As the light breaks through the clouds of the pandemic, there are some positive signs in Sasfin’s results. For example, the credit loss ratio for the year to June 2021 was the best it has been in five years, down to 75 basis points (BPS) from a huge 303BPS in 2020, in the heart of the pandemic.

But before investors get too excited, we need to step back and look at Sasfin’s bigger picture. The bank’s primary exposure has been to SA entrepreneurs, focusing on their businesses and personal wealth. That hasn’t been a great strategy in recent years as the economy has floundered and many South Africans in that layer of society have emigrated...

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