Standard Bank Group (SBKJ.J): Data Update: Minor estimate revisions

First-page research excerpt

Equity Research

29 July 2026 | 7:47PM GST

Standard Bank Group (SBKJ.J): Data Update: Minor estimate revisions

Estimate changes

We make estimate changes ahead of the 1H26 results. Our 1H26 EPS estimate

remains broadly the same at 16.32, as we reflect a slight adjustment to other income

estimates. We make no changes to our PT.

Valuation and key risks

We rate Standard Bank Neutral with a 12-month price target of R312. We value the

bank using a justified P/TB methodology, in line with the approach for our MENA

banks coverage. Key risks to our thesis are: 1) Weaker/stronger than expected

margin, 2) Weaker/stronger than expected loan growth, 3) Opex slippage/cost

discipline, and 4) Deterioration/improvement in asset quality.

SBKJ.J

12m Price Target: R312.00

Price: R325.00

Kazim Andac

+971(4)214-9958 |

Goldman Sachs International

Ashwath P T, CFA

Goldman Sachs International

Gokul Vinayak L

Goldman Sachs India SPL

Downside: 4.0%

Neutral

GS Forecast

Market cap: R535.1bn / $32.0bn

3m ADTV: R795.9mn / $48.4mn

South Africa

CEEMEA Financials

Tang. equity/tang. assets (%): 7.8

M&A Rank: 3

Net inc. (R mn)

12/25

49,100.0

12/26E

54,114.7

12/27E

60,050.5

12/28E

67,313.7

Tang. BVPS (R)

156.87

171.62

187.92

206.20

EPS (R)

30.19

33.27

36.92

41.39

DPS (R)

16.95

18.60

20.70

23.20

GS ROTE (%)

19.9

20.3

20.6

21.0

P/TBV (X)

1.9

1.7

1.6

P/E (X)

7.9

9.8

8.8

7.9

Dividend yield (%)

7.1

5.7

6.4

7.1

CET1 ratio (%)

13.8

13.2

13.5

13.7

6/25

12/25

6/26E

12/26E

EPS (R)

14.61

15.58

16.32

16.95

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 28 Jul 2026 close.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors

should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC