Shareholders provide the financial capital that allows our business to grow and it is their investments in the organisation that are at risk if we do not succeed. We have a fiduciary duty to manage their investment with care. We need to provide investors with a compelling value proposition to retain their confidence and support. Listening to the concerns of shareholders and to the views of the investment community is critical. Engagement with this stakeholder group includes investor road shows, results presentations, and the annual general meeting.
Aggregate headline earnings of our ROA operations showed growth of 11% and the group’s overall return on equity improved to 15.3% (2014: 12.9%). Encouragingly, PBB Africa increased profits by almost 90% in 2015 to R192 million. We are working to improve our return on equity ratio, which improved to 15.3% from 12.9%. We have moved into our target range of a return on equity of 15% to 18%
We are continuing to invest heavily in upgrading and modernising our core banking infrastructure across SBG, with an anticipated spend of R21 billion in the period 2012 to 2017.