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Sasfin interim earnings jump 60%

Mar 19 2019 20:44

Sasfin [JSE:SFN] has posted a 59.89% growth in headline earnings to R80.531m, with an increase in headline earnings per share of 58.75% to 250.12 cents for the six months ended 31 December 2018.
 
Total income grew by 5.78% in a subdued economy.

"Sasfin is starting to reap the fruits of the significant strategic steps it has taken over the last two years including strengthening the management team, enhancing our credit function and investing in technology," Sasfin CEO Michael Sassoon said in a statement.

The group has a three-pronged strategy in respect of innovation, namely to "build, invest and collaborate".

Investments in technology and people - including the acquisition of Absa Technology Finance Solutions (ATFS) - saw costs grow by 12.31%. The group's cost-to-income ratio deteriorated to 73.96%. Cost growth is expected to reduce by year end.  

Total assets grew by 3.14% to R13.572bn with gross loans and advances growing by 8.72%, largely off the back of the ATFS acquisition.

Funding grew by 7.80% to R9.911bn which resulted in a cash position of R1.113bn, and near cash in the form of negotiable securities grew by 71.02% to R2.762bn.

"Sasfin has recovered well after the disappointing performance in the previous year...Our future success will be underpinned by our ability to generate top line growth through growing our client base while stabilising costs and managing credit risk," said Sassoon.    
 
He said Sasfin will continue to enhance its value propositions and distribution capabilities to its five primary client segments, namely small business, medium business, asset suppliers, private clients and institutional clients.

sasfin  |  earnings reports  |  financial services
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