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US business yanks Finbond profits

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The outlook for the SA operations is more positive for the second half of the year

Specialist lending company Finbond’s US operations offset a dismal performance by its local businesses in the six months to end August.

The group said the biggest blow to bottom line stemmed from the transition of SA Social Security Agency customers to the new SA Post Office card in the second six months of 2018.The group disclosed that the total number of Sassa loans sold for the first six months of 2019 decreased by 94.6% to 8,655 compared to 160,910 for the corresponding period in 2018.

Under the circumstances, Finbond’s North American operations contributed more than 97% of the forecast headline earnings.

 

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