Standard Bank Group Limited - Annual General Meeti
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: ZAE000038873
Annual General Meeting 19 May 2003
1. All of the resolutions proposed at the annual general meeting, including
the special resolutions, were passed by the requisite majorities of
shareholders.
2. Chief Executive Jacko Maree made the following comments regarding the
group"s performance for the first four months of the 2003 year at the company"s
annual general meeting today:
- Domestic operations" revenue growth continues to benefit from good asset
growth and margins being maintained. Credit losses remain well contained.
- Stanbic Africa continues to perform well.
- The markets which influence the performance of the group"s international
operations are showing some improvement and their results reflect this.
- Liberty, which contributed 6% to group headline earnings in 2002, stated in a
recent market update that "the outlook on investment markets and the rand for
the remainder of the year is uncertain, but if they continue at current levels,
the impact on the life fund operating surplus will be such that Liberty"s
headline earnings to 30 June 2003 and 31 December 2003 will be considerably
below last year"s".
- In overall terms, despite the effect of Liberty and the impact of the stronger
rand on the conversion of the group"s foreign earnings, results for the first
four months are generally in line with the financial objectives set out in the
group"s 2002 annual report.
Johannesburg
19 May 2003
Date: 19/05/2003 02:53:07 PM Supplied by www.sharenet.co.za
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