Sasfin Holdings posts loss amid Covid-19 pressure
The group’s credit-loss ratio almost tripled to 303 basis points in its year to end-June as Covid-19 put pressure on SA businesses
Financial services provider Sasfin Holdings swung into a loss in the year to end-June, as it braced for further pressure on SA businesses as a result of Covid-19.
The group reported a headline loss of R48.1m in its year to end-June, from headline earnings of R161.3m previously, amid pressure on its private equity valuations and on its clients.
Nonperforming loans grew to 10.26% of its total book from 9.22% previously, while the group's credit-loss ratio almost tripled to 303 basis points.
“Our country faces big challenges, and the road ahead will no doubt be bumpy,” the group said.
In afternoon trade on Wednesday, Sasfin’s share was unchanged at R15.50, having fallen about 46% so far in 2020.
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