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Sasfin, the niche business bank and asset manager, swung back into profit as its credit loss ratio improved significantly amid a gradual economic recovery that saw clients hurt by Covid-19 start making good on loan repayments.

The financial services group, which focuses on providing business banking services to entities ranging from start-ups to those with turnovers of about R500m, posted a R77.64m profit for the year ended June 30 2021, up from a R43.15m loss in its previous financial year. The financial turnaround, outlined in Sasfin’s annual results released on Tuesday, allowed it to declare a final ordinary share cash dividend of 131c per share, after it was forced to skip interim dividends.  ..

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