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Sasfin's diluted earnings up 22% to 421c

12 Sep 2013

Financial services group Sasfin has reported a 22% rise in diluted headline earnings per share to 421c for the year to June up from 344c a year ago.

A final cash dividend of 108c per share was declared‚ up from 88c a year ago‚ which together with the interim dividend of 60c makes the total dividend for the year 168c - compared with 137c a year ago.

Sasfin said it delivered a positive set of results‚ with a profit of R153m‚ up from R133m a year ago having significantly strengthened its balance sheet.

Total assets grew by 14% to R6.3bn year-on-year (y/y)‚ underpinned by further growth in the business banking division‚ where loans and advances rose 17% y/y to R3.4bn.

Sasfin said it had enhanced its financial position by expanding and lengthening its funding base‚ which reflected a healthy surplus liquidity position of R1.6bn compared with R1.5bn last year.

A combination of strong revenue growth‚ tightened cost control and a lower tax charge‚ helped headline earnings to grow by 22% to R135m.

Total income grew by 16% for the year‚ driven by the group's increasing top-line growth initiatives and expansion of the non-interest revenue base‚ which achieved a 19% increase over the corresponding period in 2012 largely due to improved performance in the group's non-banking activities.

Looking ahead‚ it said it was well positioned to grow its franchise value and enhance its value proposition to its target markets of entrepreneurial‚ private‚ business‚ corporate and institutional clients.

Despite constrained growth in the economy‚ Sasfin expects to see improved levels of business activity across all segments based on current market conditions.

Source: I-Net Bridge

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