Asset-backed lender, Transaction Capital has reported a 20% climb in headline earnings to R177 million. This performance is ahead of expectations as of March 31, 2015.

The group, which through its SA Taxi business finances independent SMEs in the minibus taxi industry, grew 15% and reduced the value of non-performing loans.

SA Taxi grew headline earnings by 34% to R99 million due to higher credit quality, positive collections and improved quality of repossessed vehicles produced by Taximart.

Taximart is the business’s refurbishment operation, which is now one of the largest Toyota repair centres in Southern Africa, according to Transaction Capital.

SA Taxi also finances bakkies used by SMEs. Transaction Capital has allocated large funding towards SA Taxi’s introduction of a pilot project to fund bakkies used by consumers for utility purposes.

SA Taxi’s entire lending business platform uses Acquire Core and Acquire Process Manager from Xpertek. The debtor management platform and workflow driven front end solution provide them with a system that can cope with their complex needs and scoring models.