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At the annual general meeting, chief executive Jacko Maree will refer to this update regarding the group's performance for the first four months of 2012 in comparison with the same period for 2011.

Banking activities Net interest income for the first four months of 2012 benefited from good loan growth towards the end of 2011 and the ongoing improvement in new business lending margins. Non-interest revenue was boosted by good growth in trading revenues albeit off a lower base in the prior year.

As anticipated, credit impairment charges reflect some increase as portfolio provisions are created in line with book growth and a more normal charge has been incurred in Corporate & Investment Banking compared to a net recovery in the prior period.

The cost-to-income ratio for the four months was slightly higher than that achieved for the 2011 year but the group remains focused on reducing this ratio. Basel II capital adequacy disclosure at 31 March 2012 In terms of the Basel II requirements under Regulation 43(1)(e)(ii) of regulations relating to banks, minimum disclosure on the capital adequacy of the group is required on a quarterly basis.

This announcement meets the ongoing reporting requirement for quarterly disclosure in terms of Pillar 3 of the Basel II capital accord.

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