The group’s full year results also saw the company’s total assets growing by 25 per cent to 8.2 billion rand over the corresponding year.
The reported growth was underpinned by a 17 per cent growth in gross loans and advances now amounting to 3.98 billion rand from 3.41 billion rand in 2013.
(WATCH VIDEO: Sasfin interim results with CEO Roland Sassoon)
[DATA SFN:Sasfin Holdings Limited]’s headline earnings was up by 14 per cent to 154 million rand.
The company reported an increase in dividends per share by 14 per cent to 191 cents from 135 cents in the same comparable period last in 2013.
Sasfin group noted that it faced economic headwinds during the reporting period.
The bank-controlling company credited prolonged levels of labour unrest and rising unemployment across many sectors to its operational performance.
“This [prolonged labour unrest and rising unemployment] inevitably led to lower growth
levels that were disappointingly below the government’s medium-term targets,” read the company statement.
Sasfin noted that the reporting period also experienced inflationary pressures inflicted by continued Rand volatility, higher input costs and possible further sovereign downgrade concerns, the macro environment remained soft with a concomitant rising interest rate outlook.
According to the company report, the sector is likely to continue facing challenges due to geopolitical factors.
“Developed economies continue to experience idiosyncratic and geopolitical issues, aggravated by the effect of globalisation, high unemployment and growing wealth and income disparities,” Sasfin noted.
The group says against a backdrop of economic challenges in the South African economy, Sasfin maintained its growth levels in its core business activities and produced a satisfactory set of results.
“Sasfin continues to focus on its target market comprising entrepreneurial businesses, institutions, corporates and private clients,” Sasfin said.
“Despite the prevailing levels of uncertainty and constrained growth levels in the economy, the Group remains cautiously optimistic about the improved levels of business activity across all segments.”
The group says it is well poised for sustainable growth and further expansion of its franchise value in its chosen markets.
“This growth will be aided by the recently launched Transactional Banking service offering, strengthened by a strong capital and liquidity position, and supported by Sasfin’s highly interactive service model.”