Sasfin swings back to profit as credit loss ratio improves
Sasfin declares final dividend of 131c per share and announces new permanent hybrid working model with move to new Sandton office
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. ..