Death and taxes

* 36% increase in pre tax profits for 6 months * Headline earnings per share up 17% * Total assets up 23% * Operating expenses to total income - down 8% * Assets under administration up 49.5% to R13.9bn * Assets under management up 74%

Stock broking is the star for Sasfin Holdings unaudited results that were released today, contributing R7m.

On the other hand, the bank lifted its pre-tax contribution by R4.6m, although an increased tax charge took the shine off the numbers - tax up by 8% to 26.8%, so the numbers were negative on the bank side, because of the bigger tax smack.

According to CEO Roland Sassoon, the group is now fully taxed.

The risk-weighted capital adequacy level was set at 18.3%, down from the 27.6%, and while it was well above the statutory 10% minimum. If they were to capitalize the R100m preferential share capital issue, then they would be over-capitalised.

So there is a war chest and various alternatives are being looked at, although he wasn’t at liberty to divulge any further information. On the BEE front Sassoon says that they are in negations and hope to make an announcement at some stage.

Another feature of the interims was the board announcement that there was an ordinary share dividend paid for the first time, of 41c per share.