Standard Bank Group Limited

Investor Presentation • Aug 14, 2025

STANDARD BANK GROUP

2025 INTERIM RESULTS

14 August 2025

CONTENTS

1.0 1H25 highlights

2.0 1H25 financial performance and FY25 outlook

3.0 Looking forward

1H25 highlights

- ••••

- -

-

1H25 highlights - strong performance underpinned by growing client franchise revenue and active capital management

Growing earnings

+12% +22% Net fees & commissions CIB trading revenue

+8% Headline earnings

+10% Headline earnings per share Robust balance sheet

+11% Total assets R3.4trn

R69bn Provisions

+8% Equity R303bn

13.2% CET1 ratio

Improving returns

49.4% Cost-to-income ratio Earnings distributed1

69%

R5.5bn SVA2 generated, +49%

19.1% Group ROE

"Dividends and share buybacks as a percentage, "Shareholder value added, calculated as earnings minus cost of capital, is up 49% period on period

Franchise momentum - scale and diversity of client franchise supported growth

Corporate and Investment Banking (CIB)

R128bn IB origination a record, from across a range of sectors, in particular Energy & Infrastructure

R11.9bn

Trading revenue +22%

from client and market making activity aided by volatility

R53bn Sustainable finance mobilised in 1H25

R5.2bn

Fee and commission revenue +24%

from record origination and increased deal activity

Franchise momentum - focus on innovative solutions and competitive products

Business and Commercial Banking (BCB)

>65k

New clients through deliberate local market growth strategies

>R500bn

Client deposits

enabled by competitive client offerings supported by personalised offers

+19%

New merchants

supported by the innovation and capability of the SimplyBLU platform

+90%

Card acquiring turnover

driven by more merchants and more POS devices

+440/0

Disbursements to clients1

driven by digital scoring and innovative loan products

+10%

International payments

enabling clients to send and receive cross-border payments via telegraphic transfers

1 In South Africa

Franchise momentum - competitive franchise with accelerating momentum

Personal and Private Banking (PPB)

16m Active clients growing and increasingly engaged

+11% Retail net fees and commissions1 from a growing number of engaged clients

+70/0 Digitally active clients+ driving increased digital volumes

+24% VAS revenue1 R28bn customer spend

+17% Private banking clients2

in line with our ambition to build Africa's best private bank

R23bn Mortgages disbursedmarket leader in mortgage lending

1 In South Africa, 2 In Africa Regions

Franchise momentum - strong strategic progress and positive NBV and GWP outcomes

Insurance and Asset Management (IAM)

Insurance

R1.8bn

New business value +11%

driven by short term insurance and embedded risk book

+10%

Short-term insurance, GWP+

excluding the impact of strategic exits of unprofitable businesses and channels2

3.4m Embedded credit life and funeral policies funeral book is growing faster than the market

Investment

+>100% STANLIB Unit Trust NCCF4

driven by market-leading investment proposition

• Cross written premium, 4 Inc. 4% in South Africa Regions, 3% in Africa Regions, 3 Assets under management and assets under color, "Net customer cash for excluding Money Ma 1H25 per Morningstar™

STANDARD BANK GROUP INTERIM RESULTS PRESENTATION | 14 AUGUST 2025

Collaboration - competitive products and large omni-channel distribution capability

Leveraging the might of PPB and IAM collaboration

Uniquely positioned with end-to-end investment solutions to meet client needs

Simple frictionless and		Extensive life, disability,			Comprehensive advice-led
affordable funeral and life		critical illness and income			options for large life covers3
solutions- and savings		protection solutions2 and			and specialised
products		multiple investment options			investments
Market leading lapse management		Simplified digital and tele-based			Complex advice-led solutions for
capability		underwriting and personalised pricing			individuals and businesses
Funeral GWP	Flexible Life sales	Award winning DFM4	Local and offshore platforms		SBFC5 risk index premium up >10%	>85% core discretionary and MM6 funds outperform peers
up >20%	up >50%	>2 500 agents driving high advice sales between Liberty and SBFC5

" Cover of up to RSO OOO , "Cover amounts as high as R300m, "Discretionary Find Manager. "Standad Bank Financial Consultancy, "Multi-Marager

Technology- enhancing client experience through innovation, system resilience and agility ( ISE) CONSUMER

Innovation Innovating to deliver

excellent client experience and solutions

System resilience

Market-leading stability and system resilience fostering trust with clients

Conversational Al 60% of client queries resolved in mobile app¹

Virtual credit card

available via the app provides fraud protection

Powered by data and analytics

280 million direct and banker driven engagements executed across diverse client channels

Leading in stability1

based on # of outages, measured by DownDetector

Fraud detection

Al assisting with early detection of suspicious transaction patterns

No serious outages in 26 consecutive months

Zero material cyber incidents since 2018

Cyber detection Al bot helps to detect and

prevent network attacks

Client channels predominantly hosted in the cloud

Agility

57%

GenAl boosts engineering productivity by >20% as it assists developers with coding, testing and troubleshooting

1 In South Africa

BANKING

BANKING INDUSTRY WINNE

Leveraging cloud to drive

of computing in the public cloud

(up from 34% two years ago)

agility and efficiencies

SBG 5-year performance - consistent growth supported by our large and well diversified portfolio

5-year CAGR

1H25 financial performance and FY25 outlook

Performance highlights - strong performance across all key metrics

1 Based on Banking performance

SBG income statement - performance underpinned by continued robust franchise momentum

	1125 Rm.	1H24 Rm	Change 0/0	Change CCY %
Net interest income	51 402	50 425	2	ব
Non-interest revenue	31 108	26 995	15	17
Total income	82 510	77 420	7	9
Operating expenses	(40 781)	(38 484)	6	7
Pre-provision profit	41 729	38 936	7	10
Credit impairment charges	(8 134)	(7 979)	2	2
Taxation	(9 302)	(8 323)	12	15
Banking headline earnings	21 145	19 785	7	9
Insurance & Asset Mngt headline earnings	1806	1625	11	13
SBG Franchise earnings	22 951	21 410	7	10
ICBCS attributable earnings	834	596	40	43
Standard Bank Group headline earnings	23 785	22 006	8	11

• · Net interest income growth was dampened by margin compression
• · Non-interest revenue growth was driven by double-digit growth in fees, trading and other revenue as well as continued growth in bancassurance-related revenues
• · Operating expenses were diligently controlled and total income growth exceeded cost growth
• · Credit impairment charges growth was muted
• · Taxation movement was mainly driven by a reduction in non-taxable earnings in Africa Regions
• · Insurance & Asset Management delivered a continued upward trajectory in earnings and returns
• · ICBCS performance was driven by increased client activity in volatile markets

Deposits - growth driven by strategic client acquisition, retention and entrenchment initiatives

Deposits and debt funding by product, R2.3trn

HoH % change (Jun-24 to Jun-25)

Gross loans and advances - growth driven by strong investment banking origination

) Loan growth – momentum improved in 1H25

Loan growth in 2H24 (Jun-24 to Dec-24)			T 2% ZAR	Loan growth in 1H25 (Dec-24 to Jun-25)		1 3% ZAR	Loan growth - 12 months ↑ 6% zAR (Jun-24 to Jun-25)
Corporate		5%	く	Corporate	7%	く	Corporate		12% ヘ
Home services		0%	(	Home services	0%	(	Home services	1%	>
Business lending	-2%		>	Business lending	2%	く	Business lending	0%	>
VAF		3%	(	VAF	1%	く	VAF	4%	(
Personal unsecured		1%	(	Personal unsecured	3%	(	Personal unsecured	5%	(
Card %	-3%		>	Card 0%	3%	く	Card %	0%	>

Disbursements - strong growth reflective of underlying activity

Investment banking origination

HoH % change (Jun-24 to Jun-25)

Business lending disbursements (South Africa)

Home services disbursements (South Africa)

Personal unsecured loan disbursements (South Africa)

BCB VAF disbursements (South Africa)

(South Africa)

Net interest income - increase driven by a larger balance sheet, partially offset by lower interest rates

Net interest margin, down 8bps

1 Balance sheet management, 2 Average interest-earning assets

Net interest income increased by 2% due to:

• · Asset pricing and mix
  • Negative pricing primarily due to the competitive environment in South Africa and as corporate loans grew faster than other portfolios
  • Positive mix as Africa Regions grew faster than South Africa and Offshore declined and as local currency lending grew faster than foreign currency lending in Africa Regions
• · Deposit pricing and mix
  • Pricing was flat and mix was positive as Africa Regions grew faster than South Africa
• · Endowment impact was negative following interest rate cuts across most of our markets in 2H24 and 1H25
• · Balance sheet management and other is net of R0.6bn positive impact of endowment hedge (5 bps). The hedge provided protection in a rate cutting cycle

Net fee and commission - strong growth supported by a larger active client base, broader offerings and higher transactional activity

12% zar

Net fee and commission revenue, R17.1bn1

= 1H24

1H25

Net fee and commission supported by:

• · Account transaction fees increase supported by higher retail transactional activity, larger client base and deepening client relationships
• · Card fees growth driven by increased client spend in both card issuing and acquiring
• Electronic banking fees increased as clients continue to adopt digital solutions, including value-added services
• Arrangement and knowledge-based fee increase due to improved fee generation linked to ongoing deal origination and higher client advisory activity
• Foreign currency service fees grew due to an increase in client trade flows and cross-border volumes in South Africa and West Africa
• · Other increase linked to higher assets under custody and client activity in debt capital markets

Net fee and commission growth

+11% PPB SA +12% SBSA +18%3 Africa Regions

I let lee and commission evenue is not of fee and commission expect . Other includes documentation and administration fees and other fea and ommission revenue, " Constant currency

STANDARD BANK GROUP INTERIM RESULTS PRESENTATION | 14 AUGUST 2025

Trading revenue - benefitted from increased client activity and heightened market uncertainty

1 20% zar

Jun-24 to Jun-25

1 23% ccy

Trading revenue. R11.8bn

Global Markets revenue1

Trading revenue increased due to:

• Fixed income and currencies growth driven by client demand for credit-linked notes, structured hedging and financing solutions in South Africa and for foreign exchange solutions in West Africa
• Commodities revenue increased as market fluctuations resulted in increased opportunities to provide client hedging solutions
• · Equity revenue growth was driven by improved investment appetite and liquidity, coupled with market uncertainty which increased client activity and trading opportunities

Mariet making revenue - represents fre result revenue viner managing current and antiquated dient from in expectation of market movements, within assigned market risk imits : iquidity management - revenue earler of exess alient liquid you bearl of the banking entily ; clear evenue - earned on chient transactions in exess of funcing and hel

- ••

• •
• ••

PPB South Africa credit provisions - early delinquencies continued to decline and NPL formation slowed

Credit impairment charges - well managed due to diligent collections strategies

Credit impairment:

TTC CLR range

70bps - 100bps

170

139

93

27

1H25

93

1H24

92

• · PPB and BCB charges decreased on the back of robust collection strategies, increased restructures and reduced flows into non-performing loans
• · CIB charges normalised off a low base in the prior period linked to recoveries in 1H24

CLR	1H24 pps	11-25 bps
PPB2	177	170	>
South Africa	180	174	>
Africa Regions	185	146	>
Offshore	10	84
BCB2	158	139	>
South Africa	129	100	>
Africa Regions	308	240	>
Offshore	73	196

"Credit inpairnent charges for bans and advances in etters of creel and guarantees per pages 28 of the Financial Analysis Booker, 30 A to usbones

Credit impairment charges - flat or down across all portfolios except corporate which normalised off a low base in 1H24

Credit impairment charges, R8.1bn

Credit impairment charges driven by:

• · Home services charges decreased due a slowdown of inflows into early arrears and non-performing loans due to enhanced collection strategies
• · Business lending charges decreased due to early interventions for distressed clients
• · Vehicle asset finance, card and personal unsecured lending charges were broadly flat
• · Corporate lending charges normalised from a low base in the prior period due to significant recoveries from restructures and cures in that period

Operating expenses - well controlled, delivering positive jaws and a lower cost-to-income ratio

1H24 Change

Change

CCY %

7

7

8

2

(7)

11

8

2

16

7

1H25 |

	Rm	Rm	0/0
Staff costs	23 813	22 366	6
Other operating expenses	16 968	16 118	5
Software, cloud and technology-related costs	6 738	6 318	7
Depreciation	2 057	2 042	1
Amortisation of intangible assets	1 136	1 228	( / )
Marketing and advertising	1 133	1 029	10
Premises expense	1 104	1 044	6
Professional fees	1 017	956	6
Communication	586	580	1
Other	3 197	2 921	9
Total operating expenses1	40 781	38 484	6
Efficiency
Jaws, %	0.6	0.5
Cost-to-income, %	49.4	49.7

Operating expenses driven by:

• · Staff costs grew due to annual salary increases, a shift in headcount composition to specialist skills and incentive payments in line with business performance
• Software, cloud and technology-related costs increase was due to continued investment in software services and strategic initiatives aimed at enhancing client experience and solutions, higher spend on system security, stability and infrastructure resilience and higher cloud subscription costs
• · Marketing and advertising increased due to focused client campaigns, expanded digital marketing efforts and sponsorships
• Other expenses growth driven by increased client activity and higher depositor insurance in West Africa and AMCON2 costs linked to balance sheet growth

1 Banking operating expenses grew by 7% in constant currency is weighted average inflation rate of 6%, "Asset Management Corporation of Nigeria

-

••••

900.0 1 000.0

100

IT spend - driving efficiencies to fund our businesses' growth

Operating expenses - driving continued positive operating leverage

1 Jaws calculated as revenue growth less cost growth

Insurance & Asset Management

IAM performance - continued upward trajectory in earnings and ROE

	1125 Rm	1H24 Rm	Change 0/0
Insurance operations	2 541	2 103	21
South Africa	2 544	2 187	16
Africa Regions	(3)	(84)	છેર
Asset Management operations	489	469	ব
South Africa	199	174	14
Africa Regions and Offshore	290	295	(2)
Central, sundry income and other	(166)	(24)	>100
Total operating earnings	2 864	2 548	12
Shareholder portfolio	120	195	(38)
Gross earnings before inter-BU attribution	2 984	2 743	9
Inter-BU attribution headline earnings-	(1 178)	(1 118)	5
Headline earnings	1806	1 625	11
ROE (%) — pre inter-BU attribution	31.4	25.7
ROE (%)	19.7	15.6

· Insurance operations

• South Africa strong growth supported by higher underwriting margins in the short term business as a result of risk selection re-pricing and lower weather-related claims
• Africa Regions losses were lower as in Liberty Health continues to undergo an orderly market exit
• · Asset Management operations
  • South Africa earnings growth attributed to positive market movements and net cash inflows during the period
  • Africa Regions earnings robust in constant currency terms but were negatively impacted by Naira devaluation

1 Headline earnings which are attributed to PPB and BCB

Capital and returns

CET1 ratio – remains robust despite higher distributions and RWA growth

	CET1 ratio progression1	1.3	(0.7)	(0.2)	0.1	(0.8)
	13.5						13.2
0%	Dec-24	Earnings for the period	Dividends paid2	Share buybacks	Other	RWA growth	Jun-25
CET1, Rbn	240	24	(13)	(3)	1		249
RWA, Rbn	1 773					118	1891

Capital progression

	Dec-23	Jun-24	Dec-24	Jun-25
CET1 capital1, Rbn	221	226	240	249
Risk weighted assets, Rbn	1 609	1 667	1 773	1891
CET1 ratio1, %	13.7	13.5	13.5	13.2
Net stable funding ratio, %	121	121	123	125
Liquidity coverage ratio, %	129	133	136	132

1 Including unappropriated profits, 2 Dividend paid related to FY24 final dividend payment

Capital - sufficient capital and flexibility to buffer downside risks and take advantage of growth opportunities

CET1 capital1

-CET1 ratio

You dire unappropriated profits, Prior periods aljusted in 1958 starget ration in explater regirement of 9.5% includes the 1962 F. requirement in the fully phasel in Psoliv Cycle Neutral Countercyclical Buffer requirement in South Africa from June 2025 STANDARD BANK GROUP INTERIM RESULTS PRESENTATION | 14 AUGUST 2025

ROE & dividends - strong returns supported higher dividends and share buybacks

Shareholder rale added calculated as earlings minus costares stares dividents, No 1420 interior of the shareholders as per guitance from the South African Reserve Bank, 4 Relates to the share buybacks executed, R4bn in 2024 and R3bn in 1H25 STANDARD BANK GROUP INTERIM RESULTS PRESENTATION | 14 AUGUST 2025

Business and regional performance overview

SBG portfolio - well-diversified earnings

Business unit headline earnings1, HoH change

Product headline earnings1, HoH change

Legal entity headline earnings2, HoH change

1 Headline earnings by business unit (SBG Franchise) excluding Centre, 2 Headline earnings by legal entity excluding Other

Business units - all franchise businesses contributing positively to group ROE

Headline earnings contribution by business unit

Legal entities performance – diversified and resilient portfolio over time

FY25 outlook

FY25 macroeconomic outlook - growth expectations across our portfolio moderated

Real GDP growth

■FY25 expectation in Mar-25 ■FY25 expectation in Aug-25

Real GDP growth expectations have moderated, especially in SA

Inflation

%

■FY25 expectation in Mar-25 ■FY25 expectation in Aug-25

• Regions
• · In SA and Africa Regions, notably Angola, Malawi and Nigeria, inflation expectations have declined
• In Offshore, inflation ticked up marginally

Average interest rates

■FY25 expectation in Mar-25 ■FY25 expectation in Aug-25

• · In SA and Africa Regions, average interest rate expectations remain in line with our expectations in March 2025
• In Offshore, interest rates expected to be higher

Currency translation impact

Currency impact across our portfolio of countries is still expected to be muted in 2025

| SBG FY25 - guidance intact

Core metrics	FY25 guidance	Key drivers in FY25
Banking revenue growth	Mid-to-high single digits	· 1H25 loan growth and NII were slower than expected FY25 NII growth expectations moderated to low-to-mid single digits, subject to loan growth · 1H25 trading revenue and NIR were better than expected FY25 NIR growth expectations upgraded to high single digits, subject to market activity
Banking cost-to-income ratio	Flat-to-down year-on-year	Banking revenue growth to be marginally ahead of operating expenses growth, resulting in flat to positive jaws4
Group ROE	Inside the 2025 SBG target range of 17% - 20%	Both Banking ROE and IAM ROE within 2025 SBG target range
Supplementary metrics
Credit loss ratio	Middle of the TTC² range of 70 bps – 100 bps	• Credit impairment charges are expected to be higher than in 2024 due to forward looking provision releases not repeating and CIB charges normalising
CET1 ratio	>12.5%	· Active capital management to fund organic and inorganic growth as well as distributions
Dividend payout ratio	At the top end of range 45% - 60%	• Continued focus on dividend extraction from operating entities Share buybacks subject to available cash resources and share price

1 Jaws for Banking businesses, 2 Through-the-cycle

J SBG 2025 - firmly on track to deliver against our commitments

Core metrics	10 years to 20241	> 1H25	2025 targets
Revenue growth, CAGR	10% (2014 – 2024 )	10% 1H2O - 1H25	7% - 9% 2020 - 2025
ROE	15.9%	> 19.1%	17% - 20%
Supplementary metrics
Cost-to-income ratio	55.6%	> 49.4%	Approaching 50%
Credit loss ratio	89 pps	> 93 bps	70 bps — 100 bps
CET1 ratio	13.4%	> 13.2%	>12.5%
Dividend payout ratio	55%3	56%	45% - 60%

1 All metrics are based on average, 2 Excluding FY20 dividend paid as per guidance from the South African Reserve Bank

Looking forward

SBG franchise - growing from a position of strength

#1 on the continent} ► Attractive investment proposition

• 1. Recognised and trusted brand
• 1. Growing and engaged client franchise
• Well diversified and resilient business 3. with scale
• Targeted technology investment 4. bearing fruit4
• 1. Deep management bench strength
• Fortress balance sheet with a proven 6. track record of managing external shocks
• Strong growth prospects and attractive 7. medium-term targets
• Well placed to capture Africa's sizable 8. opportunities

el argest bank based on total as randed by Brand Finance in the 2025 report; 4 Assets under administration, "Delvering increation in client experience, stability, security and productivity

STANDARD BANK GROUP INTERIM RESULTS PRESENTATION | 14 AUGUST 2025

Managing uncertainty - despite the risks, we have a resilient business with attractive medium-term prospects

Illustrative ROE trajectory

Known unknowns

SBG 2028 - the opportunities are sizeable

Our growth ambitions: Where we want to lead

Progress measurement: How we will track our progress

Lead Africa's energy & infrastructure development

· Leading funder of energy and infrastructure in Africa

· Sustainable finance mobilisation target, R450bn by 2028

Build Africa's best private bank

• · Market shares in target markets
• Client experience .
• · Cross sell of insurance and investment products

Maximise the value of our diversified portfolio

• · Focus on high growth markets where we are confident we can win
• · Diligent capital allocation in line with strategy e.g. greenfield in Egypt

Key enablers Collaborating to support the group's ambitions

ുള്ളത്.
പുട്ടു പ Talent

Key takeaways - strong progress and clear path forward

1 - 1H25 - strong earnings growth, robust balance sheet and improving returns

1. SBG 2025 - firmly on track to achieve 2025 targets set out in 2021

SBG 2028 - we have the franchise, experience and capabilities to deliver compelling 3. growth and shareholder returns

SBG 2028 targets:

8% - 12% HEPS growth

18% - 22% ROE target range

WE'RE AFRICA'S BEST BANK 2025 EUROMONEY AWARDS

THANK YOU

APPENDIX

Appendix – additional macro

Interest rates - most countries cut interest rates in 1H25

South Africa, UK & USA

Africa Regions

Source: Bloomberg

Macroeconomic estimates - 2025

In line with Mar-25 expectations Better than Mar-25 expectations Worse than Mar-25 expectations

Surce: Company francials and SB research Infation weighted based on period end pross frame and advances , Pear GDP grown with banking revenue, 4 Currency change relative to ZAR weighted based on headline earnings STANDARD BANK GROUP INTERIM RESULTS PRESENTATION | 14 AUGUST 2025

Appendix – additional business disclosures

| SBSA – double-digit growth in NIR

	SBSA	SBSA 1H24	Change	Net fee and commission		Trading revenue
	1H25 Ron	Rbn	0/0		1 12%		123%
Net interest income	28.6	28.6	(0)		12.1
Non-interest revenue	21.4	18.7	14	10.8
Total income	50.0	47.3	6			4.9	6.0
Operating expenses	(28.6)	(26.6)	8
Pre-provision profit1	21.4	20.7	3	Rbn 1H24	1H25	Rbn 1H24	1H25
Credit impairment charges	(6.7)	(6.7)	0	Other revenue
Headline earnings	વે.રે	9.4	2		1 8%
Credit loss ratio, bps	95	97
Cost-to-income ratio, %	57.8	56.7		2.8	3.1
Jaws, %	(2.1)	1.9
ROE, %	15.6	15.7		Rbn 1H24	1H25

1 Net of revenue sharing agreement

Africa Regions - a strong performance in West Africa was partially offset by headwinds in South & Central

ി Kenya, South Suda, Tanzania, Ugarda, Pesotho, Malayi, Mauritius, Mozambique, Nambia, Zimbabwe, Yorgola, DRC, Ghana, Côte Chivo, Nigeria STANDARD BANK GROUP INTERIM RESULTS PRESENTATION | 14 AUGUST 2025

Africa Regions – a well diversified portfolio which has delivered strong growth over time

Headline earnings by country

Other includes Botswara, Côte d'Ivoire, DRC, Esvatin, Mauritus, Tanzania, Zimbabwe, 20125 not spirian Alfrica Regions "subsclaries have not ver eported

	1125 Ron	1H24 Ron	Change 0/0	Change CCY %
Net interest income	19.2	19.4	(1)	(1)
Non-interest revenue	0.8	9.0	9	10
Total income	29.0	28.4	2	3
Operating expenses	(16.0)	(15.3)	4	5
Pre-provision profit	13.0	13.1	(0)	O
Credit impairment charges	(5.8)	(6.0)	(3)	(3)
Headline earnings	4.9	4.9	O	0
Credit loss ratio4, bps	170	177
Cost-to-income ratio, %	55.1	54.0
Jaws, %	(2.0)	0.4
ROE, %	20.0	20.1

•

•

• •
• •

	1H25 Ron	1H24 Rbn	Change 0/0	Change CCY %
Net interest income	12.4	12.7	(2)	(1)
Non-interest revenue	6.5	6.3	ব	5
Total income	18.9	19.0	(0)	1
Operating expenses	(10.9)	(10.5)	ব	6
Pre-provision profit	8.0	8.5	(6)	(5)
Credit impairment charges	(1.3)	(1.6)	(16)	(16)
Headline earnings	4.5	4.8	(5)	(4)
Credit loss ratio, bps	130	145
Cost-to-income ratio, %	57.8	55.2
Jaws, %	(4.7)	0.5
ROE, %	372	38.5

• •
• •
• •
• •

Corporate & Investment Banking - key highlights

	1125 Rbn	1H24 Rbn	Change 0/0	Change CCY %
Net interest income	18.6	16.7	11	15
Non-interest revenue	177	14.6	21	24
Total income	36.3	31.3	16	19
Operating expenses	(15.2)	(14.0)	9	11
Pre-provision profit	থে 1	17.3	22	26
Credit impairment charges	(1.0)	(0.4)	>100	>100
Headline earnings	12.0	10.4	16	20
Credit loss ratio4, bps	27	ব
Cost-to-income ratio, %	41.9	44.7
Jaws, %	7.2	(5.6)
ROE, %	22.9	22.9

1 CLR to customers, 2 TxB - Transaction Banking, IB - Investment Banking, GM - Global Markets

Key drivers of performance

• · Total income increased due to a combination of higher demand for energy and infrastructure investments and increased market volatility which led to increased client activity and market making opportunities
• · Operating expenses mainly driven by the impact of incentive growth commensurate with business performance
• Credit impairment charges normalised in the first half of 2025 as prior period included significant recoveries from restructures and cures
• · Headline earnings growth was supported by Global markets achieving record performance

ICBC Standard Bank plc - driven by higher client activity, higher precious metals prices and fees

ICBCS performance

SBG's share of earnings

	1H25	1H24
ICBCS earnings, USDm	111	78
@ % stake	40%	40%
SBG attributable earnings, USDm	44	31
ZAR/USD1	19.0	19.2
SBG attributable earnings, Rm	834	596

1 ICBCS attributable earnings converted at an average rate

Disclaimer - Forward-looking statements

The Group may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, expectations, developments and have not been reviewed or reported on by the Group's external auditors.

By their very nature, forward looking statement risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.

Investor Relations

Investor Relations website:

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Please send any queries to: Relations.Investors@standardbank.co.za Please send any meeting requests to: Sine Gumede

Sine.Gumede@standardbank.co.za

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