AfrAsia Bank closed its seventh year of operations on a solid note reporting record operating profit and net income pre-exceptional items and maintaining its robust growth in loans, assets and deposits.
Operating profit for the Bank reached MUR 506m for the year ended 30 June 2014, a 49% increase on MUR 340m it reported in the previous year. The strong increase in operating profit was driven by a 80% increase in net interest income and a 86% increase in net trading income. Net Operating Income after credit provision crossed the MUR 1bn mark, an increase of 50% over previous year.
The Bank has grown significantly whilst pursuing regional expansion across its core business lines of Corporate Banking, Private Banking & Wealth Management and International Banking.
Its strong growth is derived partly from the level of service the Bank offers and the unique competitive advantage the Mauritian market offers to investors locally and internationally.
As at 30 June 2014, AfrAsia had customer loans and advances at MUR 17,4bn and customer deposits at MUR 41,1bn, a 24% increase and 51% increase from the previous year, respectively. Total assets grew to MUR 47bn which is a 50% increase over the previous year.
To support its rapid growth, AfrAsia raised additional capital totaling MUR 1,39bn in the form of Class A shares from a broad range of investors. This capital raising has helped to strengthen the Bank’s capital base with AfrAsia posting a Capital Adequacy Ratio of 13,1% as at 30 June 2014. It also positions AfrAsia for continued growth in the future.
“AfrAsia Bank continues its ‘bank different’ strategy as we gain strength while looking for opportunities to invest more in African countries. Our figures prove once again the tenacity and strong-will of our bank and we will continue to steer in this direction,” comments James Benoit, AfrAsia Bank CEO.
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