AfrAsia Bank third-quarter profit up by 57% to MUR 1.0bn

For the nine months ended 31 March 2022, AfrAsia Bank has sustained a steady financial performance to achieve a net profit after tax (“NPAT”) of MUR 1.0bn, representing a significant increase of 57% compared to the same period last year.

This performance was mainly driven by a general uptick in yield levels, bettered trading income, improved fee income and lower impairment loss on financial assets compared to the same period last year.

 

The Bank’s Balance Sheet remains strong, with Total Assets standing at MUR 212.6bn, up 17% compared to March 2021. Loans and advances improved by MUR 14.6bn to reach MUR 38.2bn and the loan-to-deposit ratio increased to 19% from 14% in the same period. On the liability side of the Balance sheet, the Bank’s deposits grew by 17% to reach MUR 201.7bn indicating our customers’ confidence level in the AfrAsia brand.  The Bank remains well capitalised with a total Capital Adequacy Ratio of 14.82% at 31 March 2022 against a regulatory limit of 12.88%.

 

Commenting on the results, Malachy McAllister, Chief Executive Officer of AfrAsia attributed this performance to the Bank’s diversified and resilient business model, with a robust financial structure built over the years and its durable commitments to customer-centricity as a corporate priority. Malachy stated "The volatile economic environment and market conditions throughout 2021 and 2022 placed challenges on a number of our business areas but we delivered a resilient and encouraging performance which is close to pre-pandemic levels. The strength of our recovery from the impacts of the pandemic and induced economic and social constraints is a testament to our people’s grit and passion to stay committed to serving our worldwide customers from over 160 countries. I am confident that we are well-positioned to build a stronger and client-centric franchise that makes the right action for our customers, shareholders, and partners.”