Sasfin Reports 27% drop In Half-Year Headline Earnings.
Group is Now Even Better Placed For Future Growth.
Sasfin Holdings has not escaped the lag impact of the global recession on the South African economy – and on the banking sector in particular.
After holding steady in the year to 30 June 2009, headline earnings of the specialist banking and financial services group declined by 27%, from R65-million to R48-million, in the six months to 31 December 2009 – as a result of the combined effects of reduced trading volumes, increased overheads and a higher level of bad debt.
Nevertheless, supported by a firm capital base of over R1-billion in group equity, improved liquidity levels, and a far stronger operating infrastructure (in terms of human capital, new-age IT systems, and modern new headquarters) the group has a strong platform for future growth says Chief Executive Roland Sassoon.
A highlight of the half-year was the conclusion of a strategic partnership with the International Finance Corporation (IFC) – a member of the World Bank – which made an effective US$30-million commitment to Sasfin Holdings, by way of