SASFIN HOLDINGS LIMITED – Condensed audited consolidated annual results for the year ended June 30, 2022 and declaration of cash dividends – SENS

Summary of Audited Consolidated Annual Results for the Year Ended June 30, 2022 and Declaration of Cash Dividends

SASFIN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/002097/06)
Share Code: SFN ISIN: ZAE000006565
(“Sasfin” or “the Company”)

AUDITED SUMMARY CONSOLIDATED ANNUAL RESULTS FOR THE YEAR ENDED 30
JUNE 2022 SINGLE ANNOUNCEMENT AND DECLARATION OF CASH DIVIDEND

At Sasfin, we contribute to society by going beyond a bank to enable business growth and
the overall wealth of our clients.

Main characteristics

Key indicators
2022 2021 (1) %

Overall group result (Rm) 166.7 141.1 18.19
Nominal group profit per share (cents) 541.81 438.24 23.63
Earnings per share (cents) 597.47 241.20 >100%
Total revenue (including associated revenue) (Rbn) 1.332 1.333 (0.08)
Group profit (Rm) 183.9 77.6 >100.00
Cost/income ratio (%) 78.93 76.21 3.57
Return on equity (%) 10.46 9.46 10.57
Net asset value per share (cents) 5,213 4,660 11.86
Total assets (Rbn) 13,117 12,179 7.70
Gross loans and advances (Rbn) 8.606 7.259 18.56
Customer deposits (Rbn) 5.233 4.733 10.56
Equity ratio (%) 16.04 17.29 (7.23)
Group coverage rate (%) 5.08 6.02 (15.61)
Credit loss ratio (bps) 62,118 (47.46)

(1) During the period under review, management became aware that certain transactions from prior periods may not have been
correctly accounted for. A detailed review confirmed that there were errors affecting prior periods which necessitated the
restatement and/or reclassification as described in Note 49 of the Group’s Annual Financial Statements.

R1.35 billion loan growth to South African companies

Over the past two years, Sasfin has strengthened its ability to increase loans to
companies. Coming out of COVID-19, Sasfin has seen record loan growth. Sasfin provides
a wide range of business credit solutions, including SMEs. This includes concluding a
a successful $50 million deal with the Dutch Entrepreneurial Development Bank (FMO),
provide loans to women, youth and businesses affected by COVID-19 through the NASIRA loan
program.

Industry Overview

Asset financing

Total asset finance revenue was R605 million (2021: R609 million), with profit of R255 million (2021: R289 million)
for the year ended June 30, 2022.
We see continued growth in this business as we fund more and more new types of assets and roll
new products to support our customers. Although loan growth has exceeded pre-COVID-19 levels,
performance was affected by the rise in interest rates, which had an impact on fixed rate transactions, as well as by
increased costs due to the creation of some specialized operational capabilities in the Pillar.

Business and Commercial Banking (“BCB”)

Business and Commercial Banking’s total revenue was R303 million (2021: R268 million), with a loss of
R37m (2021: R49m1 loss) for the year ended 30 June 2022.

The improvement in the operating loss is explained by a 13.4% increase in total revenue resulting from
strong growth of 26.2% in loans and receivables. This new integrated Pillar, under the experienced management
leadership, is committed to supporting business growth in South Africa. The pillar
combines excellent personalized lending solutions and digital capabilities to deliver a holistic customer
live. This results in improved performance.

Wealth Sasfin

Sasfin Wealth’s total revenue was R363 million (2021: R345 million), with a profit of R58 million (2021: R77 million)
for the year ended June 30, 2022.

Underlying performance of Sasfin Wealth was good, with total revenue up 5%, driven by
growth in assets advised and managed to R59.2 billion (2021: R53.9 billion). The
the reduction in operating profit was mainly due to a one-time operating loss of R45 million.
Investment performance remained healthy and Sasfin Wealth continues to be recognized
and industry accolades.

Strategic Direction

Focus on growth pillars and platforms

At BCB, we are taking increased steps to become the primary bank for our customers, thereby increasing
deposits and non-interest income. In Asset Finance, we continue to diversify our asset pool
finance.
In Wealth, we are committed to building a world-class asset management business.
We continue to strengthen our human capital, our operational capabilities and our technology in each
Pillar.

people and culture

Our hybrid working model and our new office space in Sandton ensure that we offer a
value proposition to our employees.

Distribution command

As part of our strategy, we will promote healthy growth in loans, deposits and assets under
management.

Transform our society

We bring value to small businesses through our BYOND platform, as well as NASIRA.
loans offered to women, youth and businesses affected by COVID-19.

Declaration of cash dividend

The Board of Directors has declared a final gross cash dividend for the year ended June 30, 2022
(“dividend”) of 120.89814 cents (2021: 131.02000 cents) per share.

The Board of Directors declared an interim gross cash dividend for the period ended 31
December 2021 of 33.95026 cents (2020: zero cents) per share.

The total cash dividend for the year ended June 30, 2022 is 154.84826 cents
(2021: 131.02000 cents) per share.

The following additional information is provided to shareholders regarding the dividend
dividend tax return:

• The dividend was declared from the revenue reserves.
• The withholding tax rate on dividends is 20% and a net dividend of 96.71851 cents (2021: 104.81600
cents) per share will be paid to shareholders who are not exempt from dividend withholding
tax.
• The number of ordinary shares issued on the date of declaration of the dividend is 32,301,441 (2021:
32,301,441).
• The number of ordinary shares issued (excluding treasury shares) on the date of the dividend
statement is 30,772,847 (2021: 30,772,847); and
• The company’s tax reference number is 9300204717.

The main dates relating to the dividend are as follows:

Last day to trade ‘cum’ the dividend Tuesday, October 11, 2022

Shares begin trading ‘ex’ dividend Wednesday, October 12, 2022

Dividend record date Friday, October 14, 2022

Dividend payment date Monday, October 17, 2022

Share certificates cannot be dematerialized or rematerialized between Wednesday 12
October and Friday October 14, 2022, both days included.

Abbreviated ad

This abbreviated announcement is the responsibility of the Directors of the Company and constitutes
summary of the information contained in the full announcement published on SENS on September 21, 2022,
and does not contain full or complete details of the full announcement, which is available for
viewing on the following sites:

Company website: https://www.sasfin.com/investor-relations/.

JSE website: https://senspdf.jse.co.za/documents/2022/jse/isse/sfn/sfn2022.pdf

Although these financial results have not been audited themselves, they are extracted from the
consolidated and corporate annual accounts audited by
PricewaterhouseCoopers Inc, the Company’s external auditors, who issued an unmodified audit
opinion on the financial statements. Their audit opinion can be viewed on the Company’s website,
and provides details of certain key audit matters on pages 9 to 17 of the annual financial report.
statements.

Any investment decision made by investors and/or shareholders must be based on the consideration
the information contained in the announcement of the complete financial results and the annual accounts
statements, copies of which are also available for inspection at our offices or at a
location, on working days during working hours (free) on request from the company
secretary by e-mail: [email protected]

Mr. Deon de Kock Mr. Michael Sassoon
Group Chairman and CEO

Johannesburg
September 21, 2022

Sponsor: Questco Corporate Services Proprietary Limited

Date: 2022-09-21 09:55:00
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