The past financial year was a tough one for Sasfin, with headline earnings falling 38% to 381.2c a share. But this may well mark a floor in the earnings cycle. The group’s wealth and capital pillars grew operating profits by 111% and 33% respectively — the former boosted by the favourable mark-to-market treatment of its stake in Efficient Group. Banking — the largest contributor to earnings — posted a 46% drop in operating profit owing to increased impairments and defaults (+101%). Operating costs were hit by some one-off costs associated with acquiring the ATFS rental book from Absa, further investment in the digital platform and other IT projects. However, a reversal of bonus provisions did lessen the increase in operating costs to only 14%. I asked management for a handful of things that excite, and narrowed these down to the digital banking platform B\\yond, the group’s offshore and institutional asset management, asset finance and credit. This banking platform is an intriguing ...

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