Sasfin performs despite weak external environment | Fin24
 
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Sasfin performs despite weak external environment

Sep 09 2015 17:30

Johannesburg - Sasfin Holdings has increased headline earnings per share 16.5% to 566.7 cents for the year ended June 30 2015.

The company said on Wednesday this was achieved despite the weak external operating environment.

Following the acquisition of Fintech, total assets grew by 33% to R10.9bn, driven largely by a 35% growth in gross loans and advances to R5.37bn. CEO Roland Sassoon said the group has strengthened its financial position by expanding and diversifying its funding base, resulting in a liquidity position of R2.6bn.

“We have achieved the critical mass necessary to ensure pleasing growth and with over R10bn in assets, we are now well positioned for future growth,” he said.
 
Strong revenue growth in business banking, wealth and treasury coupled with below-inflation cost growth saw headline earnings grow to R179.9m.

Net interest income grew by 16%, underpinned by good growth achieved in the lending book and improved returns achieved on the surplus liquidity position.

Group costs reflect a 5% increase when compared to the same period in 2014, highlighting the group's continuous efforts to contain cost growth.

Sasfin's share price closed 4.13% up on R56.75.

sasfin holdings  |  financial services
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