Standard Bank Investment Corporation Limited - Com
Standard Bank Investment Corporation Limited - Comments at Annual General
Meeting 21 May 2002
STANDARD BANK INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
("Stanbic" or "the company")
South African Share Code: SBC
Namibian Share Code: STB
ISIN Code : ZAE000014858
Comments at Annual General Meeting 21 May 2002
Chief Executive Jacko Maree made the following comments regarding
performance for the first four months of the 2002 year at the company`s
annual general meeting today:
- In overall terms, results for the first four months have been in line
with expectations;
- Domestically, SCMB has continued to trade well. Retail Banking has
benefited from an improvement in interest margin but asset growth has been a
little below expectations. There have not been any large adverse credit
exposures domestically and the level of arrears has continued to show
improvement;
- International Operations have enjoyed strong revenue growth, in Capital
Markets and Precious Metals in particular. Credit provisioning has been
above budget due to the conservative stance adopted in response to
uncertainty in global markets generally. Currency translation is likely to
have a positive effect on the results for the year;
- Results from Stanbic Africa have been marginally lower than expected. The
integration of the acquisitions in Malawi and Uganda is receiving priority.
Johannesburg
21 May 2002
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