Sasfin hopes new initiatives will offset rising costs

Sasfin is counting on its new acquisitions and digital platforms to generate enough revenue to reduce its operating costs to acceptable levels.

Sasfin's costs were pushed up by its investments in new digital platforms and acquisitions. But CEO Michael Sassoon said even though there is pressure to contain costs, Sasfin is not planning to slow down. He said the bank needed new revenue streams to deliver better returns to shareholders in the long term.

In the review period, Sasfin acquired Absa Technology Finance Solutions, which was the main contributor to the 12.3% growth in costs. It also increased its stake in Efficient Group from 14.3% to 29%. Since the beginning of this year, the company has invested in a handful of fintech initiatives, including acquisition of Payabill, store bill payment service Pay@ and Digital Forex trading platform.

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