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.

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