Standard Bank Group Limited - Annual General Meeting
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 20 May 2004
Standard Bank Group is pleased to announce the following in relation to the
Annual General Meeting held today.
1. All of the resolutions set out in the Notice of the Annual General Meeting
dated 9 March 2004 and proposed at the annual general meeting, including the
special resolutions, were passed by the requisite majorities of shareholders.
2. A process will commence shortly to informally assess potential investor
interest in an issue of the non-redeemable preference shares as authorised at
the meeting today. Shareholders will be advised of developments in this regard.
3. Chief Executive Jacko Maree made the following comments regarding the group`s
performance for the first four months of the 2004 year at the company`s annual
general meeting today:
- Domestic Banking`s results continue to be supported by strong growth in retail
advances, which has partly mitigated the effect of margin compression arising
from lower interest rates. Non-performing loans and credit loss ratios continue
to reflect a positive trend.
- International has started the year strongly although the markets in which it
operates have recently become more challenging.
- Africa`s performance in the countries in which it operates is satisfactory.
- Liberty stated in a recent market update that `the performance for the first
quarter of 2004 was encouraging as far as profitability is concerned` and
provisional results for this period reflect an improved contribution to group
earnings.
- The group`s financial objectives for 2004 remain unchanged at a return on
equity of 20% and headline earnings growth of inflation (CPIX) plus 10
percentage points.
Johannesburg
20 May 2004
Sponsor
Standard Bank
Date: 20/05/2004 11:38:07 AM Produced by the JSE SENS Department
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