Standard Bank Group (SBKJ.J): 5M26 trading update conference call takeaways

研报英文原文证据摘录

Standard Bank Group (SBKJ.J): 5M26 trading update conference call takeaways

Equity Research

22 June 2026 | 9:24PM GST

Standard Bank Group (SBKJ.J): 5M26 trading update conference call

takeaways

Standard Bank hosted a conference call today post the 5M26 trading update. Key Kazim Andac

+971(4)214-9958 |

takeaways are as follows: kazim.andac@gs.com

Goldman Sachs International

We expect a broadly neutral share price reaction post the pre-close call. While Ashwath P T, CFA

+971(4)376-3439 | ashwath.pt@gs.com

management has observed lower than expected endowment impact in 5M26, Goldman Sachs International

operating leverage has been muted thus far. Nevertheless, it expects cost Gokul Vinayak L

optimization along with revenue resilience to help generate positive operating +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

jaws into 2H, while it also targets a sequential improvement in the CLR. Overall,

the bank reiterated its FY26 guidance despite a slight moderation in HEPS

growth vs 1Q26 level of 12% yoy.

n Net Interest Income: Management noted that NII benefited from strong balance

sheet growth that was partially offset by negative endowment impact.

Management noted that on the CIB business, sectors such as energy &

infrastructure, telecom & media, and real estate outperformed. They reiterated

their guidance on NIM compression for FY26 vs FY25.

n Non-Interest revenue: Growth in NIR was supported by higher transaction

banking activity, value added services, and elevated market related activity. They

note that trading revenue has continued to perform well against a high base.

n Opex: Management noted that cost growth tracked revenue growth in 5M26;

they expect positive jaws for 2026 driven by cost optimization along with

revenue resilience.