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SASFIN HOLDINGS LIMITED - Unaudited interim results and dividend declaration for the six months ended 31 Decemeber 2014

Release Date: 09/03/2015 10:00
Code(s): SFN     PDF:  
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Unaudited interim results and dividend declaration for the six months ended 31 Decemeber 2014

Sasfin Holdings Limited
Incorporated in the Republic of South Africa   (Company registration number 1987/002097/06)
("Sasfin" or "the Group" or "the Company")
(Ordinary share code: SFN    ISIN: ZAE000006565)
(Preference share code: SFNP   ISIN: ZAE000060273)

Unaudited interim results and dividend declarations
for the six months ended 31 December 2014

HEADLINE EARNINGS
UP 15%
R81.03 MILLION (Dec 2013: R70.36 MILLION)

HEADLINE EARNINGS PER ORDINARY SHARE
UP 15%
255 CENTS (Dec 2013: 222 CENTS)

DIVIDENDS PER ORDINARY SHARE
UP 15%
75 CENTS (Dec 2013: 65 CENTS)

RETURN ON ORDINARY SHAREHOLDERS' AVERAGE EQUITY
UP 100bps
14% (Dec 2013: 13%)

TOTAL ASSETS
UP 16%
R9.22 BILLION (Dec 2013: R7.96 BILLION)

GROSS LOANS AND ADVANCES
UP 14%
R4.36 BILLION (Dec 2013: R3.81 BILLION)

FUNDS UNDER ADVISEMENT AND MANAGEMENT
UP 15%
R88.86 BILLION (Dec 2013: R77.01 BILLION)

GROUP CAPITAL ADEQUACY RATIO
No change
24% (Dec 2013: 24%)

FUNDING BASE
UP 11%
R6.0 BILLION (Dec 2013: R5.42 BILLION)

FINANCIAL HIGHLIGHTS
                                                                                  %               31 December  31 December      30 June
                                                                             change                      2014         2013         2014
                                                                                                    Unaudited    Unaudited      Audited
Consolidated statement of financial position
Total assets (Rm)                                                                16                     9 218        7 962        8 168
Total gross loans and advances (Rm)                                              14                     4 357        3 814        3 981
Non-performing loans and advances (Rm)                                            9                       176          162          155
Income statement
Earnings attributable to ordinary shareholders (Rm)                              15                        81           70          150
Headline earnings (Rm)                                                           15                        81           70          154
Financial performance
Return on ordinary shareholders' average equity (%)                                                        14           13           14
Return on total average assets (%)                                                                          2            2            2
Operating performance
Non-interest income to total income (%)                                                                    70           70           72
Cost to income ratio
Group (%)                                                                                                  72           74           72
Banking Group (%)                                                                                          62           65           64
Credit loss ratio (bps)                                                                                    92           80           80
Non-performing advances to total gross loans and advances (%)                                             4.0          4.2          3.9
Share statistics
Earnings per ordinary share (cents)                                              15                       255          222          474
Headline earnings per ordinary share (cents)                                     15                       255          222          486
Number of ordinary shares in issue at end of the period (000)                                          31 737       32 237       31 737
Weighted average number of ordinary shares in issue (000)                                              31 737       31 737       31 737
Dividends per ordinary share relating to profit for the period (cents)           15                        75           65          191
Preference share dividend 1 for the period                                                             383.74       353.51       353.51
Preference share dividend 2 for the period                                                                  -            -       364.92
Net asset value per ordinary share (cents)                                       11                     3 675        3 297        3 534
Capital adequacy
Capital to risk weighted assets
Group (%)                                                                                                  24           24           23
Banking Group (%)                                                                                          24           22           21
Employees
Permanent staff complement                                                        5                       756          718          727

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
All figures in R'000                                                              %               31 December  31 December      30 June
                                                                             change                      2014         2013         2014
                                                                                                    Unaudited    Unaudited      Audited
ASSETS
Cash and cash balances                                                                              1 112 216    1 706 210    1 095 438
Short-term negotiable securities                                                                    1 072 853      388 988      987 386
Loans and advances to customers                                                  14                 4 247 140    3 724 385    3 890 969
Financial assets and reverse repurchase agreements                                                  1 659 599    1 001 356*   1 099 139
Other receivables                                                                                     431 944      537 665*     490 375
Investment securities                                                                                 551 267      358 676      456 156
Investments in associated companies                                                                     5 585      111 662        5 955
Property, plant and equipment                                                                          60 080       53 258       55 737
Taxation                                                                                                6 792        3 219       16 744
Intangible assets and goodwill                                                                         59 517       69 733       60 314
Deferred tax asset                                                                                     11 079        6 673        9 950
Total assets                                                                     16                 9 218 072    7 961 825    8 168 163
LIABILITIES
Funding under repurchase agreements and interbank                                                     577 179      167 794      248 645
Deposits from customers                                                           8                 2 978 547    2 748 096    2 706 578
Debt securities issued                                                                              1 583 285    1 613 726    1 574 340
Long-term funding                                                                                     590 015      688 179      652 083
Financial liabilities and repurchase agreements                                                     1 592 410    1 019 150*   1 103 429
Other payables                                                                                        444 848      394 891      475 390
Taxation                                                                                                6 080        8 214        4 028
Deferred tax liability                                                                                 79 980       59 744       82 712
Total liabilities                                                                                   7 852 344    6 699 794    6 847 205
EQUITY
Ordinary share capital and share premium                                                              144 327      144 327      144 327
Reserves                                                                                            1 022 123      918 426      977 353
Preference share capital and share premium                                                            199 278      199 278      199 278
Total equity                                                                                        1 365 728    1 262 031    1 320 958
Total liabilities and equity                                                     16                 9 218 072    7 961 825    8 168 163
Commitments and contingent liabilities                                                                417 111      283 023      388 286

* Restated as disclosed in the Audited Annual Financial Statements for the year ended 30 June 2014

CONSOLIDATED INCOME STATEMENT

All figures in R'000                                                              %               31 December  31 December      30 June
                                                                             change                      2014         2013         2014
                                                                                                    Unaudited    Unaudited      Audited
Interest income                                                                                       350 083      292 518      616 557
Interest expense                                                                                      209 403      164 432      364 412
Net interest income                                                                                   140 680      128 086      252 145
Non-interest income                                                              15                   335 460      292 128      636 377
Total income                                                                     13                   476 140      420 214      888 522
Impairment charges on loans and advances                                         21                    19 089       15 731       29 588
Net income after impairments                                                                          457 051      404 483      858 934
Operating costs                                                                   9                   345 248      315 707      657 661
Staff costs                                                                      13                   191 612      169 671      350 676
Other operating expenses                                                          5                   153 636      146 036      296 985
Goodwill impairment                                                                                         -            -       10 000

Profit from operations                                                                                111 803       88 776      201 273
Share of associate income                                                                                 647        7 968        9 901
Profit before income tax                                                                              112 450       96 744      211 174
Income tax expense                                                                                     24 437       19 628       47 411
Profit for the period                                                            14                    88 013       77 116      163 763
Profit attributable to:
Preference shareholders                                                                                 6 951        6 679       13 359
Equity holders of the Group                                                      15                    81 062       70 437      150 404
Profit for the period                                                                                  88 013       77 116      163 763
Earnings per ordinary share (cents)                                              15                       255          222          474
Headline earnings per ordinary share (cents)                                     15                       255          222          486

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

All figures in R'000                                                              %               31 December  31 December    30 June
                                                                             change                      2014         2013       2014
                                                                                                    Unaudited    Unaudited    Audited
Profit for the period                                                                                  88 013       77 116    163 763
Other comprehensive income for the period, net of income tax                                            4 267         (225)      (161)
Items that may be subsequently reclassified to profit and loss:
Net gains on remeasurement of available-for-sale financial assets                                           -          323        923
Derecognition of available-for-sale reserve upon sale of investment                                         -            -     (5 997)
Gross                                                                                                       -            -     (7 367)
Income tax effect                                                                                           -            -      1 370
Foreign exchange differences on translation of foreign operation                                       14 070       12 028     14 161
Net loss on hedge of net investment in foreign operation                                               (9 803)     (12 576)    (9 248)
Loss on hedge of net investment in foreign operation                                                  (13 615)     (17 467)   (12 845)
Income tax effect                                                                                       3 812        4 891      3 597


Total comprehensive income for the period                                        20                    92 280       76 891    163 602
Total comprehensive income attributable to:
Preference shareholders                                                                                 6 951        6 679     13 359
Equity holders of the Group                                                                            85 329       70 212    150 243
Total comprehensive income for the period                                        20                    92 280       76 891    163 602

CONDENSED HEADLINE EARNINGS RECONCILIATION
All figures in R'000                                                              %               31 December  31 December  30 June
                                                                        change                           2014         2013       2014
                                                                                                    Unaudited    Unaudited    Audited
Earnings are determined as follows:
Earnings attributable to equity holders of the Group                                                   81 062       70 437    150 404
Headline adjustable items                                                                                 (29)         (81)     3 921
Profit on sale of property and equipment - IAS 16                                                         (29)         (81)       (82)
Gross                                                                                                     (40)        (112)      (114)
Tax impact                                                                                                 11           31         32
Impairment of goodwill                                                                                      -            -     10 000
Gain on the disposal of available-for-sale investments                                                      -            -     (5 997)
Gross                                                                                                       -            -     (7 367)
Tax Impact                                                                                                  -            -      1 370


Headline earnings                                                                15                    81 033       70 356    154 325
Headline earnings per ordinary share (cents)                                     15                       255          222        486

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

All figures in R'000                                                                              31 December  31 December  30 June
                                                                                                         2014         2013       2014
                                                                                                    Unaudited    Unaudited    Audited
Opening total shareholders' equity                                                                  1 320 958    1 226 704  1 226 704
Total comprehensive income for the period                                                              92 280       76 891    163 602
Profit for the period                                                                                  88 013       77 116    163 763
Total income
Available-for-sale reserve                                                                                  -          323     (5 074)
Net gains on remeasurement                                                                                  -          323        923
Derecognition upon sale of investments                                                                      -            -     (5 997)
Foreign currency translation reserve                                                                   14 070       12 028     14 161
Hedging reserve                                                                                        (9 803)     (12 576)    (9 248)
Transactions with owners recorded directly in equity
Preference share dividend                                                                              (6 951)      (6 679)   (13 359)
Ordinary share dividend                                                                               (40 559)     (34 885)   (55 989)
Closing balance                                                                                     1 365 728    1 262 031  1 320 958

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

All figures in R'000                                                                              31 December  31 December  30 June
                                                                                                         2014         2013         2014
                                                                                                    Unaudited    Unaudited    Audited
Cash flows from operating activities                                                                   23 334       52 962      100 809
Movement in operating assets and liabilities                                                          327 993      445 386      261 992
Net cash flows from operating activities                                                              351 327      498 348      362 801
Net cash flows from investing activities                                                               (6 210)     (26 399)      25 661
Net increase in cash and cash equivalents                                                             345 117      471 949      388 462
Cash and cash equivalents at beginning of the period                                                1 834 179    1 451 265    1 451 265
Effect of exchange rate fluctuations on cash held                                                       5 773        4 190       (5 548)
Cash and cash equivalents at end of the period                                                      2 185 069    1 927 404    1 834 179
Cash and cash equivalents comprise:
Cash and cash balances                                                                              1 112 216    1 706 210    1 095 438
Short-term negotiable securities                                                                    1 072 853      388 988      987 386
Funding under repurchase agreements and interbank                                                           -     (167 794)    (248 645)
Cash and cash equivalents at end of the period                                                      2 185 069    1 927 404    1 834 179

CONDENSED CONSOLIDATED SEGMENTAL ANALYSIS

All figures in R'000                                                                              31 December  31 December  30 June
                                                                                                         2014         2013         2014
                                                                                                    Unaudited    Unaudited    Audited
Segment result
Business Banking                                                                                       47 650       47 302      101 491
Capital                                                                                                 6 448        5 268       14 377
Transactional Banking and Treasury                                                                      7 886        6 628       12 249
Wealth Management                                                                                      32 965       22 085       48 179
Commercial Solutions                                                                                   12 651       15 344       35 335
Group and inter-segment eliminations                                                                  (19 587)     (19 511)     (47 868)
Profit for the year                                                                                    88 013       77 116      163 763
Segment revenue
Business Banking                                                                                      352 033      303 239      621 986
Capital                                                                                                33 404       33 898       88 251
Transactional Banking and Treasury                                                                    150 478      129 864      260 520
Wealth Management                                                                                     129 762      102 032      241 338
Commercial Solutions                                                                                  103 864       95 256      195 307
Group and inter-segment eliminations                                                                  (83 351)     (71 675)    (144 568)
Total segment revenue                                                                                 686 190      592 614    1 262 834
Segment assets
Business Banking                                                                                    4 379 415    4 153 278    4 148 675
Capital                                                                                               653 577      517 049      541 234
Transactional Banking and Treasury                                                                  3 403 390    3 211 071    3 235 362
Wealth Management                                                                                   1 822 932      689 589      795 996
Commercial Solutions                                                                                  370 401      277 225      210 370
Group and inter-segment eliminations                                                               (1 411 643)  (1 440 201)    (763 474)
Total segment assets                                                                                9 218 072    7 408 011    8 168 163
Segment liabilities
Business Banking                                                                                    3 866 275    3 810 264    3 658 701
Capital                                                                                               554 627      445 488      450 614
Transactional Banking and Treasury                                                                  3 095 492    3 214 732    2 829 377
Wealth Management                                                                                   1 706 189      612 696      727 180
Commercial Solutions                                                                                  185 393      151 668       71 179
Group and inter-segment eliminations                                                               (1 555 632)  (2 088 868)    (889 846)
Total segment liabilities                                                                           7 852 344    6 145 980    6 847 205

NOTE 1: FINANCIAL INSTRUMENTS: FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The carrying amount of the Group's financial assets and financial liabilities is a reasonable approximate of fair value. The Group's financial risk management
objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 30 June 2014.

Fair value hierarchy
The table below analyses financial instruments carried at fair value, by level of fair value hierarchy. The different levels are based on the inputs used in the
calculation of fair value of the financial instruments. The levels have been defined as follows:
Level 1 - fair value is based on quoted market prices (unadjusted) in active markets for identical instruments.
Level 2 -  inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 - unobservable inputs for the asset or liability.

All figures in R'000                                                       Level 1  Level 2  Level 3    31 December  31 December    30 June
                                                                                                               2014         2013       2014
                                                                                                          Unaudited    Unaudited    Audited
Short-term negotiable securities                                         1 072 853        -        -      1 072 853      388 988    987 386
Financial liabilities and repurchase agreements                          1 659 599        -        -      1 659 599    1 001 356* 1 099 139
Investment securities                                                       46 139   61 335  443 793        551 267      358 676    456 156
Other receivables                                                                -   26 758        -         26 758       29 951     26 758
Total financial assets carried at fair value                             2 778 591   88 093  443 793      3 310 477      871 010  2 569 439
Financial liabilities and reverse repurchase agreements                  1 592 410        -        -      1 592 410    1 019 150* 1 103 429
Other payables                                                                   -   37 408        -         37 408       33 663     23 775
Total financial liabilities carried at fair value                        1 592 410   37 408        -      1 629 818      498 999  1 127 204

* Restated as disclosed in the Audited Annual Financial Statements for the year ended 30 June 2014

Fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or dealer price quotations. For all
other financial instruments, the Group determines fair values using valuation techniques.

The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfer has occurred. There were no
transfers between Level 1, 2 and 3 of the fair value hierarchy during the six months to 31 December 2014.

                                                                     31 December  31 December  30 June
All figures in R'000                                                        2014         2013     2014
                                                                       Unaudited    Unaudited  Audited
Level 3 fair values - Investment securities
Opening balance                                                          407 408      283 711  283 711
Unrealised gains/(losses) for the year included in profit or loss         30 807        6 307   33 744
Net investments/(settlements)                                              5 578       12 648   89 953
Reclassification of associates as fair value investments                       -            -   70 155
Net purchases/(settlements)                                                5 578       12 648   19 798

Closing balance                                                          443 793      302 666  407 408

The valuations of Level 3 investment securities were based predominantly on detailed discounted cash flow methodologies, which were sanity checked against implied
price/earnings multiples, and where applicable benchmarked to proxies of listed entities in similar industries. This valuation methodology is allowed per the South
African Venture Capital and Private Equity guidelines.

COMMENTARY

Nature of business
Sasfin Holdings Limited ("Sasfin" or "Group" or "Company") is a bank-controlling company listed in the "Financials: Investment Services" sector of the JSE Limited
("the JSE"). Sasfin's subsidiaries provide a wide range of complementary banking, financial and related services.

Business environment
- World economic growth, particularly in Europe, Japan and China has continued to disappoint despite substantial quantitative easing, partly due to tougher
bank capital and liquidity restrictions.

- The South African economy continues to face significant headwinds exacerbated by the electricity and labour crises as well as the fall in most commodity
prices, severely impacting meaningful growth levels required to stimulate the economy.

- Notwithstanding the deteriorating local environment, the banking sector remains resilient and well capitalised despite a constrained demand for credit.

Group overview
- Sasfin continued to grow its core business activities and produced a solid set of results in tough trading conditions with strong revenue growth across all
business segments and single digit cost growth.

- Headline earnings increased by 15% (Dec 2013: 10%) to R81.03 million (Dec 2013: R70.36 million) while headline earnings per share showed a similar increase
to 255 cents (Dec 2013: 222 cents).

- The Group asset base grew 16% (Dec 2013: 36%) to R9.22 billion (Dec 2013: R8.0 billion) driven largely by a 14% (Dec 2013: 21%) growth in gross loans and
advances to R4.36 billion from R3.81 billion in December 2013.

- Total income grew by 13% (Dec 2013: 15%) to R476 million (Dec 2013: R420 million) underpinned by a 20% growth in gross interest income and a 15% increase in
non-interest revenue.

- A marginally higher credit loss ratio of 92bps (Dec 2013: 80bps) saw impairment charges rise by 21% over the corresponding period.

- Group costs increased by 9% to R345 million (Dec 2013: R316 million) highlighting the Group's continuous efforts to contain cost growth. This is further
evidenced by a reduced cost-to-income ratio in the Group to 72% from 74% and in the Banking Group to 62% from 65%. Encouragingly, the Group achieved a positive JAWS
ratio of 4% highlighting improved levels of revenue growth.

Segmental overview
- The Business Banking division delivered a flat set of results, with a 1% increase in profits to R47.65 million (Dec 2013: R47.30 million). Loans and advances
grew by 14% due to strong client retention, penetration into new markets and larger value transactions. These gains were however, negatively affected by margin
compression and a higher than anticipated impairment charge of R19.43 million (Dec 2013: R16.80 million) resulting in a credit loss ratio of 98bps; up from 90bps in
Dec 2013. Non-performing loans, as a percentage of the gross lending book, showed a positive downward trend to 4.0% (Dec 2013: 4.2%).

- Wealth delivered an impressive 49% growth in profit to R32.97 million (Dec 2013: R22.09 million) driven by strong revenue flows from all sectors of this
division. This unit's aggressive growth strategies are yielding positive results with improved annuity income flows arising from increased local and globally managed
portfolios. These initiatives have contributed to the division managing a sizeable portfolio of funds under administration and management amounting to R88.86 billion
(Dec 2013: R77.01 billion).

- Transactional Banking was successfully launched late in 2014 in a seamless and cost-efficient manner. The Group is optimistic about being able to become the
primary banker to its clients by offering a comprehensive range of electronic banking services.  Domestic Treasury, which has been combined within the Transactional
Banking unit, continues to grow its deposit base, which is now at R3.0 billion, an increase of 8% over the corresponding period. The deposit book remains well
diversified with fixed and notice deposits comprising just under 50% of the total deposit base. This business unit remains a strong contributor to the Group, having
generated a profit of R7.89 million  (Dec 2013: R6.63 million).

- The Capital division showed an increase in profitability to R6.45 million (Dec 2013: R5.27 million) following a satisfactory performance from the Private
Equity and Property Equity units underpinned by strong dealflow. The Corporate Finance unit, however, had a poor performance during the period affected largely by a
lack of meaningful mandates.

- Commercial Solutions recorded an 18% decrease in profitability due to tough trading conditions and lower import values experienced in the freight and
incentives businesses. It is encouraging to note the significant strides being made in Sasfin Forex given the renewed management focus which achieved a break-even
result for the period, reversing a R2.33 million loss in December 2013.

Statement of financial position and capital management review
- Sasfin has grown its investor and depositor base leading to an increase in its funding base to R6.0 billion  (Dec 2013: R5.42 billion) representing a well
spread profile and tenor. This has led to the Group maintaining a healthy liquidity position which bodes well for its growth initiatives both organically and
acquisitively.

- The Group maintains a high capital adequacy ratio of 24%, and a primary Tier 1 capital adequacy ratio of 23%, which is a key measure of capital strength in
terms of Basel III, both well above the minimum regulatory requirements.

Prospects
- Sasfin continues to focus on its target market comprising entrepreneurial businesses, institutions, corporates and private clients. 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 being
experienced across all segments.

- Sasfin 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.

- Shareholders' attention is drawn to the Terms Announcement recently published on SENS pertaining to the Group's potential acquisition of Fintech Proprietary
Limited, which is progressing.

BASIS OF PREPARATION AND PRESENTATION OF THE SUMMARISED INTERIM FINANCIAL STATEMENTS
The condensed interim consolidated financial statements have been prepared in accordance with IAS 34: Interim Financial Reporting, the requirements of the Companies
Act of South Africa, and in compliance with the JSE Listings Requirements. The accounting policies applied conform to International Financial Reporting Standards
("IFRS") and the SAICA Financial Reporting Guides. There are no material events to report subsequent to 31 December 2014.

The accounting policies applied in these condensed interim unaudited and unreviewed consolidated financial statements for the period ended 31 December 2014 are the
same as those applied in the Group's consolidated financial statements as at and for the year ended 30 June 2014.

Responsibility of financial statements
In terms of S29(1)(e)(ii) of the Companies Act, these interim financial statements are prepared under the supervision of Tyrone Soondarjee CA(SA), Group Financial
Director.

PREFERENCE SHARE CASH DIVIDEND
Notice is hereby given that the directors have declared a gross cash preference dividend number 21 amounting to 383.74 cents per share (326.179 cents per share net
of 15% dividend withholding tax) [Dec 2013: 353.51 cents per share (300.483 cents per share net of 15% dividend withholding tax)] ("preference dividend") for the
period 1 July 2014 to 31 December 2014. Preference dividends have been paid on 1 000 000 (Dec 2013: 1 000 000) preference shares issued at R100.00 (Dec 2013:
R100.00) each, and on 905 000 (Dec 2013: 905 000) preference shares issued at R110.49 (Dec 2013: R110.49) each. These dividends have been declared from income
reserves and no secondary taxes on companies' credits have been used. The preference dividend is payable to holders of preference shares recorded in the register of
the Company at the close of business on Thursday, 2 April 2015.

The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference dividend                        Thursday, 26 March 2015
Preference shares commence trading ex the preference dividend        Friday, 27 March 2015
Preference dividend record date                                      Thursday, 2 April 2015
Payment date of preference dividend                                  Tuesday, 7 April 2015

Preference share certificates may not be dematerialised or rematerialised between Friday, 27 March 2015 and Thursday, 2 April 2015, both days inclusive.

INTERIM ORDINARY SHARE CASH DIVIDEND
Notice is hereby given that a gross interim ordinary share cash dividend of 75.260 cents (Dec 2013: 65.340 cents) per ordinary share has been declared and is payable
to ordinary shareholders.

The following further information is provided to shareholders with regard to the final dividend declaration in respect of the new dividends tax:
- The dividend has been declared from income reserves.
- The dividend withholding tax rate is 15%, and a net dividend of 63.971 cents (Dec 2013: 55.539 cents) per share is paid to those shareholders who are not
exempt from dividend withholding tax.
- The issued number of ordinary shares as at the declaration date is 32 301 441 (Dec 2013: 32 301 441).
- Sasfin's tax reference number is 9300/204/71/7.

The ordinary dividend is payable to holders of ordinary shares recorded in the register of the Company at the close of business on Friday, 10 April 2015.
The salient dates relating to the ordinary dividend are as follows:

Last day to trade cum the ordinary dividend                      Wednesday, 1 April 2015
Ordinary shares commence trading ex the ordinary dividend        Thursday, 2 April 2015
Ordinary dividend record date                                    Friday, 10 April 2015
Payment date of ordinary dividend                                Monday, 13 April 2015

Ordinary share certificates may not be dematerialised or rematerialised between Thursday, 2 April 2015 and Friday, 10 April 2015, both days inclusive.
The above dates and times are subject to amendment. Any such amendment will be released on SENS and published in the press.

CHANGES TO THE BOARD
As previously announced, Eddie Blight and Dolly Mokgatle retired and resigned respectively from the Boards of Sasfin Holdings Limited and Sasfin Bank Limited on 
27 November 2014.

For and on behalf of the Board

RC ANDERSEN             RDEB SASSOON             TD SOONDARJEE
Non-executive Chairman  Chief Executive Officer  Group Financial Director
9 March 2015
This announcement and additional information is available on the website: www.sasfin.com

Independent Non-Executive Chairman
RC Andersen

Executive Directors
RDEB Sassoon (Chief Executive Officer)  TD Soondarjee (Group Financial Director)

Alternate Executive Directors
LR Frohlich, MG Lane, MEE Sassoon

Non-Executive Directors
L de Beer#, GC Dunnington#,  J Moses#, MS Rylands, LJ Sennelo# #Independent

Group Company Secretary
H Brown

Joint Auditors
KPMG Inc. and Grant Thornton (Jhb) Inc.

Lead Sponsor
KPMG Services Proprietary Limited

Joint Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Registered Office
29 Scott Street, Waverley Johannesburg 2090  Tel: +27 11 809 7500 Fax: +27 11 887 6167/2489

Transfer Secretaries
Computershare Investor Services Proprietary Limited 70 Marshall Street, Johannesburg, 2001 PO Box 61051, Marshalltown, 2107

Website
www.sasfin.com

DISCLAIMER
The Group has in good faith made reasonable effort to ensure the accuracy and completeness of the information contained in this document, including all information
that may be regarded as "forward-looking statements".

Forward-looking statements may be identified by words such as "believe", "anticipate", "expect", "plan", "estimate", "intend", "project" and "target".
Forward-looking statements are not statements of fact, but statements by the management of the Group based on its current estimates, projections, expectations,
beliefs and assumptions regarding the Group's future performance and no assurance can be given to this effect.

The risks and uncertainties inherent in the forward-looking statements contained in this document include but are not limited to changes to IFRS and the
interpretations, applications and practices subject thereto as they apply to past, present and future periods; domestic and international business and market
conditions such as exchange rate and interest rate movements; changes in the domestic and international regulatory and legislative environments; changes to domestic
and international operational, social, economic and political risks; and the effects of both current and future litigation.

The Group does not undertake to update any forward-looking statements contained in this document and does not assume responsibility for any loss or damage and
however arising as a result of the reliance by any party thereon, including, but not limited to, loss of earnings, profits or consequential loss or damage.




9 March 2015 



Date: 09/03/2015 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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