The Johannesburg Stock Exchange. File picture: Siphiwe Sibeko

DURBAN - JSE-listed Sasfin Holdings reported a 41.81 percent decline in headline earnings per share (Heps) to 157.95 cents a share for the six months to end December, down from 271.42c as compared to last year.

The group said the decline was attributed to primarily from a large credit event related to a single client, a change in the accounting estimate of certain deferred tax assets and a change in the group's estimate of a deferred tax liability.

Total income was also down to R578 million, declining by R14.7m as compared to last year’s amount of R592.7m.

The group’s profit came in at R46.2m, almost declining by a half compared to R84.7m reported a year ago.

Despite the falling in profits Sasfin managed to declare an interim dividend of 46.90 cents a share.

Going forward the group expects trading conditions to remain challenging for the second half of the financial year.  

“We believe that our strong balance sheet, good brand and diversified product offering, together with the investment we are making in human capital and technology, will position Sasfin well in the medium term," the group said.