Standard Bank Investment Corporation Limited - Pre
investors
Presentation to international investors
With Stanbic's inclusion in the MSCI indices from 30 November 2001, the
group's management team will be meeting with various international investors
to promote Stanbic's investment merits.
At a presentation in New York yesterday evening, Jacko Maree, Stanbic's
Chief Executive, commented on earnings prospects for 2001 as follows:
Stanbic's South African banking operations, which have traditionally
contributed in excess of 65% of group earnings, are performing well and are
in line with published half-year expectations.
Stanbic's international operations have not suffered any major trading
losses as a consequence of the events of September but have experienced a
reduced flow of new business. The overall effect is that earnings from these
operations are currently expected to be approximately equivalent to last
year's earnings in Rand terms.
African operations are performing well with the significant exception of
Zimbabwe. Consequently, the earnings contribution from these operations is
expected to show modest improvement over last year.
Maree further stated that Stanbic's net foreign exchange translation gain on
its non-South African subsidiaries is expected to exceed R1 000 million for
the 2001 year. This gain will be taken direct to reserves in accordance with
the group's accounting policy.
(The presentation to international investors will be available on the
Standard Bank website at: http://www.standardbank.co.za)
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