Standard Bank Group Limited - Annual General Meeti
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: SBKNamibianShare Code: SNBISIN: ZAE000057378
Comments at Annual General Meeting 25 May 2005
Standard Bank Group (`SBG` or `the company`) announces the following in relation
to the Annual General Meeting held today.Chief executive Jacko Maree made the following comments regarding the group`s
performance for the first four months of 2005 at the company`s annual general
meeting today:- Domestic Banking continues to enjoy strong retail asset
growth and credit loss experience was better than expected. Some increase in early arrears
within the retail portfolio has however been noted recently and, although
not unexpected, is being closely monitored. Retail asset growth continues
to be funded mainly through wholesale deposits, which is placing some pressure on net interest margins.
- Africa`s earnings continue to grow satisfactorily, driven by a larger
customer base and increased transactional volumes.
- International`s dollar earnings to date are below those of the prior year with most of its businesses experiencing pricing and margin pressure in a
highly competitive environment.
- Shareholders are referred to the Liberty Life market update on
23 May 2005 wherein it was stated that `the operating environment remained challenging for the industry in the first quarter although Liberty Life`s
new business sales continued along the trend experienced towards the latter
stages of 2004` and provisional results for this period reflect an improved
contribution to group earnings.- The group`s primary financial objectives for 2005 remain unchanged at a
normalised return on equity of 22,5% and normalised headline earnings per
share growth of inflation (CPIX) plus 10 percentage points. Normalised
results reflect the legal substance of the group`s Black Ownership Initiative implemented in 2004.
Johannesburg25 May 2005
Sponsor
Standard BankDate: 25/05/2005 11:11:08 AM Produced by the JSE SENS Department
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