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Standard Bank Investment Corporation
Presentation to Investors
November 2001
1
Key financial statistics
Headline earnings per share 21% up for the half year
J u n e ‘0 1
% change
J u n e ‘0 0
2 020
24
1 632
H e a d lin e e a rn in g s
Rm
E ffe ctive ta x ra te
%
3 1 .1
3 1 .8
A d ju ste d e ffe ctive ta x ra te *
%
2 5 .7
2 5 .2
H e a d lin e E P S
ce n ts
C o st-to -in c o m e ra tio
%
N A V p e r sh a re
ce n ts
1 503
22
1 229
A d ju ste d N A V p e r s h a re
ce n ts
1 741
21
1 433
T o ta l a sse ts
R bn
310
18
262
154
21
5 7 .8
127
6 0 .9
*Excluding indirect taxes
2
Headline earnings per business unit
Diversified revenue stream
Stanbic A frica
9%
Internatio nal
Operatio ns
13%
Liberty
11%
R etail B anking
31%
C o mmercial
B anking
13%
SC M B
23%
3
Cost-to-income ratio
Consistent improvement
300
283
250
227
cents
200
150
100
50
165
136
74
93
156
178
124
92
62
72
86
103
1996
1997
1998
1999
127
154
0
Headline EPS First Half
2000
66
65
64
63
62
%
61
60
59
58
57
HY2001
Headline EPS Second half
Cost-to-income ratio
4
Cost-to-income ratio
Focus on efficiencies
J u n e ‘0 1
J u n e ‘0 0
5 7 .2 %
5 9 .3 %
R e ta il B a n k in g
6 5 .5 %
6 7 .9 %
SCMB
4 8 .1 %
4 9 .1 %
C o m m e rc ia l B a n k in g
3 8 .4 %
4 3 .9 %
S ta n b ic A fric a
5 4 .2 %
5 8 .2 %
In te rn a tio n a l O p e ra tio n s
6 2 .4 %
6 3 .0 %
S ta n b ic g ro u p
5 7 .8 %
6 0 .9 %
D o m e s tic o p e ra tio n s
5
Net interest margin
Growth despite reduction in lending margins
5
4
%
3
2
1994
1995
1996
1997
1998
1999
2000
HY2001
Net interest margin
6
Interest vs non-interest revenue
Non-interest income accounts for 51% of income
60
50
% 40
30
20
1996
1997
1998
Net Interest income
1999
2000
HY2001
Non-interest income
7
Operating expenses
Better control of costs
25
5,000
9%
2,206
June '00
Staff
June '01
Other
1H2001
0
2000
0
5
1999
2,364
1998
2,237
1997
1,000
6%
10
1996
2,000
15
1995
2,033
Rm
3,000
20
%y-o-y
4,000
Operating expenses
8
Capital adequacy
%
Well capitalised
16
14
12
10
8
6
4
2
0
13.5*
13.8
2.9
2.7

Surplus capital primarily in
hard currency

11.1
10.6
Higher capital requirement in
International Operations

International acquisition
possibilities
Dec '00
June '01

R2bn secondary capital
issued in October 2001
Primary capital
Required capital
Secondary capital
* Restated in line with new regulations
9
Capital allocation and returns
Creating value for shareholders
D e c ‘0 0
A ve ra g e e q u ity
RoE
Rm
D o m e stic o p e ra tio n s
8 ,8 7 3
2 7 .7 %
S ta n b ic A frica
1 ,0 2 3
3 0 .4 %
In te rn a tio n a l O p e ra tio n s
3 ,8 3 9
1 4 .8 %
A d ju ste d In te rn a tio n a l O p e ra tio n s*
3 ,8 3 9
2 9 .3 %
C e n tra lise d fu n d in g & L ib e rty
2 ,7 0 1
1 2 .4 %
1 6 ,4 3 4
2 2 .4 %
S ta n b ic g ro u p
* Including translation gain
10
Translation effect
International RoE including translation gain
D e c ’0 0
Rm
H e a d lin e e a rn in g s a s re p o rte d
567
T ra n sla tio n g a in
559
H e a d lin e e a rn in g s
1 ,1 2 6
A ve ra g e e q u ity
3 ,8 3 9
R oE
2 9 .3 %
11
Retail Banking
12
Retail Banking
Transactional and lending products group

Improve profitability within low interest rate environment
Through:

Migration to direct channels (customer self-service)

New sources of lending products origination

Lending to mass market segment

Developing new growth businesses that capitalise on existing
networks/payment systems and relationships

Reviewing product pricing to enhance product profitability

The new group payments strategy
13
Retail Banking
Home loans

Increase market share without sacrificing margin
Through:

New strategies...

Varied origination strategy

Promote utilisation of available access facilities

Lending to new market segments

Product range to cater for mass market customer needs

Operational efficiencies and effectiveness...

Better customer information processes

Improved response times
14
Retail Banking
Card products

Increase volumes, reduce processing costs
Through:

New strategies...

Co-branded and partnership deals

Migration to EMV and smartcards

Installation of fraud prevention neural network

New market segments

Cross-sell opportunities

Operational efficiencies and effectiveness…

Authentication methods

Dormant card detection
15
Retail Banking
Physical network

Protecting the most valuable asset
Through:

Demographic forecasting and planning

Improved service ratings and culture

Centralisation of non value transactions

Appropriate migration of relevant transactions to direct channels
16
Retail Banking
Wealth products

Sustaining an integrated wealth business model
Through:

Further leverage off Liberty relationship

Improved customer penetration through CRM and “sales credit
system”

Broader product offering

Invigorated sales force
17
Retail Banking
Customer, Service and IT

Focus on “lifetime” value of customer
Through:

Single view of bank and customer

Appropriate service for appropriate customer segments

Group brand strategy

Establish world class banking systems and processes

Alignment of business and IT architecture and strategy
18
International Operations
20
International Operations
Resource Banking
Debt Capital Markets
Trade and Commodity Finance
Forfaiting
Corporate Banking
Project Finance
Africa Corporate Finance
Mining Corporate Finance
Asset Management
Treasury
NATURAL RESOURCES
DEVELOPING ECONOMIES
Three themes
FUNDING
Private Client Banking
21
International Operations
Stockholm
2
Moscow
Prague
New York
11
C.I.
5
Shanghai
61
305 Milan
Istanbul
2
Miami
Tehran
Taipei
7
36
4
3
18
Dubai
Hong Kong
Bogota
6
114
4
Lima
Singapore
5
Sao Paulo
25
Sydney
17
Buenos Aires
2
8
London
524
22
International Operations
Resource banking

Provide advisory, project and trade financing, hedging and trading
services to the mining, metals and energy related sectors
Junior
Developers
Producers
Precious Metals
Merchant
Traders
Smelters
Fabricators
Refiners
Venture
Capital
Base Metals
Oil & Gas
Electricity
Consumers
Advisory
&
Corporate
Finance
Fund
Managers
Structuring
Project
Finance
Trading
Trade Finance
23
International Operations
Debt capital markets



Source, structure, distribute and trade emerging market risk
Focus on emerging market debt securities
Divided between



(64% of revenues, H1 2001)
(36% of revenues, H1 2001)
Client servicing

Origination
Sales
Market making

Customer financing



Client servicing
Proprietary trading
Main trading operations

London, Hong Kong, Singapore
24
International Operations
Private client banking

Services to predominantly UK offshore and South Africa offshore
clients

Significant growth business globally

Low capital usage, high returns

Attracts high market rating

“Liability” focus  key part of SBL funding

SBOG provides a solid platform

Demand for services from regional network

Increasing integration with Asset Management

focused on specialist asset classes related to Bank’s core
product areas
25
International Operations
Examples - Resource banking
26
International Operations
Examples - Debt capital markets
27
International Operations
Risk management

Portfolio management

Diversified globally

Well structured country risk limits

Liquidity rewarded in limit system

Collateral used extensively as a risk mitigant

In country presence provides added input

Continuous revaluation of risk and stress testing

Risk appetite set in value-at-risk testing

Use VAR, sensitivity, cash limits, stress test

Controls over new products and new businesses

Appropriate systems, personnel and model support
28
International Operations
Key strategies

Consolidate position as a leading specialist emerging
markets bank

Further improve mix and quality of earnings

Develop and grow domestic, on-the-ground investment
banking activities in key emerging markets

Grow private banking and asset management
capability on a global emerging markets basis

Develop energy and power trading, financing and
advisory activities

Increase integration between International Operations,
SCMB and Stanbic Africa
29
SCMB
30
SCMB
Diversified revenue stream
14%
20%
21%
12%
30%
3%
Corporate and Investment Banking
Structured Finance
Asset Management
Foreign Banking
Treasury (Interest Rate, Gold, Equities)
Other
31
SCMB
Key strategies

Developing global product focus with International
Operations

Continue to build market leadership in chosen areas

Cost containment

Focus on e-Commerce

Private equity / Leveraged buy outs / Economic
Empowerment

Continue to attract and retain high calibre staff

Privatisation
32
SCMB
Rated by external groups

PricewaterhouseCoopers banking survey

SCMB ranked first by its peers in:
- Corporate Banking
- Foreign Exchange Trading
- Capital Markets, Bonds and Derivatives
- Money Markets

Risk Magazine

SCMB ranked first in eight categories
33
Commercial Banking
Well positioned for upturn in local economy

Increase market share in asset finance

Emphasis on lowering bad debts

Continued focus on cross-sell opportunities

Leverage off market leadership in electronic banking
34
Stanbic Africa
35
Stanbic Africa - where we are
African roots, global reach
36
Stanbic Africa
Characteristics

Wide margins

Non-complex banking

Low levels of competition

Difficult operational environment
37
Stanbic Africa
Key strategies

Replicate relevant businesses of Standard Bank into
Africa

Selective acquisitions

Micro-lending

Bancassurance potential

Functional relationships more important than geography

Manage capital and returns in volatile, soft currencies

Very high growth potential
38
Liberty Group
39
Liberty Group

South Africa’s third largest life assurer

Bancassurance partner

Simple product co-operation

Complex products

Headline RoE 24%*
*On continuing operations
40
Stanbic
41
Group issues

Building a wealth business
- Become a serious player in the wealth business

Pool the components we have in Retail, SCMB, London, Private
Banking and Liberty (already a wealth business)

A purely South African model is insufficient as the target market is
limited - has to form part of an international initiative

Capital Allocation and Returns
- Force businesses to use capital effectively
- Exit businesses which cannot deliver appropriate
returns
42
Stanbic
De-emphasising geography
• Interest rate derivatives
• Credit derivatives
SCMB
•
•
•
•
•
•
International
Foreign exchange (domestic)
Project and structured finance
Private banking
Structured trade finance
Resource banking
Asset Management
Africa
43
Why Stanbic?

Multiple revenue streams

Well positioned in high growth markets

New team, new culture

Inclusion in the MSCI emerging market banks index

Our work is far from done
44
This presentation contains certain forward-looking statements
relating to Stanbic’s earnings, efficiencies and expense savings,
and return on equity amongst others. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ from those set out in the statements.
These uncertainties include but are not limited to, the risk of
adverse impacts from an economic downturn, increased
competition, unfavourable political or other developments,
government or regulatory policies, market volatility in securities
markets, interest or foreign exchange rates and other factors
affecting Stanbic’s operations and businesses.
46
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