STANDARD BANK GROUP LIMITED - Voluntary trading update for the ten months to 31 October 2025

Standard Bank Group Limited
Registration number 1969/017128/06
Incorporated in the Republic of South Africa
Website: www.standardbank.com/reporting

Share codes
JSE and A2X share code: SBK
ISIN: ZAE000109815
NSX share code: SNB
SBKP ZAE000038881 (First preference shares)
SBPP ZAE000056339 (Second preference shares)
JSE bond code: SBKI
("Standard Bank Group" or "the group")


Voluntary trading update for the ten months to 31 October 2025


Standard Bank Group's performance trends in the ten months to 31 October 2025 (10M25)
were broadly in line with those reported in the first half of the year (1H25). The group's
guidance for the year ended 31 December 2025 (FY25), as provided in August 2025,
remains unchanged.

Operating environment


Despite geopolitical and trade policy uncertainty, global economic activity has been relatively
resilient year to date. Inflation and interest rates have declined.


On average, across the portfolio of countries in which the group operates in sub-Saharan
Africa, inflation has eased, and interest rates have declined. While macroeconomic reforms
and stabilisation efforts have brought relative stability, particularly in Nigeria, Angola and
Ghana, sovereign stress has remained elevated in Malawi and increased in Mozambique.


In South Africa, inflation and interest rates have also declined year to date. Real gross
domestic product (GDP) growth has been subdued, but confidence appears to be improving.
In November 2025, the finance minister announced the new inflation target of 3% (previously
3 to 6 percent) and the South African Reserve Bank Monetary Policy Committee cut interest
rates by 25 basis points (bps). This brings the cumulative interest rate cuts for the year to
100 bps.

10M25 performance


Banking revenue grew by mid-to-high single digits in 10M25 compared to the ten months to
31 October 2024 (period on period). Net interest income growth was driven by book growth,
supported by continued strong origination in Investment Banking. This was partly offset by
the negative endowment impact from lower average interest rates. Non-interest revenue
growth remained robust. A larger and more engaged client base, combined with increased
client activity, led to strong net fee and commission revenue growth. Continued uncertainty
and market volatility supported strong trading revenue momentum.


Despite an increase in activity-related costs, cost growth remained well contained. Banking
revenue growth was slightly ahead of cost growth.


The group's credit loss ratio for 10M25 was around the middle on the group's through-the-
cycle range of 70 to 100 basis points. Corporate & Investment Banking credit impairment
charges were higher period on period, off a low base in the prior period. Personal and
Private Banking credit impairment charges were lower period on period due to a slowdown in
early arrears formation and lower inflows into non-performing loans as reported previously.
Business & Commercial Banking credit impairment charges were also lower period on
period, driven by improvements in both South Africa and Africa Regions.


The Insurance and Asset Management franchise continued to deliver a robust performance.
Higher earnings period on period were driven by an improved performance in the South
African Retail life insurance business and an improved claims ratio in the South African
short-term insurance business. The former was driven by improved persistency and risk
experience. The latter was assisted by the absence of catastrophic weather-related events
year to date.

Outlook


In line with previous guidance for the twelve months to 31 December 2025, the group
remains committed to delivering:


   '   Banking revenue growth of mid-to-high single digits;

   '   Banking revenue growth at or above operating expenses growth, resulting in a flat to
       lower cost-to-income ratio year on year; and

   '   Group ROE well anchored in the group's target range of 17% to 20%.


The group will provide guidance for 2026 when it reports its financial results for FY25 on 12
March 2026.

Capital Markets Day 2026

Standard Bank Group will host a Capital Markets Day on 26 March 2026. The event will
unpack the strategic and financial drivers that underpin the group's 2028 targets, more
specifically:

   - Headline earnings per share growth of 8% to 12%; and
   - Return on equity of 18% to 22%.


Further details will be provided closer to the time.
Investor call

Standard Bank Group will host an investor call at 17h00 (South Africa time) on 1 December
2025. To register for the call please use the link below:

Standard Bank Group Pre-close call registration


Alternatively, the call registration details are available on the Standard Bank Group Investor
Relations website. A replay will be available on the Investor Relations website shortly after the
call.


Shareholders are advised that the information contained in this announcement has not been
reviewed or reported on by the group's external auditors.

Queries:
Investor Relations
Sarah Rivett-Carnac
Email: sarah.rivett-carnac@standardbank.co.za

Johannesburg
1 December 2025

JSE sponsor
The Standard Bank of South Africa Limited

Namibian sponsor
Simonis Storm Securities (Proprietary) Limited

Date: 01-12-2025 08:00:00

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