The group FD explains that the insurer has been enhancing its operational and technological environment.
Sasfin has announced a R166.7 million improvement in headline earnings for the year ended 30 June 2022, which group FD Harriet Heymans explains is primarily due to the improvement of the insurer’s credit performance.
“The group achieved healthy growth in headline earnings, despite some challenges, which has enabled a total cash dividend for the financial year of 154.85 cents per share – 18.2 percent higher than the prior year,” she says.
“Sasfin has been focused on enhancing our financial and operational environment over the last few years, which is resulting in a more streamlined business with stronger systems.”
Harriet explains that the company has continued to build capacity by investing in human capital, as well as operational and technological capabilities to ensure each pillar is well geared to embrace the changing technology landscape.
As a result of their efforts, Sasfin’s profit has improved sharply from R77.6 million to R183.9 million.
The company’s total assets increased by 7.7 percent to R13.11 billion, supported by growth in deposits from customers, which grew 10.56 percent to R5.23 billion.
Sasfin’s Asset Finance pillar reported a noteworthy performance, achieving an operating profit of R254.8 million, while its Assets Under Advice and Management (AUM) pillar showed a reduced operating profit of R58 million, mainly as a result of a once-off operational loss of R45 million. The merged Business and Commercial Banking pillar has also continued to gain momentum, with its operating loss improving 24.6 percent to R36.9 million, driven by a 26.2 percent increase in loans and advances, as well as total income growth reaching R303.4 million.
Harriet explains that, internally, Sasfin has continued to build capacity by investing in human capital, as well as operational and technological capabilities to ensure each pillar is well geared to embrace the changing technology landscape.
“In 2023, we will further scale our business by focusing on delivering outstanding value to our clients while driving operational excellence,” she concludes.