Fitch affirms Standard Bank at ‘BB’; outlook stable

Fitch Ratings has maintained Standard Bank Group Limited’s (SBG) Long-Term Issuer Default Ratings (IDRs) at ‘BB’, as well as their Viability Ratings (VR) and National Long-Term Ratings, at ‘bb’ and ‘AAA (zaf)’ respectively. The outlooks for the Long-Term IDRs and National Long-Term Ratings have also been deemed stable. The Long-Term IDRs of SBG and its main operating subsidiary, SBSA, are based on their individual creditworthiness, which is reflected in their ‘bb’ VRs.

These VRs highlight a strong domestic and regional presence, diversified revenue streams, solid profitability metrics, adequate capital buffers, and a stable funding profile. However, the VRs are limited by the high concentration of SBG’s operations in South Africa and a significant sovereign-related exposure relative to its capital.

SBSA’s equity at half-year 2026 stands at 276% relative to its capital. The National Ratings represent SBG’s creditworthiness in local currency compared to other South African issuers and are on par with those of all other rated banks in the country. SBG boasts a dominant domestic franchise through SBSA, which held 25% of the South African banking system’s assets at the end of the first half of 2026.

Additionally, SBG has a substantial presence in Sub-Saharan Africa (SSA), with operations in 20 other countries, accounting for 19% of its consolidated assets at the same period. Fitch noted that SBG’s revenue is diversified across income streams and geographies, with Sub-Saharan Africa operations excluding South Africa contributing 40% of the company’s headline earnings in the second half of 2026.