Sasfin published SENS announcements on 29 September and 13 October 2023, whereby we advised the market that the publication of our annual financial statements for the year ended 30 June 2023 has been delayed, as the external audit has not yet been concluded.
We are on track to release our results by the end of the month, which will be within four months of our financial year-end.
The Group saw positive Headline Earnings for the year underpinned by an increase in Total Income driven by its core businesses which experienced healthy growth in Total Funding (including customer deposits), Loans and Advances, and Assets under Management. Headline Earnings were negatively impacted by higher impairments due to the challenging economic environment, and increased costs. The Group’s capital adequacy and liquidity ratios remain healthy.
Sasfin released a further SENS on 13 October advising that we have entered into binding heads of agreement to dispose of our Capital Equipment Finance and Commercial Property Finance loan books to African Bank, at a premium to book value, subject to relevant conditions including regulatory approvals. This R3,26 billion deal presents a significant milestone in the execution of our strategy to unlock shareholder value, by focusing on our capital-light growth businesses.