PSG Financial Services raises half-year earnings by 4%
By the AFREEQUE newsroom, based on The Namibian
PSG Financial Services increased its half-year recurring earnings by 4% to 754.5 million rand, while its interim dividend rose by 10% to 22 cents per share. PSG Wealth revenue jumped by 14% and group assets under management reached 594.1 billion rand, up 15%, despite declines in asset management and insurance, according to the company’s interim results.
PSG Financial Services increased its half-year recurring earnings by 4% to 754.5 million rand in the six months to August, according to interim results published by the group and reported by The Namibian. The South African financial services group also raised its interim dividend from 20 to 22 cents per share.
Revenue from its main activities rose by 5% to 4.16 billion rand, while recurring earnings per share increased by 5% to 60.9 cents. PSG Wealth, its financial advice and wealth management business, led the growth, with recurring earnings up 14% to 464.1 million rand.
Results were held back by a 5% fall in PSG Asset Management earnings to 188.1 million rand and a 16% fall at PSG Insure to 102.3 million rand. The group attributed the declines to lower performance fees, reduced investment income and storms in South Africa’s Western Cape province. Assets under management nevertheless rose by 15% to 594.1 billion rand.
Total earnings attributable to ordinary shareholders fell by 3% to 755.1 million rand. The comparable period included a 51 million rand gain from the sale of Western National Insurance Namibia to Santam Namibia. Remuneration expenses increased by 10%, and 95 newly qualified graduates joined the group during the half-year.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
