Sasfin earnings jump thanks to healthier credit book

Sasfin said on Tuesday headline earnings grew 59.9% to R80.5m in the six months to December, thanks to a lower tax bill and a healthier credit book.

“Over the past two years, the group expressed concern around the deteriorating performance of its credit book and subsequently took significant steps to improve its credit processes and team,” Sasfin said.Total income grew 5.8% to R608.6m “in a subdued economy”, while costs grew by 12.3% due to an increase in headcount following the acquisition of Absa Technology Finance Solutions, investments in the business, and an increase in bonus provisions.

In its wealth division, assets under management and advice — excluding those under administration — decreased by 5.6% to R37.2bn as equity markets fell.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sun International’s shares jump after improved earningsExcluding write-downs, Sun International said it was profitable on a headline-earnings basis
Source: BDliveSA - 🏆 12. / 63 Read more »

BOOK REVIEW: FT’s business books of the monthFrom blockchain to the important small decisions — a round-up of this month’s top titles
Source: BDliveSA - 🏆 12. / 63 Read more »

RMB Holdings says earnings grew in line with FirstRand’sFNB gains help earnings grow 7% to R4.4bn despite ‘significant turbulence’ in the macroeconomic environment
Source: BDliveSA - 🏆 12. / 63 Read more »

Quantum Foods warns of big drop in interim earningsShares in poultry and animal-feeds company slide 4.1% on news that half-year earnings will fall at least 42%
Source: BDliveSA - 🏆 12. / 63 Read more »

FNB boosts FirstRand’s earningsThe company says RMB’s portfolio delivered high-quality earnings from its domestic and rest-of-Africa activities, while WesBank remained resilient despite low vehicle sales
Source: BDliveSA - 🏆 12. / 63 Read more »