On 27 November 2023, Standard Bank released a voluntary trading update for the ten months ending 31 October 2023 which provided insights into the full-year results (currently expected on 14 March 2024). Highlights included the following:

• Revenue growth slowed but remained above 20% over the period.
• Net interest income growth is driven by interest rate increases although the net interest margin expansion has slowed in recent months. Retail and business disbursements slowed due to lower demand, reduced affordability, and competitive pricing pressure (particularly in SA mortgages). Corporate origination remained strong, driven by energy related opportunities.
• Non-interest revenue growth was in the low-to-mid teens, supported by client acquisition, higher transaction volumes, annual price increases and continued volatility which supported trading revenues.
• Our research supports a buy recommendation.