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Sasfin earnings could have been higher - CEO

Sep 15 2014 15:47

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Sasfin CEO satisfied with 'all-round performance'


Johannesburg - Sasfin Holdings [JSE:SFN] posted a 15% increase in headline earnings per share, but the group could have boosted growth further, according to CEO Roland Sassoon.

The specialist banking and financial services group recorded a jump in headline earnings per share to 486 cents for the six month period ended December 2013 31 from 421c in the same period last year.

"We would have had better growth in headline earnings, but we have invested a lot for future growth in terms of skills, infrastructure, computer systems, so all this has added to our cost base", he told Fin24 in a video interview.

Total income climbed by 18% on the back of the 17% growth achieved in gross loans and advances, which now amounts to R3.98bn from R3.41bn, and a 19% increase in non-interest revenue.

Total assets grew by 25% to R8.2bn and also expanded and diversified its funding base. It holds a surplus liquidity position of R2.1bn from R1.6bn.

Sassoon said the group was satisfied with the all-round performance of the results, with each division doing better.

"I think our business banking division was particularly successful. They have for the first time made over R100m after tax profits and is now starting to play in the bigger league so we are very excited about the potential of that business."

The business banking division delivered good results, with profits for the year at R101.5m from R89.9m, a 13% increase over 2013.

"The other business that is very exciting is our asset management business within wealth where we are starting to get good growth in assets. We are now at over R90bn of total assets and we've invested a lot there in terms of skills and intellect and computer systems and we are going to be playing in a much bigger space in that area as well.

Watch: Sasfin CEO satisfied with 'all-round performance'

 - Fin24

sasfin holdings  |  financial services  |  banking


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