Slides
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Results Presentation for the year ended 30 June 2026
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Operating Environment for the year ended 30 June 2026
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3 GEPU current GEPU ppp 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2023 2024 2025 2026 0 100 200 300 400 500 600 700Source: Policyuncertainty.com. The global environment continues to be characterised by elevated uncertainty World Uncertainty Index (1990Q1 to 2026Q2) Eurozone crises, US fiscal fights, China leadership transition US recession and 9/11 Iraq war and outbreak of SARS Financial credit crunch US fiscal cliff and sovereign debt crisis in Europe US Fed tightening and political risk in Greece and Ukraine US presidential elections US-China trade tensions and Brexit Coronavirus War in Ukraine Geopolitical tensions and collapse of Silicon Valley Bank, Signature Bank and Credit Suisse US election, tariffs and geopolitical risks Sovereign debt crisis in Europe Iran War
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4 Sources: Bloomberg, FirstRand. US 10-year yield UK 10-year yield Japan 10-year yield Euro area 10-year yield Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 (1) – 1 2 3 4 5 6 Global policy environment and markets remained volatile 10-year bond yields: US, UK, Japan, Euro area (YTM) Aug 17 Aug 18 Aug 19 Aug 20 Aug 21 Aug 22 Aug 23 Aug 24 Aug 25 Aug 26 – 5 10 15 20 25 Brent oil: 52-week rolling standard deviation (US$/bbl)
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5 SA and broader Africa resilient, despite oil price shock and geopolitical volatility South Africa GDP (% y/y) Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 Mar 26 (8) (6) (4) (2) – 2 4 6 8 South Africa GDP growth Nigeria: Inflation (% y/y)Ghana: Inflation (% y/y)Zambia: Inflation (% y/y) Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 – 10 20 30 40 50 60 Inflation: Nigeria, Ghana, Zambia (% y/y) Sources: StatsSA, SARB, Bloomberg, FirstRand. (% y/y)
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6 Source: SARB, FirstRand. SA inflation and interest rate pressure remains contained Real repo rate (%) Repo rate (%) Inflation (% y/y) Inflation forecast (% y/y)Pre-Iran war inflation forecast (% y/y) 200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026202720282029(4) (2) – 2 4 6 8 10 12 14 16 SA repo rate and inflation forecasts (%) Iran war supply shock increases likelihood of strong disinflation Post-Covid and Ukraine war demand and supply shock Forecast Pre-GFC demand and supply shock 2027 2028 2029
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Unpacking Performance for the year ended 30 June 2026
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8 Performance against guidance Earnings and ROE guidance provided as at 30 June 2025: • Mid-teens growth based on the strong operational performance expected from the South African and broader Africa businesses • ROE at the top end of the stated range These outcomes reflect the strong topline growth, profitability and improved returns generated by the group’s two largest franchises On this basis, delivered: • Earnings growth p16% – Anchors dividend growth p16% • ROE of 21.5%
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9 the group recognised an additional pre-tax provision of £518.4m (R11.3bn) for potential customer redress and £29.4m (R692m) in associated costs therefore, Aldermore Group is classified as a discontinued operation Two material events shaped current year outcomes and define ongoing earnings base Continuing operations present the basis for earnings growth, return profile and capital generation going forward Following the publication of the UK FCA’s final redress scheme for the motor finance sector In April 2026, the group announced its intention to exit the UK consumer market q5% decline in earnings ROE at 18.3%, still within stated range
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10 41 824 39 694 2 187 8 715 44 011 48 409 (4 596) (3 948) 39 415 44 461 Jul 05 2026 2025 2026 2025 2026 2025 2026 2025 2026 — 10 000 20 000 30 000 40 000 50 000 Normalised earnings (R million) and ROE (%) q5% 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 Previously reported basis UK motor provision and costs Normalised total operations Normalised discontinued operation Normalised continuing operations p16% p10% q14% p13% 18.3%20.2% 21.0% 21.5% 10.3%* 8.6%* 24.3% 24.9% Reconciliation of earnings and ROE, including and excluding the UK provision and discontinued operation ROEs shown in bold inside graphs. * ROE shown excluding UK motor provision and discontinuation entries.
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11 Operational performance from UK operations reflects execution on strategy but impacted by significant margin pressure • Economic activity in the UK remained subdued – Above-target inflation weighing on real income growth and consumer and business confidence – This limited the scope for more aggressive interest rate relief q11% ROE: 8.6% £156m* • Healthy book growth p13% driven by specialist buy-to-let lending and the Octane Capital acquisition • Good deposit growth p12% • Disciplined cost containment • Capital position remained strong, with CET1 ratio of 13.6%, above target • NIMs q19 bps due to industry-wide pressure on deposit pricing • CLR normalising in line with expectations, given macros • Additional non-recurring costs as part of cost optimisation programme Good outcomes: Offset by: * Normalised for provision. q14% in ZAR terms
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12 Normalised earnings Cost-to-income ratio Net income after cost of capital R44.5bn 48.0% R19.4bn (2025: R39.4bn) (2025: 48.5%) (2025: R15.7bn) p13% q50 bps p24% Return on assets Return on equity Net asset value 2.07% 24.9% R186.6bn (2025: 1.99%) (2025: 24.3%) (2025: R170.4bn) ▲8 bps p60 bps p9% Credit loss ratio NPL as a % of core lending advances Core lending advances* 1.05% 4.62% R1 374bn (2025: 1.08%) (2025: 4.70%) (2025: R1 288bn) q3 bps q8 bps p7% Continuing operations: Key metrics demonstrate strong underlying performance * Core lending advances represent total advances, excluding assets under agreements to resell.
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13 12 625 13 281 16 713 15 654 21.3 21.0 21.5 14.65 14.65 14.05 14.65 14.05 24.3 24.9 Economic profit Return on equity (ROE) Cost of equity (COE) 2024 2025 2026 2025 2026 0 5 000 10 000 15 000 20 000 25 000 Normalised net asset value (NAV) R billion 197.8 221.7 229.5 170.4 186.6 NAV 2024 2025 2026 2025 2026 0.0 50.0 100.0 150.0 200.0 p9% Strong growth in NAV and economic profit demonstrates shareholder value creation Continuing normalised. ROE and COE % Normalised economic profit R million 19 378 p24%
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14 SA and broader Africa franchises clearly delivering superior ROE ROA p8 bps to 2.07% year on year: • Strong investment income growth • Robust trading income growth • Stable cost-to-asset ratio • Improved credit loss ratio p60 bps increase in ROE to 24.9% (2025: 24.3%) Gearing multiple decreased to 12.0 times from 12.2 times (2025) Cost of equity decreased to 14.05% from 14.65% (2025) R19.4bn NIACC (2025: R15.7bn) p24%
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15 Group’s market-leading franchises delivered operational performance as expected Normalised earnings y/y %, R million p12% ROE: 40.5% R26.4bn q4% ROE: 18.5% R2.3bn p15% ROE: 23.0% R12.3bn 2 648 21 160 5 599 38 862 2021 2026 Broader Africa SA – 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 p111.4% p83.7% Earnings growth in broader Africa has outpaced SA over last five years R million
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16 Strength of origination and deposit franchises Diversified and growing sources of NIR Drivers of operational performance Health and quality of customer franchises
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17 Origination strategy • Continue to pursue highest market share of good-quality credit and protect customer franchise whilst maintaining risk-adjusted returns through the cycle • Track record of disciplined allocation and pricing of capital, funding and liquidity, and risk capacity through FRM process • Origination strategy: – Given the cycle, more retail and commercial customers have increased capacity to borrow – resources allocated appropriately – Targeted industries in line with macro outlook on sectors, particularly in wholesale lending • Continued refinement as cycle shifted over 2026: – Improving conditions for consumers in SA allowed easing of credit criteria in retail secured and unsecured lending – Portfolio tilt continued towards SMEs – Slight shift in risk appetite in WesBank given demand • Balance sheet optimisation created capital and funding velocity and capacity to support origination franchises
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18 21% 10% 8% 12%5% 35% 5%4% Advances growth generated across entire portfolio FNB SA: Retail secured R296bn p 5% Retail unsecured R112bn p 7% Commercial R154bn p7% WesBank: Retail VAF R143bn p 15% Corporate and commercial R74bn p 12% RMB CIB R478bn p 2% (after distribution activities) FNB broader Africa R66bn p 1% Core advances* y/y % Core lending advances composition* * Core lending advances exclude assets under agreements to resell. Retail – unsecured p7% FNB commercial p7% CIB p2% Centre and other p54%FNB broader Africa p1% WesBank VAF p15% WesBank corporate and commercial p12% 2026 Residential mortgages p5% Excluding RMB CIB distribution activities, group’s overall advances p10%
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19 Credit performance reflects origination strategy, book quality and cycle SA commercial • CLR declined just below the mid point of the TTC range, to 92 bps SA retail • CLR declined to 192 bps, at the lower end of the TTC range WesBank • CLR increased to 130 bps from 114 bps • Front-book strain and proactive provisioning CIB • CLR increased off a low base, to 27 bps, remaining below the portfolio TTC range Group CLR declined to 105 bps Improved credit experience in retail and commercial franchises Favourable macroeconomic conditions prevailed for most of the year Geopolitical volatility in Q4 prompted additional R1.1bn of FLI provisions
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20 Deposit franchise growth has consistently outpaced money supply FNB SA Retail R447bn p4% Commercial R563bn p13% RMB CIB – SA R263bn p15% FNB and RMB broader Africa R123bn p 12% Deposit franchise y/y % 268 100 200 FirstRand deposit franchiseSA M3 money supply FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26100 150 200 250 300 FY16 = 100
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21 Overall objectives of ALM strategy outcomes: • Enhanced earnings with lower volatility • Growth and margin stability • Protected earnings against rate cuts ALM strategy continues to support NII growth and margin 7.40% 7.34% 7.15% 7.28% ALM investment strategyNo ALM strategyAverage repo Market-implied forward rate 18 19 20 21 22 23 24 25 26 27 28 29 30 Market-implied forward rates No ALM strategy (i.e. overnight profile) Contribution of ALM strategy Additional R3.3bn of NII, contributing 4% of total NII
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22 Strong uplift in margin supported by FRM discipline, despite rate-cutting cycle p 29 bps movement in group NIM to 529 bps (2025: 500 bps) • Asset margins p12 bps • Deposit margins p13 bps • Capital endowment including ALM strategies p4 bps • Group Treasury, Centre and other activities q2 bps • FNB broader Africa p2 bps • Active FRM executed by customer franchises, balancing growth and appropriate risk-adjusted return • Interest rate and ALM risk managed to ensure group earns appropriate value from liquidity and credit premia
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23 Drivers of operational performance Strength of origination and deposit franchises Diversified and growing sources of NIR Health and quality of customer franchises
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24 NIR benefiting from established, new and scaling sources of capital-light revenues Bank fee and commission income R44.6bn p5% Insurance income R4.8bn p8% Trading and fair value income R7.1bn p42% PE realisations and dividends received R1.9bn p>100% Other operational associates and JVs R1.3bn p33% Knowledge-based fees R2.8bn p14%
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25 2025 2026 Prepaid and vouchers FNB Connect (MVNO) Send Money, bill payments and remittances eBucks and nav>> – 250 500 750 1 000 1 250 1 500 FNB retail and commercial NIR scaling on platform VAS as a source of retail NIR R million p15% p20% p10% p10% FNB fee and commission p8% PayShap p165% Overall volumes p191% Overall values Monthly account fees R10.6bn p Card R4.0bn p Cash R3.7bn n Payments and transfers R2.1bn q eWallet R1.1bn p Payments revenues p5% Payments p10% Volumes p7% Values Forex R4.5bn p EFT R3.4bn p Merchant Services R1.5bn p Digital wallets R129.4bn p36% Overall values Payments processed p7% Overall values STEADY SCALING p10% Overall volumes
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26 2022 2023 2024 2025 2026 Core life Credit life Underwritten life Business life Short-term– 1 000 2 000 3 000 4 000 5 000 6 000 2022 2023 2024 2025 2026 Core life Credit life Underwritten life Business life Short-term– 500 1 000 1 500 2 000 Strategy to grow insurance businesses using own licences is tracking well • Short-term insurance reached profitability for the first time since inception • Continued investment into distribution and operational capacity – p 44% growth in advisor APE – Traction in open market sales • R9.5bn dividends paid since inception New business APE – R4.2bn p22% In-force APE – R10.8bn p15% p15% p12% p14% p75% p27% p26% p67%p12% p5% p13% y/y % y/y %
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27 Invest strategy showing good traction 138 154 191 92 106 159 Ashburton WIM 2024 2025 2026 — 50 100 150 200 250 Assets under management R billion Net inflows R billion Total CAGR p 23% 5 12 30 4 4 43 Ashburton WIM 2024 2025 2026 — 10 20 30 40 50 Total CAGR p >100%
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28 Recovery in RMB Global Markets lifted overall NIR growth 2 293 806 990 543 657 255 3 264 1 340 1 269 593 566 388 2025 2026 FX Fixed income Equity Custody Credit Commodities0 500 1 000 1 500 2 000 2 500 3 000 3 500 Total revenue R million p 66% p42% p 52% • Improved performance across most activities in GM business • p42% increase in FX revenue benefiting from higher client flows and opportunities from improved liquidity in Egyptian and Nigerian markets • Increased structuring opportunities and cross-sell into client base p 28% p 9% q 14%
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29 Drivers of operational performance Strength of origination and deposit franchises Diversified and growing sources of NIR Health and quality of customer franchises
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30 Improved profitability in FNB demonstrates franchise quality and strength • Retail distribution strengthened through Pick n Pay and Boxer partnership • Imminent launch of FNB airtime advance, which incorporates Optasia credit-decisioning capability • Personal: Encouraging growth in new-to-bank customers pre-migration p3% with pre-migration deposit growth p16% • Private: p8% customer growth (with new-to-bank p2.5%) with good NIR per customer p8% • Strong production in personal loans p21% and residential mortgages p20% • Commercial: Customer growth driven by enterprise (p7%) – Business banking remains leading SME lender (R49.0bn) with strong growth in community economy revenue p12% PBT growth • Solid topline growth • Good cost management • Strong credit performance SA PBT p13% Broader Africa PBT p3%
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31 WesBank origination engine delivered record production • Strongest year in WesBank history, with R59.4bn in production p18% p45.4% growth in production from Personal segment • Double-digit growth in production across all corporate and commercial sectors • p13% growth in new business production in ABF business • FML asset book p10% to R5.42bn • New strategic partnerships including multiple fast-growing Chinese brands q4 bps movement in ROE to 23% (2025: 20.7%) Overall strong performance was offset by higher impairments and lower-than-expected vehicle realisations in FML business • Strongest production yet, R59.4bn p18% • p45% growth in production generated from collaboration with personal segment • p13% growth in new business production in ABF business • FML asset book p10% to R5.42bn • New strategic partnerships including new entrants from China R3.1bn PBT Overall strong performance was underpinned by strong topline and cost management, offset by higher impairments
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32 PBT up 15% due to strong performance across portfolio HSBC integration completed • 444 entities transferred, with a large multinational corporate base • Integration of new capabilities expands existing corporate client offerings SA PBT p17% Broader Africa PBT p11% • IBD franchise grew strongly off high base • Global Markets recovered and poised for sustained growth • Muted growth in TTS due to trade and working capital business • PE dividends and realisations continued to contribute p230 bps movement in ROE to 23.0% (2025: 20.7%) Improved advance and deposit NIMs NIR outperformance across the business
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33 Despite macro pressures in some large markets, in-country franchises delivered resilient operational performances Steady Scaling • Zambia: p 50% PBT growth, p 70% advances growth, p51% deposits growth, p 18% customer growth • Nigeria: p47% PBT growth due to CIB activities and increased treasury activity • Ghana: Retail and commercial profitability affected by margin compression and technology costs • Botswana: p5% PBT growth supported by RMB, despite challenging macro conditions and liquidity constraints • Namibia: p13% PBT due to lower impairments and strong balance sheet growth from CIB activities • In-country CIB PBT p53% from GM, TTS and IBD activities • Pressure in cross-border book PBT q 13% due to higher impairments • NIACC q17% due to increased capital, outpacing earnings growth In-country PBTp14% Portfolio PBTp6% ROE: 20.5% ROE: 21.8% movement in ROE to 23.0% (2025: 20.7%) Note: PBT growth quoted in ZAR.
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34 14.0 13.9 Jun 25 Earnings Ordinary dividend FCTR and other ** RWA UK motor commission Jun 26 10 11 12 13 14 15 16 17 18 CET1 position retained with incremental UK motor commission provision impact * Includes unappropriated profits. ** Include FCTR, other reserves and regulatory deductions. # Available regulatory capital resources above 12.5% (upper end of the internal target range) adjusted to provide an economic view of excess capital. CET1 ratio* % (30 bps) (75 bps) (191 bps)300 bps CET1 internal target range: 11.5% – 12.5% CET1 accretion: +79 bps (19 bps) Economic excess of R10bn#
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35 Strong capital position supported a dividend cover of 1.6 times, delivering the highest dividend payout yet Times 1.8 1.7 1.7 1.7 1.8 1.7 1.7 1.6 1.6 1.6 Dividend cover (times) Jun 16 Jun 17 Jun 18 Jun 19 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25* Jun 26 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 1.6x to 2.0x June 2020 excluded as no final dividend paid. * Restated normalised earnings results in a dividend cover of 1.7x. 1.8x to 2.2x
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Financial Review for the year ended 30 June 2026
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37 Performance bridge 1: Normalised earnings • Adjust for UK motor provision in 2025 • FirstRand normalised earnings p10% 41 824 39 694 8 715 48 409 44 011 Jul 05 2026 2026 2026 2025 — 10 000 20 000 30 000 40 000 50 000 q5% p16% p10% ROE: 18.3%ROE: 20.2% 2025 2026 2026 2026 2025 UK motor provision Previously reported basis Normalisation Normalised total operations Normalised earnings (R million) ROE: 21.0%ROE: 21.5%
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38 Performance bridge 2: Continuing operations • Continuing operations (SA and bA franchises) is p13% Normalised earnings (R million) 44 011 48 409 (4 596) (3 948) 39 415 44 461 2025 2026 2025 2026 2025 2026 — 10 000 20 000 30 000 40 000 50 000 2025 2026 2025 2026 2025 2026 Normalised total operations Normalised discontinued operation Normalised continuing operations p10% q14% (q11% in £) p13% ROE: 21.0% ROE: 21.5% ROE: 10.3%* ROE: 8.6%* ROE: 24.3% ROE: 24.9% * ROE shown excluding UK motor provision and discontinuation entries.
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39 217 418 217 410 4 303 12 066 221 721 229 476 (51 284) (42 860) 170 437 186 616 Jul 05 — 50 000 100 000 150 000 200 000 250 000 Performance bridge 3: Net asset value bridge • Large motor provision impacts IFRS NAV, but normalised group NAV continues to grow n p3% q16% p9% 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 Previously reported basis: IFRS NAV Normalisation for UK motor provision Total normalised NAV Normalised discontinued NAV (includes goodwill) Normalised continuing NAV Aldermore group consolidated capital (Normalised): Capital R35 billion Motor provision added back : R3.8 billion Goodwill: R3.8 billion Total pre provision R42.9 billion Aldermore Group consolidated capital (normalised): Capital R35 billion Motor provision normalisation R3.8 billion Goodwill and other R3.8 billion Total pre-provision R42.9 billion 2025 2026 R/£ FX rate 24.36 21.67
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40 Key performance metrics * Includes unappropriated profits. Total previously reported basis Total normalised Normalised continuing 2026 2025 % change 2026 2025 % change 2026 2025 % change Basic earnings per share (cents) 867.4 785.5 10 p 796.7 703.4 13 p Dividend per share (cents) 539 466 16 p Earnings (R million) 39 694 41 824 5 q 48 409 44 011 10 p 44 461 39 415 13 p NIACC (R million) 9 148 11 566 21 q 16 713 13 281 26 p 19 378 15 654 24 p Net asset value (R billion) 217.4 217.4 – 229.5 221.7 3 p 186.6 170.4 9 p Net interest margin (%) 4.68 4.52 p 5.29 5.00 p Credit loss ratio (%) – core lending advances 0.86 0.85 p 1.05 1.08 q Cost-to-income ratio (%) 48.5 48.8 q 48.0 48.5 q Return on equity (%) 18.3 20.2 q 21.5 21.0 p 24.9 24.3 p Return on assets (%) 1.49 1.69 q 1.82 1.78 p 2.07 1.99 p CET1 ratio* (%) 13.9 14.0 q Stage 3/NPL as a % of core lending advances 4.25 4.38 q 4.62 4.70 q Gross advances – core lending advances (R billion) 1 786 1 699 5 p 1 374 1 288 7 p Deposits and debt funding (R billion) 2 321 2 182 6 p 1 870 1 727 8 p Number of employees 51 712 50 717 2 p 49 989 48 759 3 p
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UK FCA Motor Provision for the year ended 30 June 2026
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42 • Prudent provision based on final UK FCA policy statement • Management judgement required: – Take-up rates from 2008: Broadly similar to policy statement – Rebuttals and exclusions: Estimated in line with scheme rules requirements • Scheme has been challenged: – Extends timeline for start of redress scheme – Estimated increase in interest and operating cost results in gross undiscounted exposure of c. £807m, with a discounted outcome of £756m UK motor provision summary Income statement Pre-tax provision Pre-tax related costs Post-tax impact £518m £29m £403m (R11 308m) (R692m) (R8 715m) Balance sheet Undiscounted Discounted – accounting £807m £756m (R16 392m)
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Discontinued Operation Aldermore Group performance (excluding UK motor provision and discontinuation entries) for the year ended 30 June 2026
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44 Discontinued operation: Aldermore Group normalised PBT q11% Margin pressure and credit normalisation, offset by strong book growth and disciplined cost management * Includes fair value hedges and share of profit from associates. 176 6 (28) (6) (7) 15 156 2025 NII Impairments NIR* Opex Tax and other 2026 — 25 50 75 100 125 150 175 q11%q16% ▲2% Normalised earnings £ million ▲1% Effective tax rate (2026: 22.6%) (2025: 26.4%) ▲>100% q86%
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45 Net interest income p1% • Loans and advances p13% • Customer deposits p12% • Negative endowment on unhedged capital • Reduction in NIM of 19 bps to 2.75%, driven by: – Competitive pricing for deposits – Advances mix: Faster growth in lower-margin property lending Operating expenses p2% • Overall costs well managed • Costs p2% despite non-recurring costs, for offshoring and FirstRand exit – Restructuring costs of c. £18.1 million – impact of c. 5% to cost growth and results in offshored headcount of > c. 800 – FirstRand exit – costs of £4.8 million incurred to date – Excluding one-offs q5% Impairment charge p>100% • Charge of £45 million (2025: £17 million) – Overall in line with expectations, with improved collections – below TTC range – Prior year base impact of improved collections on NOSIA portfolio and cost-of-living FLI releases – NPL ratio decreased to 3.03% (2025: 3.38%) • Total balance sheet coverage ratio improved to 1.31% (2025: 1.53%) Other • FV hedge gain of £7.9 million • NAV including provision of £1.65 billion Summary of discontinued operation performance: 30 June 2026
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Continuing Operations Normalised earnings excluding UK motor provision for the year ended 30 June 2026
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47 Group NII p8% driven by balance sheet growth and NIM expansion, despite rate-cutting cycle * Includes share of profit of associates and joint ventures after tax. 39 415 6 399 (326) 7 166 (5 801) (2 392) 44 461 2025 NII Impairments NIR* Opex Tax and other 2026 — 10 000 20 000 30 000 40 000 50 000 60 000 ▲13%▲14% ▲9%▲12% Normalised earnings R million ▲8% Effective tax rate (2026: 22.6%) (2025: 21.7%) ▲2%
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48 29 483 21 834 4 681 12 683 2 155 6 166 31 672 23 620 5 182 13 317 3 064 6 546 Lending Transactional* Investment deposits Capital endowment Group Treasury, Centre and other** FNB broader Africa— 5 000 10 000 15 000 20 000 25 000 30 000 35 000 Net interest income R million * Includes NII-related credit cards, overdrafts and transactional deposit products, deposit endowment (including ALM strategies). ** ‘Other’ includes negative endowment, e.g. fixed assets. # The June 2025 NII has been restated due to classifying the UK operations as a discontinued operation. p7% p8% p11% p6% Capital endowment • Decrease in average repo rate (-89 bps in SA) • Increase in capital balance and portfolio management pR634m Group Treasury, Centre and other impacts • Driven by funding and liquidity activities – lower funding costs and improved foreign currency deployment, but with reduced HQLA margins pR909m p5% p42% ,# 2026 2025 Solid NII growth from all balance sheet activities
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49 281.7 124.7 105.1 287.4 134.7 107.5 295.7 143.2 112.2 Residential mortgages WesBank VAF Retail unsecured 209.8 447.1 87.1 216.3 446.3 92.0 227.8 450.7 93.4 FNB commercial and WesBank corporate RMB CIB* Broader Africa Core lending advances up 7% to R1 374bn * Excludes broader Africa. Note: Growth rates are based on growth since June 2025 and the change from December 2025 is indicated as 6m. Core lending advances R billion Jun 25 Jun 26Dec 25 Total core lending advances Jun 26 vs Jun 25: p7% (p7% ccy) Jun 26 vs Dec 25: p4% (p4% ccy) p5% y/y p3% 6m p7% y/y p4% 6m p15% y/y p6% 6m p 1% y/y p1% 6m p9% y/y p5% 6m p13% y/y excl. RMB distribution and currency impact p7% y/y p1% 6m p9% y/y ccy Advances growth reflects improving growth trends
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50 2025 468 711 62 683 (10 278) (43 287) 477 829 2025 Net origination** FX Distribution 2026 p2% * Core lending advances exclude assets under agreements to resell. ** Reflected as origination less settlements, roll-offs and early termination. # Rand strengthening impact on hard currency portfolio and bA in-country portfolio. p13% RMB advances net origination ▲13%, offset by distribution strategies, but at improved overall portfolio margin and returns q9% q2% Core lending advances* R million #
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51 427 499 230 110 183 188 13 77 39 447 563 263 123 194 211 13 64 40 Retail Commercial CIB* Broader Africa**FI deposits and facilities Debt securities Asset-based securities Other funding AT1 and Tier 2 capital Deposit franchise p10% Institutional and other funding p3% AT1/T2 capital * Includes South Africa and the London branch. ** Broader Africa deposits include CIB deposits related to the broader Africa subsidiaries. # FI deposits and facilities are managed by Group Treasury. † Debt securities include R8 billion of Flac instruments, which are classified as other loss-absorbing liabilities on the statement of financial position. AT1/Tier 2 capital does not include Flac. Note: Percentage growth is based on actual rather than rounded numbers shown in the bar graphs. Total funding portfolio p9% 2026 2025 p4% p13% p15% p12% p6% p12% q17% p2% # p3% Deposit franchise growth momentum continues resulting in lower institutional funding requirements † †
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52 * The 2025 NII and NIM have been restated due to classifying the UK operations as a discontinued operation. ** Including ALM strategies. # Average interest-earning asset growth. Normalised margin Basis points 500 12 13 4 (2) 2 529 2025 Lending interest- earning assets Deposits** Capital endowment**Group Treasury, Centre and other activities FNB broader Africa 2026200 250 300 350 400 450 500 550 AIEA# p2% NII p8% * Group margin expansion p29 bps driven by focused execution of FRM strategies
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53 * Includes share of profit of associates and joint ventures after tax. 39 415 6 399 (326) 7 166 (5 801) (2 392) 44 461 2025 NII Impairments NIR* Opex Tax and other 2026 — 10 000 20 000 30 000 40 000 50 000 60 000 ▲13% ▲14% ▲9%▲12% Normalised earnings R million ▲8% Effective tax rate (2026: 22.6%) (2025: 21.7%) ▲2% CLR remains below mid point of TTC range, despite geopolitical FLI impacts in Q4 of c. R1.1bn
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54 Group continuing operations range 100 – 130 bps 4.5 4.6 4.7 4.6 4.6 1.09 1.05 1.08 1.03 1.05 8.25 7.75 7.25 6.75 7.00 Stage 3/NPLs as a % of core lending advancesImpairment charge as a % of average core lending advancesRepo rate Jun 24 Dec 24 Jun 25 Dec 25 Jun 26 Group CLR remains below the mid point of the TTC range on all views
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55 Jun 25 Dec 25 Jun 26 Stage 3/NPLsStage 2Stage 1 7 171 6 637 7 017 6 741 7 239 6m to Jun 24 6m to Dec 24 6m to Jun 25 6m to Dec 25 6m to Jun 26 * Rolling six-month credit loss ratio (annualised). ** Rolling six-month view. Credit impairment charge** R million Provision distribution and coverage Performing book coverage Jun 25: 1.68% Dec 25: 1.65% Jun 26: 1.64% Stage 1 Stage 2 Stage 3 Total Core lending advances (R m) 1 219 121 91 083 63 476 1 373 680 Provisions (R m) 10 190 11 241 29 718 51 149 1.02 1.05 1.09 1.03 1.07 0.91 6m to Jun 246m to Dec 246m to Jun 256m to Dec 256m to Jun 26 Credit loss ratio* p5% y/y p1% y/y p6% y/y p2% 6m p3% 6m p2% 6m 0.84 0.85 0.84 12.93 11.66 12.34 46.6 47.2 46.8 58% 22% 20% 58% 23% 19% 58% 22% 20% p7% 6m Credit performance and coverage ratios – 6-monthly view continuing operations 7 239 6 155 ME FLI 1 084 CLR excl. ME FLI
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56 Total impairment charge p2% 2025 vs 2026 710 1 834 4 370 2 541 2 073 936 616(63) 2 367 5 169 2 488 2 018 1 176 539 Residential mortgages WesBank VAF Personal loans FNB card FNB commercial and WesBank corporate RMB CIB* Broader Africa** Impairment charge and CLR (%) R million 20262025 • Better-than-expected house price instruct data. • Improving NPL inflows. • Low growth over few cycles • Improvement in HPI more than offset the Middle East impact • Strong advances growth p15% • Measured easing of underwriting criteria • Judgmental PMA to cater for LGD risk of low-cost new entrants • Middle East FLI provisions • Advances growth p10% • Front-book strain • Middle East FLI provisions • Improved customer repayment behaviour • Improved credit performance • Improved debt counselling outcomes • Better-than-expected credit performance • Non-repeat of two large prior-year defaults • Industry risk PMA’s moderated the overall decline • Better than expectations • Lower arrears and better collections • Partial offset due to increased impairments in Zambia following strong advances growth • Botswana portfolio under pressure due to macros • In line with expectations • Overall portfolio performed well • Few large NPL inflows in both lending and PE portfolios Retail – secured q9% CLR 0.64 0.55 Retail – unsecured p7% CLR 7.10 7.25 q(>100)% p29% p18% q2% q3% p26% q13% Drivers of the impairment charge across portfolios Advances p5% p15% p10% p4% p9% p2% p7% CLR% 0.26 (0.02) 1.54 1.77 8.14 9.09 5.94 5.51 1.04 0.92 0.22 0.27 0.73 0.60 Coverage % 2.18% 2.00% 5.04% 5.01% 18.34% 18.38% 15.08% 14.66% 3.37% 3.47% 1.66% 1.68% 4.53% 4.00% Commercial q3% RMB CIB p26% Broader Africa q13% Impairment charge Retail p3% 192 bps (2025: 198 bps) * Excludes broader Africa. ** Broader Africa excludes Group Treasury and cross-border activities.
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57 Good NIR growth across all activities * Includes share of profit of associates and joint ventures after tax. 39 415 6 399 (326) 7 166 (5 801) (2 392) 44 461 2025 NII Impairments NIR* Opex Tax and other 2026 — 10 000 20 000 30 000 40 000 50 000 60 000 ▲13% ▲14% ▲9% Normalised earnings R million ▲8% Effective tax rate (2026: 22.6%) (2025: 21.7%) ▲2% ▲12%
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58 * Includes share of profit of associates and joint ventures after tax. Significantly improved outcome in NIR growth p12% 42 897 4 802 7 139 5 894 4 872 40 416 4 462 5 013 4 314 4 233 R million Total NIR* p12% 2026: 65 604 2025: 58 438 2025 2026 Net insurance income p8% Trading and other fair value p42% Total investment income* p37% Other p15% Fee and commission income p6% Normalised earnings R million
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59 42 897 4 802 7 139 5 894 4 872 40 416 4 462 5 013 4 314 4 233* Includes share of profit of associates and joint ventures after tax. FNB fee and commission income ▲8% and RMB IBD knowledge-based fees ▲14%, offset by softer growth in RMB corporate commitment and structuring fees R million Total NIR* p12% 2026: 65 604 2025: 58 438 2025 2026 Fee and commission income ▲6% FNB +8% RMB +1% Transaction volume +5% Customer acquisition +3% Knowledge-based fees +14% Management and fiduciary fees +15% Fee and commission income p6% Normalised earnings R million
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60 4 462 1 065 28 (744) (9) 4 802 2025 Insurance income Insurance revenue Commission, brokerage and participation agreements Insurance service expenses Other 2026 Insurance income — 1 000 2 000 3 000 4 000 5 000 6 000 Insurance income R million * Excludes Centre and other insurance loss of R22 million (2025: -R1 million). ** Life includes DirectAxis and short-term includes the Hollard and Santam profit share. Insurance revenue ▲13%, with insurance service expenses ▲17% including investment in distribution and platform for future growth Insurance income* 4 802 Broader Africa p12% Life** p8% Short-term q2% p15% (Excl. OUTsurance and Santam) Brokers ▲5% WesBank p51% ▲3% ▲3% ▲13% ▲17% ▲8% ▲12%
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61 3 971 5 929 507 712 535 498 RMB trading income and otherRMB IB FV incomeGroup Treasury accounting mismatches, hedges and other 2025 2026— 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 7 139 5 013 p42% p49% q7% Strong rebound in RMB fair value income as G lobal Markets’s strategy reset gains traction p40%
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62 3 335 3 836 880 1 341*544 724 265 494 – 202 (710) (703) Private equity associates and other Other (incl. RMB Morgan Stanley) WB Associates Profit on assets held against employee liabilitiesOptasia Tax on associates and JVs 2025 2026 Investment income, including income from associates and JVs p37% R million 5 894 4 314 * 2026 includes -R135 million relating to the debt-to-equity restructure. Impressive investment income growth across all activities p>100% p33% p52% p86% p15% q1%
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63 Costs increased ▲9% marginally ahead of expectations * Includes share of profit of associates and joint ventures after tax. 39 415 6 399 (326) 7 166 (5 801) (2 392) 44 461 2025 NII Impairments NIR* Opex Tax and other 2026 — 10 000 20 000 30 000 40 000 50 000 60 000 ▲13%▲14% ▲12% Normalised earnings R million ▲8% Effective tax rate (2026: 22.6%) (2025: 21.7%) ▲2% ▲9%
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64 Staff costs impacted by average staff inflation p5% + headcount growth p3%, with overall costs higher due to increased professional fees and IT expenses on project spend 5 203 5 411 45 993 4 042 1 478 2 405 1 888 5 132 Staff costs p9% Computer expenses p10% Other expenditure p10% Professional fees p14% Property expenses –% Advertising and marketing p6% Repairs and maintenance p8% Depreciation, amortisation and leases p8% Group costs R millions p9% 71 552
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65 61 024 67 320 71 106 73 042 78 895 65 751 71 552 116 218 131 008 141 400 149 694 162 831 135 440 149 005 52.5% 51.4% 50.3% 48.8% 48.5% 48.5% 48.0% Operating expenditureTotal income Cost-to-income ratio (RHS) 2022 2023 2024 2025 2026 2025 2026 — 25 000 50 000 75 000 100 000 125 000 150 000 175 000 — 10 20 30 40 50 % Jaws p/p 0.8% R billion 3.1% 2.3%2.4% 1.2% Continuing normalised. Focus on positive JAWS reflects in CTI
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66 * Includes share of profit of associates and joint ventures after tax. Summary of continuing operations performance: 30 June 2026 Net interest income p8% • Better than expectations and outperformed rate cycle • Solid balance sheet growth: – Deposit franchise p10% – Core lending advances p7% • Improved group margin by 29 bps to 5.29% • Positive contribution from ALM strategies, partially offset by 89 bps lower average interest rates Non-interest revenue* p12% • Fee and commission income p6% • Insurance income p8% – strong operational performance, partially offset by investment into future growth • Trading and fair value income p42% – strong global markets rebound • Investment and associate income p37% – strong performance across all activities, PE realisation cycle continues Impairment charge p2% • Overall result in line with expectations • CLR declined 105 bps (2025: 108 bps), bottom end of TTC range, despite additional FLI of c. R1.1bn, for geopolitical risks • Slowing formation of NPL inflows, with improvements in debt counselling portfolio • FNB CLR improved to 163 bps with charge down 5% year on year, despite c. R500m additional FLI for geopolitical risk • WesBank CLR increased to 1.30%, with charge up 28% driven by front-book strain, management PMA for increasing LGD risk and c. R250m additional FLI for geopolitical risks • RMB CLR increased to 0.27%, with overall portfolio in line with expectations, except for a few large NPL inflows Operating expenses p9% • Staff costs p9% : Average staff inflation c. 5%, + headcount growth p3% • Professional fees p14% • Computer expenses p10% • Non-recurring spend for project and deal implementation costs, partially offset by stronger average rand exchange rate
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Looking Ahead for the year ended 30 June 2026
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68 Updating medium-term ROE target range and earnings growth commitments Earnings growth Through-the-cycle 21% – 26% High single digit to low double digits ROEDisciplined execution from the continuing operations will generate earnings and superior returns
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69 Refined strategic framework A multi-branded portfolio of market-leading franchises structured and enabled to deliver superior growth and returns FirstRand commits to building a future of shared prosperity through enriching the lives of its customers, employees and the societies it serves. This is the foundation to a sustainable future and will preserve the group’s enduring promise to create long-term value. BROADER AFRICA Building scale and competitive advantage through organic growth, acquisitions, disruptive strategies and partnerships to deliver equitable profit generation and returns. SOUTH AFRICA With a client-first approach and differentiated and innovative product offerings that meet rapidly evolving needs, the group will defend its deep and valuable profit pools whilst growing new ancillary capital-light sources of revenue. Strategic jurisdictional nodes connecting flows and enabling delivery to clients Committed, accountable and empowered people key to delivering continued outperformance Enterprise-wide enablement and technology capabilities, delivered at scale, to optimise efficiencies and unlock innovation Disciplined management of financial resources (capital, funding, liquidity and risk capacity) to deliver on financial commitments
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70 Protect the group’s valuable, market-leading franchises in SA and broader Africa Successful execution will bring growth and scale to the bA portfolio 7 million customers Grow customers, increase lending, gather deposits and cross-sell across the franchises 13k legal entity clients 1.3 million customers 110k customers R171bn advances R316bn deposits Retail banking franchise Private banking franchise Business banking franchise Commercial and Public sector banking franchise Corporate and investment banking franchise R56bn advances R247bn deposits 2 million customers R418bn advances R335bn deposits R133bn advances R113bn deposits R478bn advances R299bn deposits Note: FNB franchise view excludes Broader Africa advances of R66bn, and deposits of R86bn.
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71 Multiple opportunities present significant growth runway for the portfolio Scaling across existing jurisdictions and selected new markets in Africa Retail banking franchise Private banking franchise Business banking franchise Commercial and Public sector banking franchise Corporate and investment banking franchise Lean into constructive macro cycles, supported by structural reforms, and the regions’s large infrastructure deficit Capture meaningful share of the region’s growing and diversifying trade and capital flows Grow corporate transactional banking and MNC client franchise Insure: Continue scaling FNB insurance into customer bases from current levels Invest: Lift penetration across franchises Leverage partnerships for distribution and capabilities
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72 Enterprise-wide capabilities = technology and business services Group Technology and Engineering providing enterprise-wide technology solutions, delivered at scale Support strategy execution Eliminate duplication Unlock efficiencies Enable strategy execution at scale Eliminate duplication Unlock efficiencies Group Business Services, providing enterprise-wide business services, delivered at scale modernisation of legacy platforms across banking and payments set up under a modern internal vendor construct with professionalised services efficiencies from AI-enabled development capacity benchmarked to market on cost and quality enhanced AI-enabled customer experiences AI-enabled and automated for scale Greater operational leverage key to growth commitment
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73 NAV compounding at 8.7% a year since 2016, with R200bn returned to shareholders 100 109 121 130 138 152 165 181 198 222 230 13 26 41 57 74 80 97 125 147 172 200 Normalised NAV (Rbn)Cumulative dividends paid (Rbn) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 – 100 200 300 400 500 Normalised NAV and cumulative dividends paid Rbn NAV CAGR p8.7% and NAV plus distributions CAGR p14.3% (2016 to 2026) Normalised NAV: 2024 and 2025 restated for the normalisation of the UK motor commission matter Capital allocation philosophy: • Disciplined execution of FRM principles, including capital management and allocation • Focus on franchise value creation and tactical opportunities including M&A • Capital unallocated to strategies will be returned to shareholders
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74 Group’s FY27 prospects • Economic reforms will continue to support a gradual improvement in growth trend expectations in the larger economies where the group operates • While recent oil price shock is likely to weigh on economic activity in the near term, its impact should begin to fade over the next 12 months, allowing for a gradual disinflationary trend in SA and broader Africa • High single-digit NII growth: – Improving advances growth across all portfolios, similar deposit growth and normalising portfolio returns from the ALM strategy • NIR growth to trend down to mid single digits – Continued strong growth from customer franchise activity across insurance, GM, private equity and corporate transactional activity, offset by high base created by income from Group Treasury in current year • CLR to remain below mid point of TTC range • Lower operating expenses growth • Normalised earnings growth of high single digits to low double digits • ROE to remain at the top end of the new stated range for the FY27 year
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-End- The printed booklet contains the main presentation only. The supporting annexures are available on the group’s website.