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Integrated Report for the Year Ended 30 June 2020

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Integrated Report for the year ended 30 June 2020 Sasfin Holdings Limited Sasfin Holdings At Sasfin we contribute to society by going beyond a bank to enable growth in the businesses and global wealth of our clients. Integrated Report 2020 Report Integrated TABLE OF CONTENTS 01. 02. 04. 08. 17. Supporting our An overview of The 2020 Integrated An overview Sasfin’s material employees and clients the 2020 report Report compilation of Sasfin matters during Covid-19 43. 57. 26. Pillar performance reviews Human capital performance review Leadership reviews 63. 70. Information and technology Social and Ethics Committee performance review report 75. 80. Building stakeholder Risk management and relationships overview 88. Governance practices and outcomes 111. How performance is rewarded 126. Appendices Supporting our employees and clients during Covid-19 01 SUPPORTING OUR EMPLOYEES AND CLIENTS DURING COVID-19 The Group seamlessly moved to a remote working environment The support we provide to our clients will help to safeguard our employees. We are facilitate economic recovery and growth which proud of the resilience our teams aligns with our purpose to contribute to have demonstrated. society by enabling growth in the businesses and the global wealth of our clients. Alert levels 5 and 4: We remained available to our We granted payment holidays and other clients throughout the lockdown. assistance to clients to the value of Our B\\YOND® chat function has 95% R986.71 million (totalling approximately allowed clients to engage with us of employees worked from home 14% of our loan book). at any time of the day or night. Alert level 3: “We recognise the enormity of this moment. Our sympathies go 90% to those who have lost loved ones of employees worked from home to Covid-19. The economic impact will be far-reaching into the future. As at 9 October 2020, 22 Sasfin employees We are more committed than ever had contracted the virus and all 22 have recovered. There were fortunately no fatalities. to doing what we can to help businesses and investors at this time.” 12% of employees utilised the support service offered by our employee assistance programme between April to June 2020. Michael Sassoon, Group CEO. In addition to our normal CSI, we donated a further R2.25 million through various initiatives. Refer to page 13 for how we responded During the height of Covid-19 we opened 402 new business accounts in the last quarter of the financial year, of which to Covid-19. 60% are Black-owned businesses, 33% female-owned businesses and 47% are youth-owned. Sasfin overview (page 8) AN OVERVIEW Report compilation (page 4) Sasfin Holdings Limited (the Group or Sasfin) listed on the Johannesburg Stock Exchange (JSE) in 1987 and is This Integrated Report covers Sasfin’s activities for OF THE the financial year to 30 June 2020 and has been 2020 a bank-controlling company that comprises three Pillars prepared to meet the information needs of the – Banking, Wealth and Capital. REPORT Group’s stakeholders. The contents have been Our purpose is to contribute to society by going beyond a determined by these needs and by the Group’s bank to enable growth in the businesses and global material matters. wealth of our clients. To achieve this, the Group provides a Sasfin adopted IFRS 16 without restating comprehensive range of specialist financial products and comparatives and certain prior period restatements services to meet the needs of asset suppliers, small and were adjusted for. These had no impact on the medium businesses, and institutional and private clients. Group earnings, financial position or key ratios. The Board of Directors (Board) approved this report on 9 October 2020. Strong balance sheet and liquidity position (page 29) Sasfin posted a headline earnings loss of R48.617 million (2019: profit of R161.305 million) for the year ended 30 June 2020. The loss for the year is largely as a result of increased IFRS 9 credit impairment provisions and a decline in private equity valuations, attributable to the very weak economy. Lower total income resulted in the Group’s cost-to-income ratio deteriorating to 82.20% (2019: 76.59%). Included in the operating costs, is an increase in depreciation from the adoption of IFRS 16 Leases as well as amortisation and impairment of intangible assets. Excluding these non-cash items, costs declined by 4.57% over the period. Total assets declined 4.08% to R14.006 billion (2019: R14.601 billion), with net loans and advances contracting by 11.87% to R6.609 billion (2019: R7.500 billion). This decline was due to lower demand for credit and a conservative credit approach adopted during the Covid-19 lockdown. The Group focused on maintaining a strong balance sheet to withstand further shocks to the economy. This is demonstrated by cash and near cash (net of Land Bank bills in 2020 and repurchase agreements) improving to R2.351 billion (2019: R2.073 billion). Total deposits increased 3.17% to R5.139 billion (2019: R4.981 billion). Due to the losses, the Board of Directors (Board) has not declared any final dividends. The Group’s capital adequacy ratio (unaudited) improved to 16.99% (2019: 15.67%) as a result of prior appropriations and a decline in risk-weighted assets. In addition, the liquidity coverage ratio and net stable funding ratio remain strong. We have seen a deterioration in arrears. This, together with forward looking overlays raised primarily against our stage 1 loans, have resulted in an increase in our balance sheet credit loss coverage ratio to 7.96% (June 2019: 5.09%) and a threefold increase in our income statement credit loss ratio to 303 bps (June 2019: 102 bps). The profile of our book remained relatively consistent. Furthermore, a detailed assessment was performed on our holdings of government- related negotiable securities. While we believe we will recover our full exposure to these entities, provisions were raised in line with the IFRS 9 expected credit loss requirements. 02 | SASFIN | INTEGRATED REPORT 2020 An overview of the 2020 report 03 Pillar performance (page 43) Social and ethics (page 70) Sasfin Bank posted an operating loss of R51.39 million (2019: profit of R169.02 million) largely caused by the increased Sasfin is committed to responsible business and revised credit losses detailed above. Income also contracted in the last quarter as a result of lower volumes experienced during its environmental, social and governance (ESG) strategy the national lockdown. to align with the Group strategy and help us to transform our society. Sasfin made various contributions to assist Sasfin Capital posted an increased operating loss of R66.08 million (2019: R10.65 million loss) as a result of the in alleviating the impact of Covid-19. revaluation of the private equity and property equity portfolios. Together with some realisations at above carrying value, investments at fair value have reduced by 15.12% to R528.77 million (2019: R622.99 million). Sasfin Wealth increased operating profit to R64.41 million (2019: R52.71 million), primarily as a result of record growth in assets under advice and management (collectively AUM) to R48.7 billion (2019: R41.1 billion), with foreign assets now comprising 28.57% of total AUM. Human capital (page 57) Operating context (page 75 and 80) We supported our people during these difficult times Sasfin takes a stakeholder-inclusive approach, and continue to strengthen our teams where necessary. and the Group’s integrated risk management process We invested R6.5 million in skills development initiatives. ensures that key risks are managed effectively within Employee turnover decreased to 14.4% (2019: 21.7%). acceptable parameters. Inherent risk increased significantly with Covid-19 and its impact on the local and global economies. How performance is rewarded (page 111) Sasfin’s performance incentive scheme rewards Governance (page 88) performance at a Group, Pillar/business unit and Sasfin’s governance framework promotes accountability individual level, and aligns executive incentives with w of senior management and enables the Board to adopt shareholders by focusing on sustainable growth in a strategic oversight role. The new Board appointments return on equity (ROE). bring a fresh perspective, together with their skills and Taking cognisance of Covid-19, the Prudential Authority’s experience. guidance note G4/2020 and the state of the South The senior appointments over the last three years have African economy, salary increases for the next year strengthened our combined assurance framework. and annual bonuses were only awarded in exceptional circumstances. Information technology (IT) (page 63) The significant investment in IT over the past few years was critical to the Group’s ability to seamlessly shift to remote working during the Covid-19 lockdown. We continue to digitalise the business and are strengthening our data capabilities further. Sasfin restated certain elements within its financial THE 2020 statements. These restatements are to correct the disclosure and presentation of its Statements of Financial INTEGRATED REPORT Position, Comprehensive Income and Cash Flows 5 and did not have an impact on the earnings, balance COMPILATION sheet or ratios of the Group for either the prior year or the current year: WHY WE REPORT The report includes information that aims to meet the • Re-classification adjustment: Fair value changes needs of the Group’s key stakeholders, with an emphasis on financial instruments at fair value through profit This Integrated Report provides on Sasfin’s material matters. These matters are those that or loss an overview of our strategy, have the most potential to materially affect the Group’s • Correction of prior year error: classification of viability in the short, medium and long term. Material specialised lending product performance for the financial year matters also include those matters that significantly • Correction of prior year error in disclosure: 1 July 2019 to 30 June 2020, influence our stakeholders’ assessments and related Gains on the derecognition of financial assets operating context and outlook.
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