Standard Bank Group (SBKJJ): 5M26 Trading update - resilient performance & FY26 guidance maintained

研报英文原文证据摘录

Standard Bank Group (SBKJJ): 5M26 Trading update - resilient performance & FY26 guidance maintained

Goldman Sachs Standard Bank Group (SBKJ.J)

endowment income and competitive mortgage pricing pressures in South Africa.

o Net Interest Income benefited from stronger volumes, though there was a

partial offset from a negative endowment impact.

o Trading revenue also benefited from elevated market volatility during 1Q26.

n Insurance & Asset Management sustained strong earnings momentum, supported

by improved life risk experience, healthy persistence and rising assets under

management.

n Cost growth remained broadly aligned with revenue growth as the group

maintained disciplined expense management while continuing to invest in franchise

expansion and operational efficiency initiatives.

n Credit impairment charges declined yoy, resulting in a lower credit loss ratio

despite higher forward-looking provisioning.

n Earnings growth moderated from the 12% yoy reported in 1Q26, although

diversification across regions remained supportive, with stronger growth in West and

East Africa more than offsetting a softer performance in South and Central Africa.

Exhibit 1: 5M26 trading update table

2025 5M26

Management guidance GSe VA Consensus

+ve growth supported by balance sheet growth,

NII growth 4% yoy Mid-Single digit 5% 6%

partially offset by lower endowment income

+ve growth driven by increased client activity

NIR growth (Bank-only) 10% yoy Low-Double digit 9% 10%

and higher transactional volumes

Revenue growth broadly supported by balance

Banking revenue growth +6% yoy Mid-to-High single digit 7% 7%

sheet growth and client activity

Banking C/I 50% Flat yoy ~50% 50% 50%

Opex growth broadly in-line with revenue

Banking Opex growth +6% yoy Slower than revenue growth 6.0% 6.0%

growth