Avior Capital Markets - Standard Bank Group Limited (101M) Standard Bank | Higher quality earnings

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Avior Capital Markets

Harry Botha

Standard Bank | Higher quality earnings

Standard Bank's (SBK) H1 '19 results showed impressive operational trends, as headline earnings from Banking activities increased 10% y/y (+13% y/y excluding branch restructuring costs in SA). In our view, cost containment and selective credit growth will continue to support earnings growth in SBK's SA operations. Profitable growth prospects in the Rest of Africa also continues to differentiate SBK compared to its SA peers. Please find our analysis and updated forecasts in this note.

16/08/2019 16 EN

Underlying

Standard Bank Group Limited

Standard Bank Group is a financial services company. Co.'s business units include: Personal & Business Banking, which comprised of Mortgage lending, Instalment sale and finance leases, Card products, Transactional and lending products, and Bancassurance and wealth; Corporate & Investment Banking, which comprised of Global markets, Transactional Products and services, Investment banking, and Real estate and principal investment management; Liberty, which include life insurance and investment management activities; and Central and other, which include the Tutuwa initiative, group hedging activities, group capital instruments and group surplus capital and strategic acquisition costs.

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ZAE000109815 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Analysts

Harry Botha

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