SBK - Standard Bank - Chief Executive`s comments a
SBK
SBK
SBK - Standard Bank - Chief Executive`s comments at AGM 29 May 2007
Standard Bank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
South African Share Code: SBK
Namibian Share Code: SNB
ISIN: ZAE000057378
Chief Executive`s comments at Annual General Meeting 29 May 2007
At the Annual General Meeting held today Chief Executive Jacko Maree made the
following comments regarding key features of the group`s performance for the
first four months of 2007 in comparison with the same period for 2006:
"Revenues across the group reflect healthy growth, both in net interest income
and non-interest revenue. Net interest income reflects the benefit of stable
margins and the continued momentum of growth in loans and advances. Non-interest
revenue is growing strongly due mainly to robust transactional growth and
increased trading revenue in corporate and investment banking.
Credit default experience is broadly in line with that of 2006 while impairment
charges are within expectations, taking into account the strong growth in loans
and advances.
Shareholders are referred to the Liberty Life market update on 24 May 2007
wherein it was stated that "favourable equity markets buoyed the operational
performance of both the life and asset management businesses during the period"
and "life assurance retail sales for the period were good and continue to
improve".
All of the group`s 2007 financial objectives as set out in the 2006 annual
report were achieved for the first four months of 2007.
This information has not been reviewed and reported on by the Group`s auditors."
Johannesburg
29 May 2007
Sponsor
Standard Bank
Date: 29/05/2007 10:17:01 Produced by the JSE SENS Department.
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