Summary of Standard Bank Group's 2026 Capital Markets Day Company Overview - **Company**: Standard Bank Group - **Industry**: Banking and Financial Services - **Event**: 2026 Capital Markets Day held on March 26, 2026 Key Themes and Strategic Focus - **Central Theme**: Unlocking growth in a rapidly changing Africa [1] - **Strategic Reflections**: The company aims to harness finance to support Africa's economic growth, emphasizing its long-standing presence and brand trustworthiness [4][5] - **Medium-Term Targets**: New targets extend from 2026 to 2028, focusing on growth and operational efficiency [4] Financial Performance and Goals - **Historical Performance**: The company has delivered peer-beating total shareholder returns over the last five years, with a significant increase in revenue and return on equity [6][8] - **Future Targets**: Aiming for an average headline earnings per share growth of 8%-12% from 2025 to 2028, with a return on equity target of 18%-22% [22][23] Market Position and Competitive Advantage - **Market Leadership**: Standard Bank is the largest African universal bank, with operations in 21 countries and a customer base of 20 million [6][7] - **Diversified Portfolio**: The bank operates through four business units: Corporate and Investment Banking, Business and Commercial Banking, Personal and Private Banking, and Insurance and Asset Management, each serving different client segments [7][8] Economic and Demographic Trends - **Growth Projections**: Africa is expected to be the fastest-growing major region by 2030, with average GDP growth forecasted to exceed 4% annually over the next three years [9][10] - **Infrastructure Needs**: The continent requires significant investment in economic infrastructure, particularly in transport and energy, with an estimated annual need of $130 billion to $170 billion [10][39] Technological Advancements and Competition - **Technological Integration**: The bank is investing in technology, AI, and payments to enhance client experience and operational efficiency [12][15] - **Competitive Landscape**: Rising competition from fintechs and neobanks is acknowledged, with a focus on adapting to regulatory changes and market dynamics [12][14] Business Unit Strategies - **Corporate and Investment Banking (CIB)**: Positioned as Africa's leading integrated corporate and investment bank, focusing on capturing structural opportunities in energy, infrastructure, and trade corridors [26][38] - **Business and Commercial Banking (BCB)**: Aims to grow revenue through transaction-led and deposit-funded strategies, with a focus on small enterprises and mid-tier segments [48][49] Risk Management and Sustainability - **Risk Management**: The bank emphasizes disciplined risk management across credit and market risks, maintaining a credit loss ratio within a range of 40-60 basis points [44][45] - **Sustainability Goals**: Committed to delivering ZAR 450 billion in sustainable finance by 2028, reflecting a focus on responsible growth [46] Conclusion - **Confidence in Growth**: Standard Bank Group expresses confidence in its ability to meet ambitious targets and leverage its unique network and brand strength to capitalize on Africa's growth opportunities [24][45]

Core Viewpoint - Investec Group is expected to deliver a resilient performance for the year ending March 31, 2026, driven by increased client activity, loan growth, and wealth inflows, despite challenges from lower average interest rates and competitive margin dynamics, particularly in the U.K. [5][21] Financial Performance - Revenue for the 11-month period was supported by increased client activity levels, higher average advances, and net inflows in the wealth business, although this was counterbalanced by the negative impact of lower average interest rates [2][5] - Net core loans rose to GBP 36.3 billion, reflecting a 7.4% annualized growth in neutral currency and a 13.3% growth in reported currency, attributed to a 9.5% appreciation of the rand against the pound [7][9] - Customer deposits increased to GBP 45.5 billion, marking a 5.7% annualized growth in neutral currency and an 11.5% growth in reported currency [9] - Funds under management in South Africa increased by 26.7% to GBP 29.6 billion, driven by strong inflows in discretionary funds [9] Earnings Outlook - Adjusted earnings per share are expected to grow between 3% and 6% year-over-year, with a cost-to-income ratio projected at 52% to 54% [8][10] - The group ROE is anticipated to be between 13.3% and 13.7%, with a midpoint of 13.5%, indicating a slight moderation from previous guidance [11][19] Strategic Initiatives - The company is investing in corporate mid-market and private client segments, as well as modernizing its operating and digital platforms [3][6] - A ZAR 2.5 billion (GBP 110 million) share buyback program has been completed as part of capital management [2][6] Market Dynamics - In the U.K., net interest margin compression has been offset by increased fee income and a post-budget mortgage pickup, with lending growth running at around 9% to 10% [12][13] - The South African market has shown good growth in core client franchises, particularly in mortgage activity and corporate investment banking, with double-digit loan growth reported [15] Macroeconomic Considerations - The macroeconomic environment in South Africa is described as improving, with more stable fiscal and monetary policy management compared to the COVID period, although uncertainties remain due to geopolitical factors [17][21] - The interplay between lower interest rates, activity levels, and impairments is being closely monitored, with potential impacts from external factors such as the war in Iran [14][21]

Group 1 - Monte dei Paschi di Siena (MPS) and Mediobanca are advancing towards a full merger, with MPS planning to issue up to €1.6 billion ($1.9 billion) in new shares [1] - Mediobanca shareholders will receive 2.45 MPS shares for each Mediobanca share offered, allowing MPS to acquire the remaining 14% of Mediobanca it does not own [1] - The merger is part of a broader restructuring plan that includes the establishment of a wholly owned subsidiary for corporate and investment banking services under the name "Mediobanca S.p.A." [2] Group 2 - The reorganization will integrate financial advisor networks and retail wealth management operations of Mediobanca Premier and Banca Widiba [2] - If the merger and reorganization are completed, Mediobanca shareholders may benefit from increased liquidity, participation in MPS's dividend policy, and access to future shareholder distributions [3] - MPS has set a 2030 adjusted net profit target of €3.7 billion ($4.4 billion) and aims to finalize the merger by the end of the year, delivering all anticipated merger benefits by 2028 [4]

Core Viewpoint - Standard Chartered is expanding its private banking workforce in Singapore to better serve wealthy Chinese clients, doubling the number of bankers despite recent scrutiny on Chinese financial flows due to money-laundering cases [1][2]. Group 1: Workforce Expansion - The bank plans to hire up to 50 new relationship managers in Singapore this year to attract clients from China [1]. - Once the hiring process is complete, the Singapore team serving Chinese clients will match the scale of its Hong Kong counterpart [6]. Group 2: Market Position and Strategy - Singapore remains a crucial offshore banking center for wealthy Chinese clients, particularly from northern and western China, despite recent money-laundering investigations causing delays in account openings [2]. - Standard Chartered aims to draw affluent expatriates from China and India as part of its wealth management strategy, with plans to double its investment in this sector to $1.5 billion over five years [4]. Group 3: Financial Performance - The wealth management division reported a 24% rise in income for 2025, indicating steady demand for Singapore-based services [5]. - Last year, the bank gained 275,000 affluent customers and $52 billion in net new funds, with approximately one third being Chinese customers with offshore assets [5].

Financial Data and Key Metrics Changes - The company reported record net income of $224.1 million for the full year, with diluted earnings per share of $3.88, reflecting a 13.8% increase from the previous year [3] - Fourth quarter net income was $56.6 million, or $0.99 per share, with an annual return on assets of 1.21% and a return on tangible common equity of 14.08% [3] - The efficiency ratio for the year was 54.5%, indicating significant operating leverage with revenues growing almost five times faster than expenses [3] Business Line Data and Key Metrics Changes - Commercial loan growth was robust, with $153 million in growth for the quarter (6% annualized) and $852 million year-to-date (nearly 7% growth for 2025) [7] - The consumer segment also contributed to growth, with $44 million in loan growth for the quarter and $87 million for the year [7] - Total revenues in Q4 showed strong growth, with net interest income increasing by $5.4 million and non-interest income by $0.6 million [11] Market Data and Key Metrics Changes - The company operates 111 banking centers across Indiana, Ohio, and Michigan, with a focus on growing within these markets [2] - The fourth quarter was the strongest for deposit growth, driven by the consumer segment, which saw a $155 million increase in total consumer deposits [8] - The company has seen a stable pipeline for loans, indicating optimism for maintaining loan growth into the first quarter of 2026 [7] Company Strategy and Development Direction - The company aims to build on its Midwestern strength and grow organically through deeper relationships and smarter use of technology [6] - The acquisition of First Savings Group, adding approximately $2.4 billion in assets, is expected to enhance the company's presence in Southern Indiana and the Louisville MSA [3][4] - The integration of First Savings Bank is on track, with a focus on community banking and specialty verticals as priorities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic and financial benefits of the merger, expecting to close the acquisition on February 1, 2026 [4] - The Midwest economy continues to expand, with clients' businesses growing and bankers winning new relationships [7] - The company anticipates mid-single-digit loan growth for the first quarter of 2026, with expectations of 6% to 8% growth for the year [32][34] Other Important Information - The company plans to sell the entire First Savings bond portfolio, approximately $250 million, to optimize the balance sheet [28] - The tangible book value per share ended the year at $30.18, a 12.7% increase from the prior year [11] - The company repurchased 272,000 shares for $10.4 million in the fourth quarter, totaling over 1.2 million shares for $46.9 million in 2025 [16] Q&A Session Summary Question: Update on balance sheet optimization - Management is evaluating balance sheet repositioning but expects any actions to be modest, focusing on selling the First Savings bond portfolio [27][29] Question: Expectations for loan growth in 2026 - Management expects mid-single-digit loan growth for the first quarter, with potential for 6% to 8% growth for the year [32][34] Question: Guidance on core expenses - Non-interest expenses are expected to increase by 3%-5% due to talent additions and the integration of First Savings [44] Question: Impact of FSFG on margin - The acquisition is expected to provide a lift to the margin due to interest accretion [72] Question: Outlook on buybacks versus M&A - Management is focused on the current acquisition and believes buybacks are the best short-term strategy given current valuations [92]

Core Insights - Advisor.com is an online platform designed to help users find trustworthy financial advisors, offering personalized plans based on individual financial situations and goals [1][6] - A Gallup poll from 2025 indicates that financial advisors are utilized by 54% of upper-income Americans, 39% of middle-income earners, and only 20% of lower-income earners, highlighting a disparity in access to financial advisory services [2] Group 1: Private Banking and Wealth Management - Private banking offers personalized services, including dedicated advisors for wealthy clients, which enhances customer experience by avoiding long wait times and providing tailored financial solutions [3][4] - Wealthy clients often enjoy perks such as waived fees for services like monthly maintenance, ATM transactions, and wire transfers, which are not typically available to average consumers [8][9] - High-yield savings accounts are a significant advantage for wealthy individuals, allowing them to earn more interest compared to traditional savings accounts, thus helping to outpace inflation [13][14][15] Group 2: Alternative Financial Services - Institutions like SoFi provide financial support and personalized planning services at no cost, making them accessible to clients without substantial wealth [10] - SoFi also offers self-directed investment accounts with no commissions or minimum balances, allowing users to invest in various financial instruments starting with as little as $5 [11] - Wealthfront Cash Account offers a competitive APY of 3.90% for new clients, significantly higher than the national average, with no minimum balance requirements and FDIC insurance for balances up to $8 million [17][18]

Core Insights - First Horizon Bank has appointed Justin Rutledge as the Charlotte Market President, focusing on client growth, associate engagement, and community service [1][2]. Company Overview - First Horizon Corporation has $83.2 billion in assets as of September 30, 2025, and operates in 12 states, primarily in the southern U.S. [4] - The bank offers a wide range of services including commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking [4]. - First Horizon has received recognition as one of the nation's best employers by Fortune and Forbes magazines and is listed as a Top 10 Most Reputable U.S. Bank [4]. Leadership and Strategy - Justin Rutledge brings over 20 years of banking experience, having previously served as the Charlotte Market President for Truist and held various roles in Mortgage, Commercial Banking, and Middle Market [2][3]. - Rutledge aims to enhance client and business growth by combining local relationships with technology and specialist expertise [3].

Core Points - First Horizon Corporation plans to announce its third quarter financial results on October 15, 2025, with a live conference call and webcast presentation scheduled for 9:30 am ET [1] - The company has $82.1 billion in assets as of June 30, 2025, and operates in 12 states in the southern U.S. [2] Financial Results Announcement - The financial results will be available at ir.firsthorizon.com at approximately 6:30 am ET/5:30 am CT on October 15, 2025 [1] - A live webcast will be accessible under Events and Presentations on the company's website [1] - Dial-in options for the conference call include 1-833-470-1428 for U.S. callers and 646-844-6383 for international callers, with an access code of 547397 [1] - A replay of the call will be available until midnight CT on October 29, with specific dial-in details provided for U.S. callers [1] Company Overview - First Horizon Corporation is a leading regional financial services company, providing a range of services including commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking [2] - The company has received recognition as one of the nation's best employers by Fortune and Forbes magazines and is listed as a Top 10 Most Reputable U.S. Bank [2]

Group 1 - First Horizon Foundation announced a $25,000 donation to the American Red Cross of Southeast Tennessee to support relief efforts in Chattanooga [1] - The donation aims to provide essential services and critical resources to the community affected by recent floods [1][3] - Chattanooga Mayor Tim Kelly praised First Horizon for its long-standing support and commitment to the community since 1905 [3] Group 2 - The American Red Cross of Southeast Tennessee offers emergency financial aid, recovery planning, and long-term support for those impacted by the floods [3] - First Horizon Corporation, with $82.1 billion in assets as of June 30, 2025, is a leading regional financial services company operating in 12 states [5] - The First Horizon Foundation has donated over $150 million since its founding in 1993, supporting various impact areas including Arts & Culture, Education & Leadership, and Health & Human Services [4]

Financial Data and Key Metrics Changes - The company reported an EPS of $1.78, which includes significant one-time items, notably a gain from the sale of the Family Office Services business and a vendor negotiation totaling a $0.60 EPS impact [15] - Excluding these items, the adjusted EPS would have been $1.20, reflecting an increase from both the prior year and prior quarter [15] - Consolidated operating margins improved slightly year over year but declined sequentially due to one-time expenses in corporate overhead [20] Business Line Data and Key Metrics Changes - Private banking revenue increased both year over year and sequentially, supported by larger clients going live in the quarter [15] - Investment managers' revenue grew 8% year over year, with double-digit growth in alternatives offsetting a 1% decline in traditional revenue [15] - Advisor and institutional businesses realized flat sequential revenue growth, with market appreciation in May and June offsetting significant declines in April [16] Market Data and Key Metrics Changes - AUM net flows for advisor and institutional businesses were negligible year to date, significantly improving from the first half of 2024 [23] - Traditional mutual fund outflows were largely offset by growth in models and custom portfolios, indicating a shift in resource allocation towards tax-sensitive ETFs and SMAs [24] - The company is in the early stages of its asset management journey, focusing on larger advisors and growing the RIA business, with early progress being encouraging [24] Company Strategy and Development Direction - The company announced a strategic investment in Stratos, integrating its client-centric model with SEI's technology and investment management capabilities [5][6] - The leadership team has evolved with the appointments of Karen Riese and Tom Maratil to the Board of Directors, enhancing strategic insight and commitment to long-term growth [6] - The company is focused on flawless execution to ensure client satisfaction and is investing in talent, technology, and platforms to support growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the competitive landscape shifting in their favor, with increased interest in outsourcing from banks and alternative asset managers [9] - The company is addressing outflow headwinds and is seeing tangible progress, with two quarters of improving net asset flows [8] - Management emphasized the importance of long-term growth and accountability, stating that investments made now are targeted and intentional [12] Other Important Information - The company returned significant capital to shareholders, with buybacks exceeding $700 million on a trailing twelve-month basis [25] - The upcoming Investor Day is scheduled for September 18, where more strategic priorities and anticipated outcomes will be discussed [26] Q&A Session Summary Question: Key investments in talent and technology - Management highlighted investments in talent and technology, particularly in IMS to streamline systems for better scalability and cost efficiency [29][30] Question: Temporary delays in private banking sales - Management attributed delays to market volatility in April but noted a strong and balanced pipeline across various segments [34][36] Question: Differentiation of Stratos acquisition strategy - Management emphasized Stratos' experienced executive team, centralized investment platform, and cultural fit as key differentiators [42][44] Question: Revenue synergies from Stratos - Management indicated that while there may not be immediate revenue synergies, the focus is on enhancing Stratos' existing capabilities without disrupting their organic growth [49][50] Question: Sales cycle characterization and drivers of strength - Management noted strong pipelines across all segments, particularly in alternatives, and emphasized the importance of flawless execution to secure long-term business [53][55]