PSG Financial Services assets under management reached R594.1 billion in the six months ended 31 August 2026, up 15%, according to the interim results as reported by BusinessTech and FAnews. Recurring headline earnings per share rose 5% to 60.9 cents, and the interim dividend was lifted to 22.0 cents per share.
The asset base
BusinessTech reports that assets under management (the client investments the group manages) rose 15% to R594.1 billion, while assets under administration (assets it administers for clients) grew 16% to R833.8 billion. It also cites a network of 998 financial advisers. FAnews splits the managed total between PSG Wealth at R504.9 billion, up 12%, and PSG Asset Management at R89.2 billion, up 30%. BusinessDay says total assets are up about R440 billion from a decade ago.
A note on sourcing: the assets under administration figure and the adviser count appear in the BusinessTech report only among the pages we could read. We could not open PSG’s own results announcement, so the figures here are as relayed by the three outlets. BusinessDay describes the reporting period differently from the other two, and we have used the 31 August period given by BusinessTech and FAnews.
Earnings and the dividend
BusinessTech gives core income of R4.16 billion, up 5%, and an annual return on equity of 26.5%. FAnews confirms the 5% rise in recurring headline earnings per share and the 26.5% return on equity. The interim gross dividend of 22.0 cents compares with 20.0 cents a year earlier, a rise of 10%. FAnews adds that PSG keeps its payout ratio at 40% to 60% of full-year recurring headline earnings, excluding amortisation of intangible assets.
One division grew, two slipped
PSG Wealth was the stronger performer. BusinessTech reports recurring headline earnings of R464.1 million, up from R407 million, and says the division provides more than 61% of divisional earnings. BusinessDay’s figures show PSG Wealth assets up 12% to R504.9 billion.
Asset Management went the other way on earnings. Recurring headline earnings fell from R197.2 million to R188.1 million, even though the division’s assets under management grew 30%. FAnews says lower performance fees were the cause: they were 1.9% of headline earnings, compared with 7.3% in the prior period.
PSG Insure also reported lower earnings, down from R122.1 million to R102.3 million, according to BusinessTech. FAnews says investment income fell substantially and the underwriting result was hit by Western Cape storms, while gross written premium rose 5% to R4.2 billion. BusinessTech gives the net underwriting margin as 14.5%.
Capital position and buy-backs
PSG repurchased and cancelled 8.0 million ordinary shares at a cost of R243.3 million. BusinessTech and BusinessDay both put the capital cover ratio at 292%. BusinessDay says that compares with 299% in the comparable period and is nearly three times the 100% regulatory minimum.
What management says about the outlook
These are the company’s own views, as reported by the outlets. BusinessDay quotes chief executive Francois Gouws as saying the National Treasury continues to provide an important anchor of macroeconomic stability, but that growth remains too low to tackle unemployment and poverty. He pointed to infrastructure constraints, uneven service delivery and policy uncertainty as weighing on investment and economic activity. BusinessTech adds that PSG also flags global risks, including Middle East conflict, trade tensions and rising sovereign debt.
Management describes the results as evidence of the resilience of its advice-led business model. FAnews reports that the group remains confident in its long-term growth and constructive on South Africa, but expects short-term volatility and uncertainty to persist. It plans to keep investing in technology and people at broadly historical levels.
What the numbers show
The asset figures show a group still gathering client money in a period when two of its three divisions reported lower earnings. Growth in assets of 15% and 16% sits beside earnings per share growth of 5%, a gap that reflects the weaker performance fees and the insurance claims described above. Those are the facts in the published results coverage, and the full detail is in PSG’s own announcement for readers who want the underlying tables.
