%
change

2002
Audited

2001
Audited

Standard Bank Group

Shares in issue (millions)

Number of ordinary shares in issue

- end of period

1 331

1 325

- weighted average

1 328

1 319

Cents per ordinary share

Headline earnings

18

396,3

335,1

Dividends

22

124,0

102,0

Earnings

10

376,2

343,1

Fully diluted earnings

10

371,2

337,9

Net asset value

1

1 957

1 939

Adjusted net asset value

1

2 163

2 138

Financial performance (%)

Return on equity

20,3

20,1

Standard Bank operations

Financial performance (%)

Return on equity

21,2

19,9

Return on total assets

1,6

1,5

Cost-to-income ratio

57,3

57,4

Effective tax rate

33,5

30,8

Capital adequacy (%)

Capital ratio

- primary capital

10,9

11,1

- total capital

14,3

14,2