66ZZ Morgan St. 30

    RNS Number : 5071G
  Standard Bank of South Africa Ltd
  23 October 2008
   

    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: ZAE000109815
("Standard Bank" or "the group")

Voluntary Trading Update and Financial Information Provided To Industrial and Commercial Bank of China Limited

    Voluntary Trading Update
    In the group's interim profit and dividend announcement dated 12 August 2008, it was advised that a voluntary trading update would be
issued in late October 2008, following the nine months ended 30 September 2008. 
    The nine months ended September were characterised by increasing turbulence in global financial markets and continued pressure on
consumers' disposable income in South Africa. Standard Bank nevertheless improved its cost efficiency, produced an increase in rand earnings
and generated a return on equity of 18% for the year to date.
    Highlights for the nine months ended 30 September 2008
                                                          Normalised              IFRS
        change             change
      on prior           on prior
                                                              year %             year %  
    � Headline earnings (Rm)                       10 057          9     9 518       10
    � Headline earnings per share (cents)           673.8       (0.2)    685.6     (2.2)
    � Cost-to-income ratio (%)                       48.7                 48.9   
    � Credit loss ratio (%)                          1.42                 1.42  
    � Return on equity (%)                           18.0                 18.0  

    On 3 March 2008, Industrial and Commercial Bank of China Limited ("ICBC") subscribed for 152.5 million newly issued ordinary shares.
This issuance, an increase of 11.1%, accounts for the difference in growth between headline earnings and headline earnings per share. 
    Operating conditions continued to be challenging in Corporate & Investment Banking both in South Africa and internationally. Our trading
and lending operations remain profitable, and exposures have been actively reduced and risks carefully managed. The credit loss ratio
remains low with no major defaults having been experienced. Given current market conditions together with our reassessed risk appetite,
Corporate & Investment Banking's ability to grow revenues is naturally constrained, and likely to remain so for the rest of the financial
year. In our operations elsewhere in Africa, deal flow remains positive and margins have improved.
    In Personal & Business Banking, asset growth continued to slow in line with macroeconomic fundamentals, and strategies implemented in
2007 have had the effect of curtailing advances growth in line with our risk appetite. In South Africa, high inflation and interest rates
continue to impact consumers' ability to service debt. As anticipated, non-performing loans have continued to increase following the trend
established up to June. Given this environment, these trends are likely to continue for the rest of the financial year. 
    Liberty's earnings remain sensitive to the performance of investment markets and are therefore subject to ongoing volatility.
    Against this background, it is projected that the group's normalised headline earnings for the year is likely to be similar to or
slightly higher than that for 2007. With the additional shares issued to ICBC in March 2008, normalised headline earnings per share for the
year is likely to be lower than the comparative figure for 2007.
    The group's capital adequacy and liquidity profile remain healthy. Liquidity management practices continue to be rigorously applied
within the bank's liquidity management framework and liquidity buffers in excess of regulatory requirements remain intact. 
    We continue judiciously to seek growth opportunities in our chosen markets to enhance the group's long-term prospects. 
    Financial information provided to ICBC
    The transaction through which ICBC acquired a 20% shareholding in Standard Bank was implemented on 3 March 2008. ICBC's results for the
third quarter ending 30 September 2008 therefore include equity-accounted earnings from Standard Bank. The following consolidated financial
information, prepared on an IFRS basis, has been disclosed to ICBC for purposes of ICBC's equity accounting of Standard Bank's results for
the quarter ended September 2008.

Statement of changes in ordinary shareholders* equity for the quarter ended 30 September 2008
               Earnings      Change in        Other                 Opening    attributable   shareholding    movements
                  balance     to ordinary             of      for the 
Rm            1 July 2008    shareholders   subsidiaries       period      Total  
 
Ordinary                                                 
share capital         153                                                    153
Ordinary
share premium      17 148                                          42     17 190
Foreign
currency
translation
reserve             4 442                              1          713      5 156
Foreign
currency
and cash flow
hedging                                                             
reserve              1 770                                        (247)    1 523
Retained
earnings            57 652         2 296        *(1 999)      **(2 893)   55 056
Empowerment
reserve and
treasury
shares             (3 235)                        (412)             62   (3 585)
Other               1 991                          109            (270)   1 830
Total ordinary
shareholders*
equity             79 921         2 296         (2 301)         (2 593)  77 323
 
 



    *Consists primarily of the excess of the purchase consideration over the net asset value on an additional 31.95% interest acquired in
Liberty Holdings Limited in accordance with our policy to account for the acquisition of an additional interest in existing subsidiaries
directly in equity.
    **Includes total ordinary dividends declared in August 2008 of R2 951m. The majority of the difference relates to a treasury share
adjustment.

    The information contained in this announcement has not been reviewed by or reported on by the group's auditors. Standard Bank's results
for the year ended 31 December 2008 will be released on or about 5 March 2009.
    Johannesburg
    23 October 2008

    Sponsor
    Standard Bank


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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