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					Statement of financial position
at 31 December 2009




Assets
Cash and balances with central banks
Derivative assets
Trading assets
Pledged assets
Financial investments
Loans and advances
Loans and advances to banks
Loans and advances to customers
Current tax assets
Deferred tax assets
Other assets
Interest in associates and joint ventures
Investment property
Goodwill and other intangible assets
Property and equipment
Total assets
Equity and liabilities
Equity
Equity attributable to ordinary shareholders
Ordinary share capital
Ordinary share premium
Reserves
Preference share capital and premium
Minority interest
Liabilities
Derivative liabilities
Trading liabilities
Deposit and current accounts
Deposits from banks
Deposits from customers
Current tax liabilities
Deferred tax liabilities
Other liabilities
Policyholders’ liabilities
Subordinated debt
Total equity and liabilities
               Group
           2009        2008
Note        Rm          Rm

  3       24 983      25 697
  4      168 257     267 761
  5       89 644      85 227
  6        5 808       8 373
  7      261 066     253 259
  8      721 389     787 934
  8      122 923     129 890
  8      598 466     658 044
  9          136         190
  9        1 345       1 127
 10       16 926      30 398
 11        9 529       6 990
 12       19 058      16 771
 13        9 409      10 180
 14       12 250       9 746
       1 339 800   1 503 653

          99 369      99 501
          84 022      81 953
 15          156         153
 15       17 041      16 844
          66 825      64 956
 15        5 503       5 503
           9 844      12 045
       1 240 431   1 404 152
  4      162 515     262 146
 17       51 118      48 155
 18      768 548     843 815
 18      106 018     129 055
 18      662 530     714 760
 19        3 634       2 673
 19        4 013       6 185
 20       40 403      47 578
 21      183 544     172 069
 22       26 656      21 531
       1 339 800   1 503 653
Income statement
for the year ended 31 December 2009




Income from banking activities
Net interest income
Interest income
Interest expense
Non-interest revenue
Net fee and commission revenue
Fee and commission revenue
Fee and commission expense
Trading revenue
Other revenue
Income from investment management and life insurance activities
Net insurance premiums
Investment income and gains/(losses)
Management and service fee income
Total income
Credit impairment charges
Benefits due to policyholders
Net insurance benefits and claims
Fair value adjustment to policyholders’ liabilities under investment contracts
Fair value adjustment on third party fund interests
Income after credit impairment charges and policyholders' benefits
Operating expenses in banking activities
Staff costs
Other operating expenses
Operating expenses in investment management and life insurance activities
Acquisition costs
Other operating expenses
Net income before goodwill
Goodwill impairment
Net income before associates and joint ventures
Share of profits from associates and joint ventures
Net income before indirect taxation
Indirect taxation
Profit before direct taxation
Direct taxation
Profit for the year
Attributable to minorities
Attributable to equity holders of the parent
Attributable to preference shareholders
Attributable to ordinary shareholders

Basic earnings per ordinary share (cents)
Diluted earnings per ordinary share (cents)
              Group
           2009          2008
Note        Rm            Rm
         62 828        61 366
         31 316        31 918
 27.1    82 291       101 425
 27.2    50 975        69 507
         31 512        29 448
         18 108        17 607
 27.3    20 840        20 452
 27.4     2 732         2 845
 27.5    10 916         9 463
 27.6     2 488         2 378
         43 458        23 359
 27.7    21 998        22 259
 27.8    19 220         ( 891)
          2 240         1 991
        106 286       84 725
 27.9    12 097       11 342
         33 915       11 997
27.10    27 131       12 888
          5 949       (1 025)
            835           134
         60 274        61 386
         32 827        30 390
27.11    17 848        16 951
27.13    14 979        13 439
          9 052         8 423
27.12     3 114         2 822
27.13     5 938         5 601
         18 395        22 573
27.14        42             5
         18 353        22 568
  11         33           268
         18 386        22 836
 29.1     1 710         1 382
         16 676        21 454
 29.2     4 680         4 705
         11 996        16 749
            411         2 288
         11 585        14 461
        531      529
     11 054   13 932

31    757,5    995,9
31    731,6    962,2
Statement of comprehensive income
for the year ended 31 December 2009




2009
Profit for the year
Other comprehensive income after tax for the year1
Exchange differences on translating foreign operations
Net loss on hedges of net investments in foreign operations
Net change in fair value on cash flow hedges
Realised fair value adjustments on cash flow hedges transferred to profit or loss
Net change in fair value of available-for-sale financial assets
Realised fair value adjustments on available-for-sale financial assets transferred to profit or loss
Revaluation and other gains
Total comprehensive income for the year
Attributable to minorities
Attributable to equity holders of the parent
Attributable to preference shareholders
Attributable to ordinary shareholders




2008
Profit for the year
Other comprehensive income after tax for the year1
Exchange differences on translating foreign operations
Net gain on hedges of net investments in foreign operations
Net change in fair value on cash flow hedges
Realised fair value adjustments on cash flow hedges transferred to profit or loss
Net change in fair value of available-for-sale financial assets
Realised fair value adjustments on available-for-sale financial assets transferred to profit or loss
Revaluation and other gains/(losses)
Total comprehensive income for the year
Attributable to minorities
Attributable to equity holders of the parent
Attributable to preference shareholders
Attributable to ordinary shareholders
1
    Income tax relating to each component of other comprehensive income is disclosed in note 29.
                Group
           Minorities
 Ordinary        and
sharehold preference
      ers’
   equity sharehold          Total
      Rm          ers
                 Rm         equity
                              Rm

   11 054            942    11 996
   (7 395)       (2 069)    (9 464)
   (7 403)       (2 164)    (9 567)
     (106)                    (106)
      (94)                     (94)
       179                      179
       249            24        273
     (242)             9      (233)
        22            62         84
     3 659       (1 127)      2 532
                 (1 658)    (1 658)
     3 659           531      4 190
                     531        531
     3 659                    3 659


                Group
               Minorities
  Ordinary           and
shareholde    preference
        rs’
     equity   shareholde      Total
       Rm            Rmrs    equity
                               Rm

    13 932         2 817    16 749
     4 997         1 280     6 277
     3 791         1 340     5 131
       447                     447
       644                     644
       288                     288
       (22)          (43)      (65)
     (159)             12    (147)
          8          (29)      (21)
    18 929         4 097    23 026
                   3 568     3 568
    18 929           529    19 458
         529      529
18 929         18 929
Statement of cash flows
for the year ended 31 December 2009




Net cash flows from operating activities
Cash flows used in operations
Net income before goodwill
Adjusted for:
Amortisation of intangible assets
Credit impairment charges on loans and advances
Defined benefit pension fund employer surplus
Depreciation of property and equipment
Dividends included in trading revenue and investment income
Equity-settled share-based payments
Indirect taxation
Interest expense
Interest income
Fair value adjustment on third party fund interests
Investment (gains)/losses due to policyholders
Net fund flows after service fees on policyholder investment contracts
Non-cash flow movements to bonds
Other impairment losses
Policyholders’ liability transfers
Loss/(profit) on sale of businesses and divisions
Profit on sale of property and equipment
Provision for post-employment benefits
Recoveries on motor vehicle disposals
Other
Increase in income-earning assets
(Decrease)/increase in deposits and other liabilities
Dividends received
Interest paid
Interest received
Direct taxation paid
Net cash flows used in investing activities
Capital expenditure on – property
                              – equipment, furniture and vehicles
                              – intangible assets
Proceeds from sale of – property
                              – equipment, furniture and vehicles
Net investment in investment properties
Net decrease/(increase) in investments by insurance operations
Net cash outflow resulting from the disposal/acquisition of subsidiaries
Increase in investment in existing subsidiaries
Investment in associates and joint ventures
Net cash flows from financing activities
Proceeds from issue of share capital to shareholders
Share buy-backs
Equity transactions with minorities
Proceeds from disposal of shares
Net increase/(decrease) in subordinated debt
Net dividends paid
Effect of exchange rate changes on cash and cash equivalents
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
1
    Limited reclassifications were made to improve disclosure.
             Group
           2009         2008¹
Note         Rm            Rm
          6 295         6 658
       (27 794)     (27 973)
         18 395       22 573
       (21 816)     (28 645)
            617           510
         12 097       11 342
            (26)            18
          1 746         1 564
        (2 921)       (5 024)
            344           252
        (1 710)       (1 382)
         51 318       69 863
       (89 405)    (108 024)
            835           134
        (6 358)       15 008
        (1 681)       (2 877)
            169           955
            156           285
         13 195     (11 198)
               7          (24)
            (38)          (16)
          (156)            (1)
            (27)          (29)
              22           (1)
33.1   (16 964)     (93 295)
33.2    (7 409)       71 394
          4 863         7 103
       (51 318)     (69 863)
         86 762      103 075
33.3    (6 218)       (5 684)
        (7 372)     (10 885)
        (2 089)       (1 391)
        (3 151)       (2 371)
        (1 568)       (1 516)
             55            61
           130           104
        (1 442)         (198)
          2 662         (330)
33.4      (247)         (583)
            (10)      (4 479)
33.5   (1 712)     (182)
         2 887     7 550
           200   16 132
                   (503)
        (136)        303
                     986
         7 086   (2 247)
33.6   (4 263)   (7 121)
       (2 524)     1 756
         (714)     5 079
       25 697    20 618
33.7   24 983    25 697
Statement of changes in equity
for the year ended 31 December 2009



                                                                                               Ordinary
                                                                                                  share
                                                                                                 capital
                                                                                                    and
                                                                                               premium
Group                                                                                               Rm
Balance at 1 January 2008                                                                         1 368
Total comprehensive income for the year
Profit for the year
Other comprehensive income after tax for the year
Increase in statutory credit risk reserve
Transfer of unrealised profit on sale of subsidiary shares
Transactions with owners, recorded directly in equity                                           15 629
Equity-settled share-based payment transactions
Transfer of vested equity rights
Issue of share capital and share premium                                                        16 132
Share buy-backs                                                                                   (503)
Transactions with minority shareholders
Net decrease in treasury shares
Net dividends paid
Dividends paid to equity holders
Dividends received from Tutuwa initiative and policyholders’ deemed treasury shares

Balance at 31 December 2008                                                                     16 997
Balance at 1 January 2009                                                                       16 997
Total comprehensive income for the year
Profit for the year
Other comprehensive income after tax for the year
Increase in statutory credit risk reserve
Transactions with owners, recorded directly in equity                                               200
Equity-settled share-based payment transactions
Transfer of vested equity rights
Issue of share capital and share premium                                                            200
Deferred tax on share-based payment transactions
Net decrease in treasury shares
Net dividends paid
Dividends paid to equity holders
Dividends received from Tutuwa initiative and policyholders’ deemed treasury shares

Balance at 31 December 2009                                                                     17 197
1
   The empowerment reserve is explained in note 16 on page 257.
2
   The treasury shares reserve relates to Standard Bank Group shares held by entities within the group.
3
   Refer to accounting policy 3 – Foreign currency translations.
4
   Refer to the net investment hedges section in accounting policy 5 – Financial instruments.
5
   Refer to the cash flow hedges section in accounting policy 5 – Financial instruments.
6
   The statutory credit risk reserve relates to reserving requirements within African countries.
7
   Refer to the available-for-sale section in accounting policy 5 – Financial instruments.
8
   Refer to accounting policy 19 – Equity-linked transactions. 
All balances are stated net of applicable tax.
                                                      Foreign
                                                    currency
                                        Foreign     hedge of                          Available-      Share-
            Empower-                  currency            net Cash flow Statutory        for-sale     based
                ment     Treasury   translation   investment   hedging credit risk   revaluation    payment
             reserve1     shares2      reserve3      reserve4
                                                               reserve5  reserve6       reserve7    reserve8
                  Rm          Rm            Rm            Rm        Rm        Rm              Rm         Rm
               (3 235)      (960)       1 501           433       (130)       176           500         655
                                        3 791           447        932                     (181)

                                        3 791           447        932                     (181)
                                                                              168
                (118)
                 700         202            (4)                                                          84
                                                                                                        217
                                                                                                       (111)



                (286)       (260)           (4)                                                         (22)
                 986         462




               (2 653)      (758)       5 288           880        802        344           319         739
               (2 653)      (758)        5 288          880        802        344           319         739
                                        (7 403)        (106)        85                        7

                                        (7 403)        (106)        85                        7
                                                                              202
                             617                                                                        175
                                                                                                        307
                                                                                                       (132)



                             617




               (2 653)      (141)       (2 115)         774        887        546           326         914


he group.
                                       Preference
Revaluation                 Ordinary        share
  and other   Retained shareholders’   capital and   Minority    Total
   reserves   earnings        equity     premium     interest   equity
        Rm         Rm            Rm            Rm         Rm      Rm
       335     53 028        53 671        5 503       9 332    68 506
         4     13 936        18 929          529       3 568    23 026
               13 932        13 932          529       2 288    16 749
         4          4         4 997                    1 280     6 277
                 (168)
                  118
       (37)    (7 221)        9 353          (529)      (855)    7 969
                                217                       35      252
                  111
                             16 132                             16 132
                               (503)                              (503)
       (37)    (1 589)       (2 198)                    (982)   (3 180)
                   35         1 483                      906     2 389
               (5 778)       (5 778)         (529)      (814)   (7 121)
               (6 081)       (6 081)         (529)      (988)   (7 598)
                  303           303                      174       477

       302     59 693        81 953        5 503      12 045    99 501
       302     59 693        81 953        5 503      12 045    99 501
       (14)    11 090         3 659          531      (1 658)    2 532
               11 054        11 054          531         411    11 996
       (14)        36        (7 395)                  (2 069)   (9 464)
                 (202)
               (2 582)       (1 590)         (531)      (543)   (2 664)
                                307                       37      344
                  132
                                200                      (10)      190
                   58            58                                 58
                   74           691                      316     1 007
               (2 846)       (2 846)         (531)      (886)   (4 263)
               (3 137)       (3 137)         (531)      (955)   (4 623)
                  291           291                       69       360

       288     67 999        84 022        5 503       9 844    99 369

				
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