AfrAsia Bank delivers strong financial performance, with profits MUR 7.0bn for the year ended 30 June 2024.

For the twelve months ended 30 June 2024, AfrAsia Bank has continued on its strong growth trajectory, achieving a net profit after tax (NPAT) of MUR 7.0bn. This represents a robust 19% growth compared to the last financial year (2023: MUR 5.9bn).

 

Here are some key figures to illustrate our performance

 

For the year ended June 2024, the Bank’s net interest income grew by 25% year-on-year, reaching MUR 7.1bn, up from MUR 5.7bn in the prior year. This increase was primarily driven by the sustained high-yield environment and the expansion of the Bank’s average interest-bearing assets.

 

Net fee and commission income went up by 11%, growing from MUR 842.6m in the prior financial year to MUR 936.3m for the year ended 30 June 2024. This growth was largely driven by higher transactional volumes of overseas transfers.

 

Our balance sheet continues to be a source of strength, with total assets rising to MUR 261.7bn as at 30 June 2024, reflecting a 13% increase from MUR 231.6bn. This growth was mainly driven by the expansion of the Bank’s deposit base.

 

In line with its focus on diversifying investments and enhancing its lending strategy while maintaining a prudent approach, the Bank’s loans and advances grew actively by 19% to reach MUR 62.5bn as at 30 June 2024 (2023: MUR 52.5bn), resulting in a slight rise in the loan-to-deposit ratio to 26% from 25% in the previous financial year, triggered by the relative increase in both determinants of the ratio.

 

On the liability side of the balance sheet, the Bank’s deposit base grew by 12%, rising from MUR 213.6bn as at 30 June 2023 to MUR 240.2bn as at 30 June 2024. This growth, despite a challenging economic climate, underscores the Bank’s strong market position and the strength of its client-focused strategies. As of June 2024, the Bank’s total capital adequacy ratio stood at 20.55%, up from 19.40% as at 30 June 2023.

 

Commenting on the results, Thierry Vallet, Founder Executive and Chief Executive Officer of AfrAsia Bank attributed the Bank’s performance to its diversified and resilient business model, underpinned by a strong financial structure built over the years and a steadfast commitment to customer-centricity.

 

Thierry stated "Our clients continue to trust the Bank’s strength, stability and expertise as evidenced by the 13% rise in total assets. This gives us the confidence to continue on our growth trajectory as we aim to expand more our footprint internationally. With interest rates declining and geopolitical tensions persisting, our diversified business model positions us well to deliver sustainable long-term value for stakeholders. We will remain focused on increasing our market share in key territories, supporting our clients in their development plans, and executing our strategic initiatives. As we carry out these plans, we will continue investing for sustainable growth. Our commitment to attracting, developing, motivating and retaining top talent is also the backbone of our sustainable performance. I am privileged to work with very talented AfrAsians to whom I wish to dedicate this year’s excellent performance.”