of 26.3% and a higher cost-to-income ratio of 52.2% (1H25: 40.5%).

Despite near-term earnings pressure, SBO remains a strategically important capability within PPB. The platform underpins client retention and deepens relationships by enabling wealth diversification across jurisdictions, while supporting the group's broader ambition

to scale integrated client solutions across South Africa and Africa Regions.

Looking ahead

PPB enters the second half of 2026 with solid underlying momentum and a fundamentally healthy, resilient franchise, despite near-term earnings pressure from a lower interest rate environment. The business is well positioned to deliver sustainable and profitable growth by continuing to deepen client relationships, expand its active client base, and accelerate higher-margin revenue streams through value-added services and insurance in partnership with the Insurance & Asset Management business.

Ongoing investment in scalable digital platforms, advanced data and personalisation capabilities, and a diversified product offering will support improved revenue quality, a more optimal revenue mix, and positive operating leverage over time. These capabilities, combined with disciplined risk management and active balance sheet optimisation, position PPB to unlock further client value and

capture growth opportunities across both core banking and adjacent financial services.

With strong client engagement and rising digital adoption underpinning performance, PPB remains focused on translating this momentum into consistent, durable earnings growth, and is confident in its ability to deliver on its financial commitments and support the group's medium-term strategic ambitions to 2028.

KEY BUSINESS STATISTICS

Change %		1H26	1H25	FY25
South Africa
Clients
Active clients thousands	(0)	11 959	11 994	12 089
Core clients1 thousands	2	9 476	9 263	9 398
Platform clients2 thousands	(9)	2 483	2 731	2 691
Transactional digital active penetration3 %		69	66	67
Digital active clients thousands	9	4 949	4 530	4 725
UCount clients thousands	9	1 643	1 507	1 567
Client engagement score4 number		3.6	3.5	3.7
Disbursements
Home Services (mortgages) Rm	17	26 864	23 047	51 338
Average loan to value of home services new business registered %	0	88	88	90
Personal Unsecured Lending Rm	(8)	6 969	7 552	15 101
Vehicle and Asset Finance retail Rm	20	14 508	12 131	27 541
Client activity
Instant Money turnover5 Rm	4	23 356	22 395	48 102
Digital transactional volumes6,7 thousands	17	1 697 417	1 446 348	3 055 165
Logins7 thousands	22	1 032 723	848 454	1 807 645
Successful transactions7 thousands	11	664 694	597 894	1 247 520
ATM transactional volumes thousands	(22)	78 405	100 344	237 619
Branch transactional volumes thousands	(7)	2 159	2 332	4 644
Points of representation
ATMs number	1	3 496	3 448	3 470
Branch square metres thousands	1	229	227	229
Points of representation number	7	686	640	665
Branches number	5	516	491	509
In-store kiosks and other points of access number	14	170	149	156
Africa Regions
Clients
Active clients8 thousands	6	4 448	4 207	4 375
Core clients1,8 thousands	6	4 216	3 977	4 049
Platform clients2 thousands	1	232	230	326
Client activity
Digital transactional volumes6,8 thousands	(8)	104 086	113 633	246 834
ATM transactional volumes8 thousands	(3)	30 692	31 741	75 517
Branch transactional volumes8 thousands	(9)	4 013	4 395	8 835
Points of representation number	1	549	543	558
Branches9 number	3	521	507	512
In-store kiosks and other points of access9 number	(22)	28	36	46
ATMs number	4	2 150	2 062	2 122

1 Core clients are active clients with at least one banking product.

2 Platform clients include Instant Money in SA; and PayPulse, @Ease and FlexiPay in Africa Regions.

3 Digital active transactional clients relative to transactional clients.

4 Client engagement score is the average number of products held by transactional clients.

5 Instant Money is a pay-as-you-use service that lets people send, receive, store, and use money without needing a bank account. Customers can send money using online banking, a banking app, cellphone banking or certain partner retailers.

6 Includes value and non-value transactions.

7 Comparative volumes for restated due to data enhancements.

8 Comparative volumes restated due to data enhancements in West Africa.

9 Comparative volumes for restated due to data enhancements in South & Central Africa.

PERSONAL & PRIVATE BANKING

SUMMARISED INCOME STATEMENT

	CCY %	Change %	1H26	1H25 Rm	FY25 Rm
	CCY %	Change %	Rm	1H25 Rm	FY25 Rm
Net interest income	1	(1)	19 079	19 207	38 998
Non-interest revenue	10	8	10 505	9 701	20 807
Net fee and commission revenue	12	11	8 228	7 444	16 181
Trading revenue	7	(3)	168	173	308
Other gains and losses on financial instruments	100	100	6
Other revenue	(18)	(18)	307	374	733
Inter-BU attribution revenue	7	5	1 796	1 710	3 585
Foreign exchange attribution	23	18	462	393	908
Insurance attribution	2	1	1 334	1 317	2 677
Total income	4	2	29 584	28 908	59 805
Credit impairment charges	(1)	(2)	(5 710)	(5 813)	(9 882)
Operating expenses	6	4	(16 875)	(16 153)	(33 541)
Headline earnings	1	(1)	4 600	4 659	11 128

LOANS AND ADVANCES

DEPOSITS AND CURRENT ACCOUNTS

	CCY %	Change %	1H26	1H25 Rm	FY25 Rm
	CCY %	Change %	Rm	1H25 Rm	FY25 Rm
Deposits from banks	(1)	4	941	904	901
Deposits from customers	6	3	446 818	435 282	437 435
Current accounts	8	5	85 875	81 811	82 376
Cash management deposits	>100	>100	93	32	24
Call deposits	5	2	214 844	210 059	209 806
Savings accounts	9	5	48 505	46 137	46 849
Term deposits	3	(0)	93 903	94 229	95 297
Negotiable certificates of deposit	>100	>100	779	146	242
Foreign currency and other deposits	(1)	(2)	2 819	2 868	2 841
Total deposits and current accounts	6	3	447 759	436 186	438 336

		1H26	1H25	FY25
Headline earnings contribution to the group	%	18	20	23
Net interest margin	bps	529	545	544
CLR	bps	151	165	138
CLR to customers	bps	155	170	141
Coverage ratio	%	6.2	6.4	6.3
Cost-to-income ratio	%	57.0	55.9	56.1
ROE	%	18.6	19.2	22.8

KEY RATIOS

	CCY %	Change %	1H26 Rm		1H25 Rm	FY25 Rm
Net loans and advances to banks	13	1	16 817		16 598	18 491
Gross loans and advances to banks	13	1	16 817		16 598	18 491
Net loans and advances to customers	3	3	668 603		650 700	657 266
Home Services	1	1	455 338		449 549	451 369
Vehicle and Asset Finance	11	11	80 132		72 229	76 532
Card Issuing	3	3	33 335		32 281	32 642
Personal Unsecured Lending	7	3	99 798		96 641	96 723
Gross loans and advances to customers	3	2	712 859		695 562	701 308
Home Services	1	1	477 617		471 998	473 722
Vehicle and Asset Finance	10	10	85 208		77 762	81 655
Card Issuing	6	6	38 540		36 502	37 630
Personal Unsecured Lending	6	2	111 494		109 300	108 301
Credit impairments for loans and advances to customers	(1)	(1)	(44 256)		(44 862)	(44 042)
Home Services	(0)	(1)	(22 279)		(22 449)	(22 353)
Vehicle and Asset Finance	(8)	(8)	(5 076)		(5 533)	(5 123)
Card Issuing	23	23	(5 205)		(4 221)	(4 988)
Personal Unsecured Lending	(7)	(8)	(11 696)		(12 659)	(11 578)
Total coverage ratio (%)			6.2		6.4	6.3
Home Services			4.7		4.8	4.7
Vehicle and Asset Finance			6.0		7.1	6.3
Card Issuing			13.5		11.6	13.3
Personal Unsecured Lending			10.5		11.6	10.7
Net loans and advances	4	3	685 420		667 298	675 757
Gross loans and advances	3	2	729 676		712 160	719 799
Credit impairments	(1)	(1)	(44 256)		(44 862)	(44 042)
Credit impairments for loans and advances to customers	(1)	(1)		(44 256)	(44 862)	(44 042)
Credit impairments for stage 3 loans	4	4		(35 500)	(34 217)	(35 095)
Credit impairments for stage 1 and 2 loans	(17)	(18)		(8 756)	(10 645)	(8 947)

PERSONAL & PRIVATE BANKING

Total net income by geography (%)

Headline earnings by geography (%)

Composition of total net income by product (%)

Composition of headline earnings by product (%)

1H26

1H25

1H26

1H25

1H26
1H25

1H26
1H25

	1H26	1H25
South Africa	72	71
Africa Regions	23	24
Standard Bank Offshore	5	5

	1H26	1H25
South Africa	75	67
Africa Regions	13	18
Standard Bank Offshore	12	15

	1H26	1H25
PPB Transactional	45	45
Home Services	20	21
PPB Lending	19	19
Card and Payments	11	10
Vehicle and Asset Finance	5	5

	1H26	1H25
PPB Transactional	37	37
Home Services	46	44
PPB Lending	9	13
Card and Payments	10	8
Vehicle and Asset Finance	(2)	(2)

SUMMARISED FINANCIAL RESULTS BY GEOGRAPHY

South Africa Africa Regions

	CCY %	Change %	1H26	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
	CCY %	Change %	Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	3 9	3 9	14 055 7 410	13 652 6 809	28 049 14 671	(3) 8	(7) 3	3 974 2 771	4 256 2 679	8 444 5 528
Total income	5	5	21 465	20 461	42 720	1	(3)	6 745	6 935 13 972
Credit impairment charges	(1)	(1)	(5 258)	(5 317)	(9 034)	6	1	(444)	(440) (806)
Operating expenses	5	5	(11 284)	(10 757)	(22 462)	5	2	(4 874)	(4 784) (9 709)
Headline earnings	12	12	3 468	3 099	8 060	(27)	(31)	584	852 1 623
Net loans and advances to customers	3	3	595 560	578 189	586 357	11	5	62 298	59 389	59 332
Deposits and current accounts from customers	4	4	301 910	289 488	296 664	16	9	79 873	73 158	73 663
CLR to customers (bps)			159	174	146			141	146	114
Cost-to-income ratio (%)			52.6	52.6	52.6			72.3	69.0	69.5
ROE (%)			18.0	16.2	21.1			13.7	22.4	20.5

Standard Bank Offshore Total

SUMMARISED INCOME STATEMENT BY PRODUCT

Home Services Personal Unsecured Lending

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income	(2)	(2)	5 305	5 412	10 897	6	3	4 608	4 454	9 012
Non-interest revenue	(7)	(7)	499	538	1 080	3	1	1 108	1 092	2 222
Total income	(2)	(2)	5 804	5 950	11 977	5	3	5 716	5 546	11 234
Credit impairment charges	(15)	(16)	(1 296)	(1 538)	(2 113)	3	3	(2 561)	(2 493) (4 474)
Operating expenses	4	3	(1 727)	(1 670)	(3 494)	15	12	(2 443)	(2 180) (4 552)
Headline earnings	2	2	2 097	2 049	4 791	(31)	(33)	399	593	1 457
Net loans and advances to customers	1	1	455 338	449 549	451 369	7	3	99 798	96 641	96 723
CLR to customers (bps)			54	66	45			442	462	403
Cost-to-income ratio (%)			29.8	28.1	29.2			42.7	39.3	40.5

	CCY %	Change %	1H26	1H25 Rm	FY25 Rm	CCY %	Change %	1H26	1H25 Rm	FY25 Rm
	CCY %	Change %	Rm	1H25 Rm	FY25 Rm	CCY %	Change %	Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	2 13	1 11	1 738 1 463	1 714 1 314	3 509 2 903	10 (23)	10 (22)	1 577 50	1 437 64	2 989 117
Total income	7	6	3 201	3 028	6 412	9	8	1 627	1 501 3 106
Credit impairment charges	1	1	(977)	(966)	(1 752)	7	7	(876)	(816) (1 543)
Operating expenses	3	2	(1 503)	(1 469)	(3 074)	3	3	(809)	(789) (1 633)
Headline earnings	16	13	440	388	1 062	(32)	(32)	(79)	(117) (142)
Net loans and advances to customers	3	3	33 335	32 281	32 642	11	11	80 132	72 229	76 532
CLR to customers (bps)			451	533	476			213	215	198
Cost-to-income ratio (%)			47.0	48.5	47.9			49.7	52.6	52.6

Card Issuing Vehicle and Asset Finance

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	(13) 64	(19) 52	1 050 324	1 299 213	2 505 608	1 10	(1) 8	19 079 10 505	19 207 9 701	38 998 20 807
Total income	(2)	(9)	1 374	1 512	3 113	4	2	29 584	28 908 59 805
Credit impairment charges	(86)	(86)	(8)	(56)	(42)	(1)	(2)	(5 710)	(5 813) (9 882)
Operating expenses	27	17	(717)	(612)	(1 370)	6	4	(16 875)	(16 153) (33 541)
Headline earnings	(16)	(23)	548	708	1 445	1	(1)	4 600	4 659 11 128
Net loans and advances to customers	(8)	(18)	10 745	13 122	11 577	3	3	668 603	650 700	657 266
Deposits and current accounts from customers	0	(10)	65 035	72 636	67 108	6	3	446 818	435 282	437 435
CLR to customers (bps)			14	84	33			155	170	141
Cost-to-income ratio (%)			52.2	40.5	44.0			57.0	55.9	56.1
ROE (%)			43.2	52.6	53.7			18.6	19.2	22.8

PERSONAL & PRIVATE BANKING INSURANCE & ASSET MANAGEMENT

PPB Transactional Total

Insurance & Asset Management (IAM)

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net interest income Non-interest revenue	(4) 12	(5) 10	5 851 7 385	6 190 6 693	12 591 14 485	1 10	(1) 8	19 079 10 505	19 207 9 701	38 998 20 807
Total income	4	3	13 236	12 883	27 076	4	2	29 584	28 908	59 805
Credit impairment charges						(1)	(2)	(5 710)	(5 813)	(9 882)
Operating expenses	5	3	(10 393)	(10 045)	(20 788)	6	4	(16 875)	(16 153)	(33 541)
Headline earnings	4	(0)	1 743	1 746	3 960	1	(1)	4 600	4 659	11 128
Net loans and advances to
customers						3	3	668 603	650 700	657 266
Deposits and current
accounts from customers	6	3	446 818	435 282	437 435	6	3	446 818	435 282	437 435
CLR to customers (bps)								155	170	141
Cost-to-income ratio (%)			78.5	78.0	76.8			57.0	55.9	56.1

IAM delivered headline earnings growth of 15% to R2 078 million, with a return on equity of 21.1% (1H25: 19.7%), extending its strong earnings trajectory over recent reporting periods.

Operating earnings were supported by favourable persistency and risk experience in the SA Life, Savings and Investments business, alongside solid underwriting performance in Corporate Benefits. This was further aided by a reduction in losses in the Liberty Health business, reflecting progress in the orderly market exit. Performance in South African short-term insurance business was impacted by elevated flood-related claims. The Africa Regions and Offshore asset management business benefitted from a strong performance in Nigeria, driven by higher performance fees and growth in assets under management.

Earnings from the Shareholder Portfolio exhibited reduced volatility following the implementation of a capital stability portfolio in the prior period. This approach allows certain interest rate driven

mark-to-market movements to be recognised in other comprehensive income. Continued strong operating earnings, combined with an optimised capital base, supported a return on equity of 21.1%.

Good strategic progress was made in 1H26 to grow market share across the business via our bank and open-market distribution channels while driving improved business efficiencies.

Insurance operations

Insurance operations headline earnings grew by 10% to R2 806 million.

South African insurance operating earnings increased by 7% to R2 738 million, primarily driven by favourable persistency and risk experience in the SA Life, Savings and Investments business.

Corporate Benefits earnings benefited from positive claims experience, while the SA Short-term insurance business maintained a robust underwriting margin in excess of 10%, despite elevated weather-related claims. Encouragingly, the SA Short-term sales and penetration rates within the banking customer base has increased, together with much improved persistency rates within this customer base. This is not yet evident in the gross written premium given the revised premium rates offered to customers reflecting the lower levels of risk in the book.

Insurance operations new business value of R1 840 million was 2% higher than the prior period mainly due to the decline in the SA Short Term insurance business being offset by steady growth in the Funeral and Flexi Life books and higher underwriting profits in Corporate Benefits.

Long-term insurance indexed new business in South Africa increased by 11% to R7 048 million, supported by strong growth in investment platform sales. Continued focus on channel capacity and productivity is sustaining new business momentum and supporting higher volumes. Open-market indexed premiums in the SA Life, Savings and Investments business grew by 14%, as increased platform sales more than offset softer demand for guaranteed products, such as conventional annuities, reflecting evolving client preferences.

Gross written premiums in the SA short-term insurance operations decreased marginally to R1 836 million, reflecting deliberate portfolio optimisation actions within the Commercial lines book in line with the business's risk appetite. Penetration through the banking client base continued to improve, supporting growth in core insurance products. Gross written premiums increased by 13% in the Funeral book and 57% in Flexi Life, driven by competitive pricing and differentiated, market-leading product features.

The business remains well capitalised. The solvency capital requirement cover of Liberty Group Limited as at 30 June 2026 remained robust at 1.5 times (30 June 2025: 1.5 times) which is within the target range of 1.3 to 1.7 times. The solvency capital requirement cover of Standard Insurance Limited at 30 June 2026 was 1.7 times (30 June 2025: 1.7 times) and in line with the target of 1.7 times.

Africa Regions' insurance operating earnings improved on the prior period, despite elevated claims, particularly in the Kenyan Short-term insurance business. The stronger performance was primarily driven by a reduction in losses in the Liberty Health business, reflecting progress in the orderly market exit, with full run-off of risk exposure achieved in the latter part of 1H26. Earnings were further supported by the benefits of ongoing cost optimisation initiatives, positioning the business for improved profitability going forward.

Africa Regions long-term insurance indexed new business increased by 49% during the period, driven by growth in both recurring and single premiums, with particularly strong momentum in single premium inflows. Gross written premiums in the Africa Regions Short-term insurance businesses grew by 4% on a constant currency basis, excluding the impact of the prior period disposal of the Tanzanian operation, reflecting underlying growth across the portfolio.

Asset management

Asset management operating earnings increased by 35% to R660 million. The South African asset management operating

earnings increased largely as a result of benefits from performance fees and favourable markets on the asset base since the last reporting period. The STANLIB SA result continues to absorb the ongoing investment into the business, which will be completed before the

end of 2026.

The Africa Regions and Offshore asset management operating earnings increased by 47% to R426 million, largely driven by a strong business performance in the Nigerian business, particularly on performance fees and growth in the asset base.

Assets under administration and management (AUA and AUM) in the South African businesses increased by 13% to R1 438 billion. This growth was mainly attributable to positive local and offshore investment market movements during the period. The Group's banking advice lead channel showed a 16% increase in net customer cash inflows to over R4 billion across the investment and asset management portfolios. The Africa Regions and Offshore AUA and AUM increased by 23% to R325 billion due to market growth on

the assets.

INSURANCE & ASSET MANAGEMENT

Strategic priorities

Inter-group collaboration continued to gain traction over the first six months of the year, delivering tangible outcomes across key businesses. This is particularly evident in the Funeral and Flexi Life portfolios, which achieved strong gross written premium growth, supported by targeted customer interventions, structural pricing advantages and differentiated product features. These capabilities position the business to capture a greater share of the growing middle-market risk business. In short-term insurance, gross written premium growth moderated, however penetration rates improved and underwriting margins remained robust at 17%, which is well above the 10% target. Collaboration has also expanded into Business & Commercial Banking, with the successful launch of the first two insurance products.

Open-market indexed premiums grew by 15% (ahead of the 10% target), driven by increased platform flows and improved complex risk sales, partially offset by lower demand for conventional annuities and guaranteed investment products in a lower interest rate environment. The investment business recorded strong growth in platform flows, particularly through banking and tied distribution channels. The asset management business maintained good investment performance over the medium and long term despite market volatility, and secured new mandates in higher margin institutional products. Progress has also been made in increasing penetration within the retail banking client base, supporting the delivery of more tailored investment solutions.

Key technology investments across the businesses are nearing completion and are expected to enhance customer propositions and strengthen competitive positioning. Ongoing investment in artificial intelligence is improving customer experience, advancing data analytics capabilities and supporting cost efficiencies.

Looking ahead

IAM is a scaled and well-established franchise with strong market positions across insurance, investments and asset management. The business will continue to deepen collaboration across the group, scale its open-market distribution capabilities and expand its investment and asset management platform.

These priorities are expected to support the defence of leading positions in South Africa, while driving growth in key client segments and advancing toward top-tier market positions in selected African markets. Through this execution, IAM is well positioned to further strengthen the group's integrated financial services model and contribute to the delivery of its medium-term targets to 2028.

KEY BUSINESS STATISTICS

Change %			1H26 Rm	1H25 Rm	FY25 Rm
Insurance operations
New business value	Rm	2	1 840	1 806	3 780
South Africa insurance
Long-term insurance operations
Indexed new business1	Rm	11	7 048	6 375	13 798
Solvency capital requirement cover of Liberty Group Limited2	Times covered		1.5	1.5	1.5
Short-term insurance operations
Gross written premiums3	Rm	(1)	1 836	1 859	3 729
Solvency capital requirement cover of Standard Insurance Limited	Times covered		1.7	1.7	1.7
Africa Regions insurance
Long-term insurance operations
Indexed new business	Rm	49	430	289	692
Short-term insurance operations
Gross written premiums3	Rm	(15)	812	958	1 510
Asset management
Asset Management, AUM & AUA4	Rbn	14	1 763	1 540	1 743
South Africa4	Rbn	13	1 438	1 275	1 441
Africa Regions and Offshore4	Rbn	23	325	265	302

1 Indexed new business includes sales on the Linked Investment Service Provider platforms (LISPs), which are off-balance sheet items, from which fees are earned. IAM's new LISP is a key enabler of the future strategy which is aimed at attracting material investment proposition flows to our linked investment platforms.

2 Own funds allow for foreseeable dividends in accordance with the insurance group's dividend policy.

3 Normalised gross written premium growth for South Africa, excluding the resizing of commercial lines, was flat, and normalised gross written premium growth for Africa Regions, excluding the sale of the Tanzania business, was up 4% in constant currency.

4 Assets under management and assets under administration. Comparative restated due to data enhancements in South Africa and Standard Bank Offshore.

HEADLINE EARNINGS/(LOSSES) PER BUSINESS OPERATION

Change %		1H26 Rm	1H25 Rm	FY25 Rm
Insurance operations	10	2 806	2 561	5 120
South Africa	7	2 738	2 548	5 076
Africa Regions	>100	68	13	44
Asset management	35	660	489	1 106
South Africa	18	234	199	472
Africa Regions and Offshore	47	426	290	634
Central costs, sundry income and other adjustments	(58)	(69)	(165) (344)
Total operating earnings	18	3 397	2 885	5 882
Shareholder Portfolio	(>100)	(104)	120	676
Total gross earnings before inter-BU attribution	10	3 293	3 005 6 558
Inter-BU attribution headline earnings	2	(1 215)	(1 197) (2 446)
Insurance South Africa	1	(1 151)	(1 139) (2 320)
Insurance Africa Regions	10	(64)	(58) (126)
Insurance & Asset management headline earnings	15	2 078	1 808	4 112
ROE (%) - gross earnings		32.2	31.4	33.7
ROE (%) - net of inter-BU attribution		21.1	19.7	22.1

58 BUSINESS UNIT REPORTING

INSURANCE & ASSET MANAGEMENT

Composition of South Africa Insurance Operations headline earnings

(before inter-BU attribution) (Rm)

1H26

1H25

	1H26	1H25
SA Life Savings and Investments (Liberty SA Retail and Embedded Funeral and Credit Life)	1 979	1 849
LibFin Markets	374	358
Short-term Insurance	274	282
Corporate Benefits	180	153
Other	(69)	(95)

SUMMARISED INCOME STATEMENT

Change %		1H26 Rm	1H25 Rm	FY25 Rm
Net interest income	13	342	302	617
Non-interest revenue	21	2 049	1 689	3 664
Net fee and commission revenue	16	2 101	1 817	3 764
Trading revenue	(29)	5	7	12
Other revenue	7	1 272	1 186	2 570
Inter-BU attribution	1	(1 329)	(1 321) (2 682)
Net income from insurance & asset management activities	(3)	9 903	10 245	21 655
Total income	0	12 294	12 236	25 936
Credit impairment charges	>100	(6)	(1) (4)
Operating expenses	2	(7 654)	(7 513) (14 914)
Headline earnings	15	2 078	1 808	4 112

Change %		1H26 Rm	1H25 FY25 Rm Rm
Release of margins	9	1 566	1 438 2 971
Variances, modelling and assumption changes (net of CSM1)	(44)	(85)	(151) (427)
New business strain	5	(553)	(525) (1 113)
Project and non-cost per policy expenses	2	(196)	(193) (212)
Embedded risk bancassurance	1	1 349	1 338 2 732
Investment in strategic initiatives	(14)	(125)	(146) (277)
Other	(74)	23	88 (21)
Headline earnings before inter-BU attribution	7	1 979	1 849 3 653
Inter-BU attribution headline earnings	1	(1 151)	(1 139) (2 320)
Headline earnings	17	828	710 1 333

SA LIFE SAVINGS AND INVESTMENTS - HEADLINE EARNINGS

BANKING

FINANCIAL

PERFORMANCE

1 Refers to contractual service margin.

Loans and advances 60

Deposits and debt funding 61

Banking average statement of financial position 62

Net interest income and net interest margin 63

Non-interest revenue analysis 64

Credit impairment analysis

Income statement charges 66

Reconciliation of expected credit loss for loans and advances measured at amortised costs 68

Loans and advances performance 72

Operating expenses

Operating expenses 74

LOANS AND ADVANCES DEPOSITS AND DEBT FUNDING

Gross loans and advances to customers

CAGR (1H21 - 1H26): 7%

Rbn 1 920

Deposits from customers

CAGR (1H21 - 1H26): 8%

Rbn 2 400

1 600

1 280

960

640

320

1 920

1 440

960

480

1H21 1H22 1H23 1H24 1H25 1H26

1H21	1H22	1H23	1H24	1H25	1H26
1 193	1 318	1 436	1 480	1 565	1 641

1H21	1H22	1H23	1H24	1H25	1H26
1 544	1 717	1 859	1 884	2 069	2 268

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Home Services	1	1	477 617	471 998	473 722
Vehicle and Asset Finance	8	8	147 374	136 751	141 330
Card and Payments	6	6	42 003	39 687	40 627
Personal Unsecured Lending	6	2	111 494	109 300	108 301
Business Lending	5	3	142 242	138 620	134 468
Corporate Lending1	11	8	720 489	668 471	702 576
Central and other1	(>100)	(>100)	(648)	367	(748)
Gross loans and advances to customers	7	5	1 640 571	1 565 194	1 600 276
Credit impairments on loans and advances to customers	(5)	(6)	(64 503)	(68 747)	(65 273)
Credit impairments on stage 3 loans	(2)	(4)	(50 169)	(52 318)	(50 999)
Credit impairments on stage 1 and 2 loans	(11)	(13)	(14 334)	(16 429)	(14 274)
Net loans and advances to customers	7	5	1 576 068	1 496 447	1 535 003
Net loans and advances to banks	30	26	204 529	162 029	188 473
Gross loans and advances to banks	30	26	204 864	162 288	188 674
CIB Bank Lending1	33	28	208 297	162 143	193 730
Other banking business units1	(>100)	(>100)	(3 433)	145	(5 056)
Credit impairments on loans and advances to banks	32	29	(335)	(259)	(201)
Net loans and advances	9	7	1 780 597	1 658 476	1 723 476
Gross loans and advances	9	7	1 845 435	1 727 482	1 788 950
Credit impairments	(4)	(6)	(64 838)	(69 006)	(65 474)

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Current accounts	17	13	460 058	407 925	429 608
Cash management deposits	5	5	324 286	308 111	310 293
Call deposits	15	13	629 735	559 277	593 172
Savings accounts	9	4	54 740	52 451	52 981
Term deposits	9	7	510 256	474 995	514 810
Negotiable certificates of deposit	(10)	(10)	154 654	172 254	156 761
Foreign currency and other deposits	44	42	134 070	94 092	92 404
Deposits from customers	12	10	2 267 799	2 069 105	2 150 029
Deposits from banks	36	32	243 917	184 699	239 001
Total deposits and debt funding	14	11	2 511 716	2 253 804	2 389 030
Retail priced deposits		4	677 514	653 060	650 072
Wholesale priced deposits		15	1 834 202	1 600 744	1 738 958
Wholesale priced deposits - customers		12	1 590 285	1 416 045	1 499 957
Wholesale priced deposits - banks		32	243 917	184 699	239 001

Change %		1H26 Rm	1H25 Rm	FY25 Rm
Loans and advances classification2
Net loans and advances measured at amortised cost	5	1 745 970	1 655 570	1 717 514
Loans and advances measured at fair value3	>100	34 627	2 906	5 962
Total net loans and advances	7	1 780 597	1 658 476	1 723 476

1 Restated. Includes a reallocation entry between CIB and Central and other. The restatement had no impact on the Banking balance sheet.

2 For more detail on the classification of the group's assets and liabilities, refer to the annual financial statements.

3 Growth was mainly driven by an expansion of the structured lending loan book and increased originations in the BizFlex offering.

BANKING AVERAGE STATEMENT OF FINANCIAL POSITION

NET INTEREST INCOME AND NET INTEREST MARGIN

	1H26				1H25
	Average balance		Interest	Average rate	Average balance Rm	Interest Rm	Average rate bps
	Rm		Rm	bps	Average balance Rm	Interest Rm	Average rate bps
Interest-earning assets
Cash and balances with central banks1		161 816			139 779
Financial investments2		383 679	20 791	1 093	327 248	18 574	1 145
Net loans and advances		1 728 367	85 246	995	1 652 432	87 438	1 067
Gross loans and advances		1 795 570	85 246	957	1 720 068	87 438	1 025
Gross loans and advances to banks		196 106	5 160	531	186 971	5 669	611
Gross loans and advances to customers		1 599 464	80 086	1 010	1 533 097	81 769	1 076
Home Services		474 168	23 352	993	469 011	24 773	1 065
Vehicle and Asset Finance		143 026	7 471	1 053	133 670	7 237	1 092
Card and Payments		41 477	3 475	1 690	39 464	3 444	1 760
Personal Unsecured Lending		110 893	8 405	1 528	109 836	8 500	1 561
Business Lending		135 873	7 611	1 130	136 513	7 808	1 153
Corporate Lending		695 179	29 772	864	645 447	30 007	938
Central and Other		(1 152)			(844)
Credit impairment charges on loans and advances	(67 203)				(67 636)
Interest-earning assets		2 273 862	106 037	940	2 119 459	106 012	1 009
Trading book assets		449 406			359 855
Non-interest-earning assets		265 385			187 406
Average assets		2 988 653	106 037	715	2 666 720	106 012	802
Interest-bearing liabilities
Deposits and debt funding		2 325 365	51 237	444	2 132 611	53 266	504
Deposits from banks		270 585	6 225	464	222 044	5 909	537
Deposits from customers		2 054 780	45 012	442	1 910 567	47 357	500
Current accounts		422 601	1 233	59	381 108	978	52
Savings accounts		52 625	650	249	49 712	689	279
Cash management deposits		304 542	6 195	410	264 389	6 389	487
Call deposits		629 066	12 645	405	592 978	13 524	460
Negotiable certificates of deposit		150 487	5 551	744	168 056	6 911	829
Term and other deposits		505 522	18 738	747	468 506	18 866	812
Central and other		(10 063)			(14 182)
Flac instruments3		5 752	223	782
Debt capital instruments4		31 354	1 331	856	28 773	1 345	943
Interest-bearing liabilities		2 362 471	52 791	451	2 161 384	54 611	510
Average equity		236 147			223 496
Trading book liabilities		164 806			130 648
Other liabilities		225 229			151 192
Average equity and liabilities		2 988 653	52 791	356	2 666 720	54 611	413
Margin on average interest-earning assets		2 273 862	53 246	472	2 119 459	51 401	489

Net interest income (NII) and net interest margin (NIM)

NII CAGR (1H21 - 1H26): 12%

Rm Bps

120 000

100 000

80 000

60 000

40 000

20 000

FY21 FY22 FY23 FY24 FY25 1H26

First half Second half NIM - first half

600

480

360

240

120

FY21	FY22	FY23	FY24	FY25	1H26
30 169	34 784	46 943	50 424	51 401	53 246
32 631	43 167	50 548	50 383	53 716
364	390	487	497	489	472

MOVEMENT IN AVERAGE INTEREST-EARNING ASSETS, NII AND NIM

	Average interest-earning assets	Net interest income	Net interest margin
	Rm	Rm	bps
1H25	2 119 459	51 401	489
Asset growth	154 403	3 745
Cash and balances with central banks	22 037
Financial investments	56 431
Loans and advances	75 935
Asset margin pricing and mix	(105) (1)
Impact due to pricing	(494) (4)
Impact due to mix and other		389	3
Liability margin pricing and mix		(2 104)	(19)
Deposit margin pricing and mix		(656)	(6)
Impact due to pricing	(180) (2)
Impact due to mix and other	(476) (4)
Endowment impact		(1 448)	(13)
Gross funding endowment		(2 071)	(18)
Gross capital endowment		(863)	(8)
Hedge strategies and other		1 486	13
Balance sheet management and other		309	3
1H26	2 273 862	53 246	472

1 Cash and balances with central banks represents interest-free deposits and other prudential assets. This is utilised to meet liquidity requirements and is reflected in the margins as part of interest-earning assets to reflect the cost of liquidity.

2 Financial investments are representative of interest-earning assets only.

3 Issued to support compliance with the Base Minimum Flac Requirement being phased in for South African Systemically Important Banks over a six-year period.

4 Previously referred to as subordinated debt.

Net interest income and net interest margin

Growth in new business volumes, across the portfolio supported balance sheet expansion and resulted in higher net interest income.
Change in balance sheet asset mix as Africa Regions book growth outpaced the South African book growth.
Optimisation of the liquid asset portfolio, including higher margin sovereign placements.
Partly offset by:
Negative endowment in a lower average interest rate environment across most markets, moderated due to the endowment hedge benefit mainly in South Africa.
Competitive new business pricing in Corporate lending together with competitive concessions granted in Home Services.
Change in balance sheet mix as corporate lending grew faster than retail lending.

Foreign currency book, which has lower margins, grew faster than the local currency book in Africa Regions.

NON-INTEREST REVENUE ANALYSIS

Non-interest revenue

CAGR (1H21 - 1H26): 10%

Rm %

Analysis of non-interest revenue

CAGR (1H21 - 1H26) Net fee and commission: 8%

Trading revenue: 13%

Distribution of daily trading income

(frequency of days)

Days

80 000

70 000

60 000

50 000

40 000

30 000

20 000

10 000

FY21 FY22 FY23 FY24 FY25 1H26

First half Second half

Non-interest revenue to operating expenses - first half

Rm 35 000

28 000

21 000

14 000

7 000

Other revenue: 3%

Other gains and losses

on financial instruments: (12%)

1H21 1H22 1H23 1H24 1H25 1H26

Net fee and commission Trading revenue

Other revenue

FY21	FY22	FY23	FY24	FY25	1H26
20 961	24 955	29 467	27 013	31 152	33 441
22 888	25 796	28 536	30 873	32 558
69.4	75.9	77.2	70.2	76.3	78.3

1H21	1H22	1H23	1H24	1H25	1H26
12 544	13 812	14 728	15 241	17 112	18 368
7 036	8 548	11 666	9 791	11 775	12 762
399	500	450	339	551	457
982	1 114	1 494	371	393	525
	981	1 129	1 253	1 321	1 329

Other gains and losses on financial instruments Insurance inter-BU attribution

<(30) (30) to 0 0 to 30 30 to 60 60 to 90 90 to 120 >120

Rm	<(30)	(30) to 0	0 to 30	30 to 60	60 to 90	90 to 120	>120
1H26	1	1	7	21	35	34	24
1H25	0	3	3	24	42	29	21

1H26 1H25

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Net fee and commission revenue	9	7	18 368	17 112	35 748
Fee and commission revenue	8	6	24 246	22 807	47 391
Account transaction fees	(2)	(3)	5 989	6 148	12 409
Card-based commission	7	7	5 443	5 108	10 707
Electronic banking	9	7	3 712	3 456	7 175
Foreign currency service fees	12	9	1 668	1 534	3 218
Documentation and administration fees	3	1	1 425	1 407	2 798
Arrangement, guarantee and knowledge-based fees1	11	8	2 846	2 635	5 275
Other	27	26	3 163	2 519	5 809
Fee and commission expense	4	3	(5 878)	(5 695)	(11 643)
Trading revenue	12	8	12 762	11 775	23 210
Fixed income and currencies	14	9	10 291	9 435	18 667
Commodities	97	97	203	103	263
Equities	1	1	2 268	2 237	4 280
Other revenue	(19)	(17)	457	551	1 094
Other gains and losses on financial instruments	36	34	525	393	976
Insurance inter-BU attribution2	1	1	1 329	1 321	2 682
Non-interest revenue	10	7	33 441	31 152	63 710

1 Arrangement and guarantee fees and knowledge based fees have been aggregated and presented as arrangement, guarantee and knowledge-based fees to provide a more appropriate analysis of management's view of the balance considering the nature and characteristics thereof. Comparative amounts for 1H25 have been reclassified accordingly. The change in presentation had no impact on the Banking income statement.

2 Share of profit between Banking and Insurance & Asset Management.

Net fee and commission revenue

Account transaction fees declined due to regulatory pricing adjustments on cash withdrawals in certain African markets and the discontinuation of provisional statements in corporate Transactional Banking to align with industry peers in South Africa. This was partly mitigated by higher retail transactional activity, supported by an expanded active client base, increased client entrenchment1 and annual price increases.
Card-based commissions increased, driven by higher interchange volumes from both retail and corporate clients, reflecting increased client activity and spend.
Electronic banking fees grew strongly, supported by continued migration to digital channels and increased utilisation of value-added services2, including Instant Money3, as well as higher Business Online, PayShap4, bulk Instant Money and real-time clearance volumes.
Foreign currency service fees benefitted from increased trade flows across Africa Regions.
Documentation and administration fees increased, reflecting growth in the retail Vehicle and Asset Finance portfolio in South Africa.
Arrangement, guarantee and knowledge-based fees were higher, driven by increased structured product activity in Global Markets and stronger deal origination in Energy and Real Estate. This was partially offset by lower Equity and Debt Capital Markets activity.
Other fee revenue increased, supported by growth in assets under custody in Transaction Banking, strong demand for online vouchers in the retail business and improved retail investment advisory activity.
Fee and commission expenses increased, reflecting higher card processing and interchange costs in line with increased transaction volumes across the businesses.

1 Entrenched clients are highly engaged customers with an increased product holding within the group.

2 Value-added services offer customers easy to use solutions for everyday needs, beyond traditional banking. These services include lifestyle options such as buying airtime, data, electricity, lotto, and vouchers; Instant Money, which allows people to send money within the country; and SB Connect, which provides voice and data plans as well as device financing.

Trading revenue

Higher fixed income and currencies revenue, driven by increased client activity and trading opportunities which arise from market fluctuations and positive investor sentiment, as well as stronger client demand for foreign exchange solutions in South & Central Africa and West Africa. This was partially offset by lower foreign exchange margins in South Africa and East Africa.
Commodities revenue grew, supported by market fluctuations that created more opportunities to provide clients with hedging solutions to manage price risk.
Equity trading revenue grew, supported by increased client trading activity and higher volumes of structured deals.
Other revenue
Other revenue decreased due to the absence of prior period gains from the disposal of property in South & Central Africa.
Other gains and losses on financial instruments
Other gains and losses on financial instruments increased, supported by higher fair value gains in the business banking BizFlex5 offering, driven by increased originations and the non-recurrence of equity valuation write-downs recognised in the prior period.
Insurance inter-BU attribution
Insurance revenue remained stable as sustained growth in the Funeral insurance business led to an increase in gross written premiums. This was offset by an increase in claims, particularly in the Credit Life offering. The collaboration between Banking and Insurance & Asset Management continues to deepen client relationships, leveraging combined distribution capabilities to deliver competitive end to end insurance and investment solutions to clients.
3 Instant Money is a pay-as-you-use service that lets people send, receive, store, and use money without needing a bank account. Customers can send money using online banking, a banking app, cellphone banking or certain partner retailers.
4 PayShap is a real-time digital payment service in South Africa that enables instant electronic payments between bank accounts held at participating financial institutions.
5 BizFlex offers a digital short-term unsecured lending solution with a pay-as-you-earn repayment structure, providing flexibility and predictability for clients.
CREDIT IMPAIRMENT ANALYSIS
INCOME STATEMENT CHARGES
Credit impairment charges on loans and advances
CAGR (1H21 - 1H26): 2%
Rm Bps
Credit impairment charges
Credit impairment charges on financial investments reduced, primarily due to the absence of prior period charges related to sovereign credit risk deterioration in certain Africa Regions
- Lower non-performing loan charges in the corporate portfolio linked to cures and post write-off recoveries.
- The absence of prior period stage 3 provisions linked to specific
  10 000
  7 500
  5 000
  2 500
  200
  160
  120
  80
  40
  operations.
  Credit impairment charges on letters of credit, guarantees and other exposures increased, driven by higher performing portfolio provisions on undrawn retail balances, as well as a specific corporate client matter.
  Credit impairment charges on loans and advances reduced driven by:
- Effective early-stage collections and restructuring strategies, which reduced inflows into non-performing loans across the retail and business segments.
  exposures in Standard Bank Offshore and East Africa.
This was partially offset by higher performing portfolio charges, in line with corporate loan book growth and some credit risk deterioration in the Energy and Power & Infrastructure sectors.

0 0

1H21 1H22 1H23 1H24 1H25 1H26

Credit impairment charges CLR

1H21	1H22	1H23	1H24	1H25	1H26
5 939	6 551	8 805	7 796	7 971	6 518
88	90	109	92	93	73

INCOME STATEMENT CREDIT IMPAIRMENT CHARGES

Change %	1H26							1H25						FY25
Change %	Stage 1 Rm	Stage 21 Rm	Total stage 1 and 2 Rm	Stage 31 Rm	Credit impairment charges Rm	Credit loss ratio1 bps		Stage 1 Rm	Stage 21 Rm	Total stage 1 and 2 Rm	Stage 31 Rm	Credit impairment charges Rm	Credit loss ratio1 bps	Stage 1 Rm	Stage 21 Rm	Total stage 1 and 2 Rm	Stage 31 Rm	Credit impairment charges Rm	Credit loss ratio1 bps
Home services	(17)	(35) 79	44	1 232	1 276	54	(14)		(13)	(27)	1 563	1 536	66	(217)	(863)	(1 080)	3 191	2 111	45
Vehicle and asset finance	(9)	24	(187)	(163)	1 133	970	137	(41) 17		(24)	1 093	1 069	161	119	98	217	1 810	2 027	149
Card and payments	(8)	(98) 62	(36)	965	929	452	23		23	46	967	1 013	518	(75)	(150)	(225)	2 068	1 843	463
Personal unsecured lending	(3)	(58)	140	82	2 348	2 430	442	317		317	2 199	2 516	462	(89) 42		(47)	4 447	4 400	403
Business lending and other	(27)	95	(46)	49	717	766	114	34	115	149	907	1 056	156	3	(41)	(38)	1 716	1 678	125
Corporate lending	(99)	(214) 505	291	(282)	9		97		77	174	702	876	27	(17)	190	173	751	924	14
CIB bank lending	(>100)	105	33	138		138	15	(54)	(41)	(95)		(95)	(11)	(105)	(34)	(139)		(139)	(7)
Total loans and advances credit impairment (releases)/charges	(18)	(181) 586	405	6 113	6 518	73	45		495	540	7 431	7 971	93	(381)	(758)	(1 139)	13 983	12 844	73
Credit impairment charges - financial investments	(34)	102					154							1 354
Credit impairment charges - Corporate lending fair
value through other comprehensive income	100	82
Credit impairment charges - letters of
credit, guarantees and other	>100	425					9							119
Total credit impairment charges	(12)	7 127					8 134							14 317

1 Includes post-write-off recoveries and modification gains and losses.

CREDIT IMPAIRMENT ANALYSIS

RECONCILIATION OF EXPECTED CREDIT LOSS FOR

LOANS AND ADVANCES MEASURED AT AMORTISED COSTS

	1 January 2026 opening balance	Total transfers between stages	Net provisions raised and (released)	Impaired accounts written off	Currency translation and other movements	Time value of money and interest in suspense	30 June 2026 closing balance	Modification (losses) and recoveries of amounts written off
	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm
Home services	22 353		1 198	(2 149)	17	860	22 279	(78)
Stage 1	550	472	(507)		1		516
Stage 2	2 088	(12)	91		(3)		2 164
Stage 3	19 715	(460)	1 614	(2 149)	19	860	19 599	(78)
Vehicle and asset finance	6 787		997	(1 148)	80	85	6 801	27
Stage 1	590	358	(334)		6		620
Stage 2	1 246	(395)	208		(2)		1 057
Stage 3	4 951	37	1 123	(1 148)	76	85	5 124	27
Card and payments	5 187		783	(857)	50	279	5 442	(146)
Stage 1	601	148	(246)				503
Stage 2	799	(286)	326		1		840	(22)
Stage 3	3 787	138	703	(857)	49	279	4 099	(124)
Personal unsecured lending	11 607		2 274	(2 501)	(339)	655	11 696	(156)
Stage 1	1 483	363	(421)		(41)		1 384
Stage 2	2 153	(607)	652		4		2 202	(95)
Stage 3	7 971	244	2 043	(2 501)	(302)	655	8 110	(61)
Business lending and other	9 453		982	(1 074)	(154)	201	9 408	216
Stage 1	731	196	(101)		69		895
Stage 2	1 253	(343)	297		(53)		1 154
Stage 3	7 469	147	786	(1 074)	(170)	201	7 359	216
Corporate lending	9 886		90	(1 076)	(216)	193	8 877	81
Stage 1	1 862	(98)	(116)		(49)		1 599
Stage 2	918	168	337		(23)		1 400
Stage 3	7 106	(70)	(131)	(1 076)	(144)	193	5 878	81
CIB bank lending	201		138		(4)		335
Stage 1	187		105		(5)		287
Stage 2	14		33		1		48
Total	65 474		6 462	(8 805)	(566)	2 273	64 838	(56)
Stage 1	6 004	1 439	(1 620)		(19)		5 804
Stage 2	8 471	(1 475)	1 944		(75)		8 865	(117)
Stage 3	50 999	36	6 138	(8 805)	(472)	2 273	50 169	61

The income statement credit impairment charge on loans and advances of R6 518 million is made up of total transfers, net provision raised of R6 462 million plus modification losses and post-write-off recoveries of R56 million.

CREDIT IMPAIRMENT ANALYSIS

RECONCILIATION OF EXPECTED CREDIT LOSS FOR

LOANS AND ADVANCES MEASURED AT AMORTISED COSTS

1 January

2025

opening balance

Total transfers

between stages

Net provisions raised and released

Impaired accounts written off

Currency translation and other movements

Time value of

money & interest in suspense

31 December

2025 closing

balance

Modification (losses) and recoveries of

amounts written off

Rm Rm Rm Rm Rm Rm Rm Rm

Home services	21 210		1 945	(2 476)	(190)	1 864	22 353	(166)
Stage 1	772	879	(1 096)		(5)		550
Stage 2	2 976	153	(1 056)		15		2 088	(40)
Stage 3	17 462	(1 032)	4 097	(2 476)	(200)	1 864	19 715	(126)
Vehicle and asset finance	8 347		1 939	(3 810)	(101)	412	6 787	(88)
Stage 1	476	(119)	238		(5)		590
Stage 2	1 247	(586)	627		(42)		1 246	(57)
Stage 3	6 624	705	1 074	(3 810)	(54)	412	4 951	(31)
Card and payments	4 118		1 630	(939)	(26)	404	5 187	(213)
Stage 1	677	227	(302)		(1)		601
Stage 2	997	(447)	252		(3)		799	(45)
Stage 3	2 444	220	1 680	(939)	(22)	404	3 787	(168)
Personal unsecured lending	10 887		4 183	(4 690)	176	1 051	11 607	(217)
Stage 1	1 614	351	(440)		(42)		1 483
Stage 2	2 371	(563)	362		(17)		2 153	(243)
Stage 3	6 902	212	4 261	(4 690)	235	1 051	7 971	26
Business lending and other	10 215		2 106	(3 276)	(382)	790	9 453	428
Stage 1	728	234	(231)				731
Stage 2	1 345	(407)	366		(51)		1 253
Stage 3	8 142	173	1 971	(3 276)	(331)	790	7 469	428
Corporate lending	9 849		1 001	(1 535)	(192)	763	9 886	77
Stage 1	2 028	(42)	25		(149)		1 862
Stage 2	768	(74)	264		(40)		918
Stage 3	7 053	116	712	(1 535)	(3)	763	7 106	77
CIB bank lending	374		(139)		(34)		201
Stage 1	317	(85)	(20)		(25)		187
Stage 2	57	85	(119)		(9)		14
Total	65 000		12 665	(16 726)	(749)	5 284	65 474	(179)
Stage 1	6 612	1 445	(1 826)		(227)		6 004
Stage 2	9 761	(1 839)	696		(147)		8 471	(385)
Stage 3	48 627	394	13 795	(16 726)	(375)	5 284	50 999	206

The income statement credit impairment charge on loans and advances of R12 844 million is made up of total transfers, net provision raised of R12 665 million plus modification losses and post-write-off recoveries of R179 million.

CREDIT IMPAIRMENT ANALYSIS

LOANS AND ADVANCES PERFORMANCE

	Gross carrying loans and advances Rm	SB 1 - 12 Stage 1 Rm	Stage 2 Rm	SB 13 - 20 Stage 1 Stage 2 Rm Rm		SB 21 - 25 Stage 1 Stage 2 Rm Rm		Total stage 1 and 2 loans Rm	Total stage 3 loans Rm	Securities and expected recoveries on stage 3 exposures loans Rm	Balance sheet expected credit loss and interest in suspense on stage 3 Rm	Gross stage 3 loans coverage ratio %	Stage 3 exposures ratio %
1H26
Home Services	477 617	103 373	8	268 476	12 794	14 543	28 573	427 767	49 850	30 251	19 599	39	10.4
Vehicle and Asset Finance	147 374	43 179	10	77 131	2 925	5 003	9 243	137 491	9 883	4 759	5 124	52	6.7
Card and Payments	42 003	2 810	11	26 855	234	3 037	3 207	36 154	5 849	1 750	4 099	70	13.9
Personal Unsecured Lending	111 494	5 330	87	75 526	903	9 098	8 723	99 667	11 827	3 717	8 110	69	10.6
Business Lending and Other	140 760	38 463	354	72 007	5 607	5 118	7 563	129 112	11 648	4 289	7 359	63	8.3
Corporate Lending	687 344	344 134	292	291 509	17 171	16 457	5 630	675 193	12 151	6 273	5 878	48	1.8
CIB Bank Lending	208 297	180 811		16 820	3 143	7 258	265	208 297
Central and other	(4 081)	(4 081)						(4 081)
Gross loans and advances	1 810 808	714 019	762	828 324	42 777	60 514	63 204	1 709 600	101 208	51 039	50 169	50	5.6
Percentage of total book (%)	100.0	39.4	0.0	45.7	2.4	3.3	3.5	94.4	5.6	2.8	2.8
Gross loans and advances at amortised cost	1 810 808
Gross loans and advances at fair value	34 627
Loans and advances measured at fair value through profit or loss	5 423
Loans and advances measured at fair value through other comprehensive income	29 204
Total gross loans and advances	1 845 435

SB 1 - 12 SB 13 - 20 SB 21 - 25

Securities

Balance

and

sheet

expected

Gross

recoveries

credit loss

Gross stage

carrying

Total stage

on stage 3

and interest

3 loans

Stage 3

loans and

1 and 2

Total stage

exposures

in suspense

coverage

exposures

advances

Stage 1

Stage 2

Stage 1

Stage 2

Stage 1

Stage 2

loans

3 loans

loans

on stage 3

ratio

FY25
Home Services	473 722	98 834	13	269 135	12 572	15 139	28 328	424 021	49 701	29 986	19 715	40	10.5
Vehicle and Asset Finance	141 330	42 159	34	71 175	4 709	4 699	9 014	131 790	9 540	4 589	4 951	52	6.8
Card and Payments	40 627	2 568	3	26 358	267	2 941	2 977	35 114	5 513	1 726	3 787	69	13.6
Personal Unsecured Lending	108 301	5 161	117	72 207	763	9 851	8 467	96 566	11 735	3 764	7 971	68	10.8
Business Lending and Other1	133 337	38 083	126	65 201	5 968	4 411	7 568	121 357	11 980	4 511	7 469	62	9.0
Corporate Lending1	697 745	384 222	194	264 728	14 893	17 647	2 519	684 203	13 542	6 436	7 106	52	1.9
CIB Bank Lending1	193 730	172 152		15 030	1 239	5 307	2	193 730
Central and other1	(5 804)	(5 804)						(5 804)
Gross loans and advances	1 782 988	737 375	487	783 834	40 411	59 995	58 875	1 680 977	102 011	51 012	50 999	50	5.7
Percentage of total book (%)	100.0	41.3	0.0	44.0	2.3	3.4	3.3	94.3	5.7	2.9	2.8
Gross loans and advances at amortised cost Gross loans and advances at fair value	1 782 988 5 962
Loans and advances measured at fair value through profit or loss	1 131
Loans and advances measured at fair value through other comprehensive income	4 831
Total gross loans and advances	1 788 950

1 Restated. Includes a reallocation entry between CIB and Central and other. The restatement had no impact on the Banking balance sheet.

The group uses a 25-point master rating scale to quantify each borrower's credit risk (corporate asset classes) or facility (specialised lending and retail asset classes). Ratings are mapped to the probability of defaults (PDs) through calibration formulae that use historical default rates and other data from the applicable portfolio.

OPERATING EXPENSES

Operating expenses

CAGR (1H21 - 1H26): 7%

Rm 90 000

Income and operating expenses growth

Cost-to-income ratio

% %

30 60

Banking income per employee

R'000

2 000

Banking headline earnings per employee

R'000 Number of employees

50 000

75 000

60 000

45 000

30 000

15 000

1H21 1H22 1H23 1H24 1H25 1H26

(5)

1H21 1H22 1H23 1H24 1H25 1H26

1 600

1 200

800

400

1H21 1H22 1H23 1H24 1H25 1H26

600

450

300

150

1H21 1H22 1H23 1H24 1H25 1H26

40 000

30 000

20 000

10 000

First half Second half

FY21	FY22	FY23	FY24	FY25	1H26
30 211	32 887	38 167	38 484	40 828	42 694
31 929	36 560	41 862	41 657	43 920

Income growth

Operating expenses growth Cost-to-income ratio

1H21	1H22	1H23	1H24	1H25	1H26
(1.9)	16.8	27.9	1.3	6.6	5.0
1.0	8.9	16.1	0.8	6.1	4.6
59.1	55.1	50.0	49.7	49.5	49.3

Income per employee

1H21	1H22	1H23	1H24	1H25	1H26
1 201	1 422	1 779	1 764	1 879	1 937

ANALYSIS OF HEADCOUNT BY GEOGRAPHY

Headline earnings per employee Number of employees

1H21	1H22	1H23	1H24	1H25	1H26
223	313	436	451	481	514
42 589	42 015	42 943	43 900	43 927	44 764

Change %		1H26 Number	1H25 Number	FY25 Number
South Africa	2	29 199	28 666	28 829
Africa Regions	2	14 811	14 547	14 727
International	6	754	714	730
Banking	2	44 764	43 927	44 286

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Staff costs
Fixed remuneration	8	6	17 438	16 480	33 260
Variable remuneration	11	9	5 723	5 244	12 427
Charge for incentive payments	12	10	3 769	3 432	9 071
IFRS 2 charge: cash-settled share schemes (including associated hedge)	51	42	590	415	1 050
IFRS 2 charge: equity-settled share schemes	(2)	(2)	1 364	1 397	2 306
Other staff costs	3	1	2 119	2 095	4 096
Total staff costs	8	6	25 280	23 819	49 783
Variable remuneration as a % of total staff costs			22.6	22.0	25.0
Other operating expenses
Software, cloud and technology related costs	7	6	7 157	6 738	13 834
Amortisation of intangible assets	(25)	(26)	835	1 136	2 076
Depreciation	4	3	2 113	2 057	4 167
Premises expenses	6	4	1 153	1 104	2 391
Professional fees	27	25	1 270	1 018	2 517
Communication	11	9	637	586	1 303
Marketing and advertising	22	20	1 365	1 134	2 577
Other	(10)	(11)	2 884	3 236	6 100
Total other operating expenses	4	2	17 414	17 009	34 965
Total operating expenses	6	5	42 694	40 828	84 748
Total net income	7	5	86 687	82 553	168 827
Cost-to-income ratio (%)			49.3	49.5	50.2
Jaws (bps)			44	52	64

Staff costs and headcount

Higher fixed remuneration, reflecting annual salary adjustments, ongoing investment in specialist capabilities and the expansion of client-facing teams.
Incentive payment charges increased in line with the group's performance.
Higher cash-settled share-based payment costs, largely due to movements in the Standard Bank share price impacting awards outside South Africa.
Equity-settled share scheme costs decreased, primarily due to a once-off adjustment to remove dividends from the expense base, with these dividends now recognised directly in equity. This was partially offset by higher performance linked outcomes.
Other staff costs increased, reflecting enhanced staff benefits aligned to the shift in headcount towards specialist skills, as well as increased use of contractual staff to support business initiatives.
Other operating expenses
Higher software, cloud and technology-related spend as the group continued to invest in specialised technology expertise, modernise core banking platforms and expand artificial intelligence capabilities to enhance client experience, strengthen cybersecurity and improve operational efficiency. This was partially offset by optimisation initiatives, including licence rationalisation, cloud efficiencies and infrastructure simplification.
Premises expenses increased due to higher municipal and utility costs across the continent, partially offset by the non-recurrence of prior period maintenance costs, alongside energy efficiency initiatives and renewable energy investments.
Professional fees increased, reflecting greater utilisation of specialist expertise to support strategic initiatives and technology adoption.
Communication expenses increased, driven by higher verification costs associated with Know Your Customer (KYC) processes in the retail business.
Marketing and advertising spend increased, reflecting continued investment in brand visibility, targeted client campaigns, strategic sponsorships and digital marketing initiatives.
Other expenses decreased, reflecting lower discretionary spend supported by good cost discipline. This was partially offset by higher Asset Management Corporation of Nigeria (AMCON) costs commensurate with balance sheet growth.

76 BANKING FINANCIAL PERFORMANCE

OPERATING EXPENSES

Total technology function spend

CAGR (1H21 - 1H26): 5%

25 000

20 000

15 000

10 000

5 000

FY21 FY22 FY23 FY24 FY25 1H26

FY21	FY22	FY23	FY24	FY25	1H26
9 344	9 713	10 701	10 981	11 618	11 833
9 323	10 665	11 228	11 371	11 891

First half Second half

	CCY %	Change %	1H26 Rm	1H25 Rm	FY25 Rm
Staff costs	4	3	3 359	3 252	6 481
Software, cloud and technology related costs	7	6	7 157	6 738	13 834
Amortisation of intangible assets	(25)	(26)	835	1 136	2 076
Depreciation and other expenses	2	(2)	482	492	1 118
Total technology function spend	3	2	11 833	11 618	23 509

ANALYSIS OF TOTAL INFORMATION TECHNOLOGY OPERATING EXPENSES

LIQUIDITY AND CAPITAL

MANAGEMENT

Liquidity management 78

Capital adequacy 80

Return on risk-weighted assets and

risk-weighted assets 82

Capital adequacy ratios per legal entity 83

Currency translation impact, economic capital and economic returns 84

Other capital instruments 85

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