{"id":251614,"date":"2023-03-02T13:33:34","date_gmt":"2023-03-02T11:33:34","guid":{"rendered":"https:\/\/mypr.co.za\/?p=129206"},"modified":"2023-03-02T13:33:34","modified_gmt":"2023-03-02T11:33:34","slug":"sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income\/","title":{"rendered":"Sasfin\u2019s increased loans to SA businesses drive 12.62% growth in total income"},"content":{"rendered":"<aside class=\"scaip scaip-1 \">\n<aside id=\"republication_tracker_tool-2\" class=\"republication_tracker_tool clearfix\">\n<h5 class=\"adtitle\">Republish for Free<\/h5>\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license noopener\" target=\"_blank\" href=\"http:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img decoding=\"async\" alt=\"Creative Commons License\" class=\"lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/03\/sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income.png\"><\/a><\/p>\n<p><img decoding=\"async\" alt=\"Creative Commons License\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/03\/sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income.png\"><\/div>\n<div class=\"message\">\n<p>Republish our articles for free, online or in print, under a Creative Commons license.<\/p>\n<\/div>\n<\/aside>\n<\/aside>\n<p>For the six months to December 2022, Sasfin\u2019s total income increased by 12.62% to R705.203 million (2021: R626.179 million) mainly due to strong loan book growth. The strong income&nbsp;growth improved the cost-to-income ratio to 76.30% (2021: 80.40%) despite cost growth of 6.88% to R538.068 million (2021: R503.430 million). Headline earnings reduced by 20.74% to R67.706 million (2021: R85.424 million) as a result of an increase in the credit loss ratio to 130bps (2021: 23bps).<\/p>\n<p>Total assets increased 10.56% to R13.573 billion (2021: R12.277 billion) as a result of strong growth of 24.21% in net loans and advances to R8.963 billion (2021: R7.216 billion). Core funding increased by 5.17% to R9.492 billion (2021: R9.025 billion) as deposits from customers increased to R5.941 billion (2021: R5.560 billion). Total ordinary shareholders\u2019 equity increased by 7.66% to R1.713 billion (2021: R1.591 billion).<\/p>\n<p>\u201cThe Group has experienced strong growth in loans and advances,\u201d said Harriet Heymans, Group Financial Director, Sasfin Holdings Limited. \u201cThe loan growth was primarily in well-secured loan portfolios. While we have seen an increase in Stage 3 loans, over 40% of these are covered by independently valued security in the form of property and yellow metal equipment and\/or insurance held from blue chip counterparties.\u201d<\/p>\n<p>Sasfin Wealth delivered excellent results driven by its distribution capability and solid investment performance. Asset Finance generated healthy loan and income growth as it continues to diversify and expand its offering, while investing in strengthening its core capabilities to support ongoing growth. While Business and Commercial Banking saw good income growth from Commercial Banking, higher impairments and rising costs negatively impacted this Pillar.<\/p>\n<div dir=\"ltr\">\n<p>During the period, Sasfin achieved a Level 1 B-BBEE contributor rating. Sasfin Asset Managers announced a partnership with the National Treasury\u2019s Jobs Fund, enabling it to fund businesses that support job creation. This follows the successful initiative between Sasfin Bank and the Dutch Entrepreneurial Development Bank (FMO) which has seen over R400 million in funding provided to youth, women, and COVID-19-affected businesses over the last 24 months.<\/p>\n<\/div>\n<p>\u201cWe have seen exceptional results out of Sasfin Wealth over this period, which continues to grow from strength to strength. While Sasfin Bank has seen strong growth in loans and income largely in Asset Finance and Commercial Banking, earnings have been impacted by higher impairments in these areas and the ongoing investment into business banking. We are taking proactive steps to enhance our cost-to-income ratio which should result in improved return on equity in the future,\u201d said Michael Sassoon, Group Chief Executive Officer, Sasfin Holdings Limited.<\/p>\n<figure id=\"attachment_129208\" aria-describedby=\"caption-attachment-129208\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/mypr.co.za\/sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income\/michael-sassoon\/\" rel=\"attachment wp-att-129208\"><img loading=\"lazy\" decoding=\"async\" alt=\"Michael Sassoon\" width=\"1024\" height=\"631\" class=\"size-full wp-image-129208 lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/03\/sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-129208\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/03\/sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income.jpg\" alt=\"Michael Sassoon\" width=\"1024\" height=\"631\"><\/a><figcaption id=\"caption-attachment-129208\" class=\"wp-caption-text\">Michael Sassoon, Group Chief Executive Officer, Sasfin Holdings Limited. Photo: Sasfin<\/figcaption><\/figure>\n<p><strong>Video:<\/strong> Sasfin\u2019s increased loans to SA businesses drive 12.62% growth in total income<\/p>\n<p><strong><a href=\"https:\/\/mypr.co.za\/Sasfin%E2%80%99s%20increased%20loans%20to%20SA%20businesses%20drive%2012.62%%20growth%20in%20total%20income\/2\/\">Boilerplate and Editor\u2019s Notes<\/a><\/strong>.<br \/><strong>More Info on <a target=\"_blank\" rel=\"nofollow noopener\">Sasfin\u2019s increased loans to SA businesses drive 12.62% growth in total income<\/a> here:<\/strong><br \/><strong>Twitter<\/strong>: <a href=\"https:\/\/twitter.com\/MediawebSA\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/twitter.com\/MediawebSA<\/a><br \/><strong>Facebook<\/strong>: <a href=\"https:\/\/www.facebook.com\/MySociaLifeSA\/\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.facebook.com\/MySociaLifeSA\/<\/a><\/p>\n<p><a href=\"http:\/\/mypr.co.za\/save-with-myprs-monthly-flat-fee\/\">CLICK HERE to submit your press release to MyPR.co.za<\/a>.<\/p>\n<p> <span class=\"post-views-icon dashicons dashicons-chart-bar\"><\/span> <span class=\"post-views-label\">Press Release Views since 1 July 2022:<\/span> <span class=\"post-views-count\">54<\/span> <\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republish for Free Republish This Story Republish our articles for free, online or in print, under a Creative Commons license. For the six months to December 2022, Sasfin\u2019s total income increased by 12.62% to R705.203 million (2021: R626.179 million) mainly due to strong loan book growth. The strong income&nbsp;growth improved the cost-to-income ratio to 76.30% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":251615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3331,18,3332,9021,3330,3336,1],"tags":[3257],"class_list":{"0":"post-251614","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cape-town","8":"category-durban","9":"category-johannesburg-south-africa","10":"category-mypr","11":"category-port-elizabeth","12":"category-pretoria-south-africa","13":"category-south-africa","14":"tag-mypr","15":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2023\/03\/sasfins-increased-loans-to-sa-businesses-drive-12-62-growth-in-total-income.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/251614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=251614"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/251614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/251615"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=251614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=251614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=251614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}