AfrAsia Bank records a 86% growth in its net profit after tax

AfrAsia Bank closed its 2017 financial year with a Net Profit after Tax and Other Comprehensive Income of MUR 804.7m compared to MUR 433.1m in the previous financial year

The Bank's performance was driven by a steady growth across all business segments with overall total operating income rise of 32% to reach MUR 2.5bn. Net interest income increased from MUR 965.7m to MUR 1.4bn during the year under review, along with a Net fee income growth of 24% as compared to last year. Net trading income of MUR 686.0m was recorded reflecting a 15% growth for the same period last year.

The Bank continues to secure a reasonable share of the market with its deposit base growing by 13% over the last year to reach MUR 91.1bn (2016: MUR 80.4bn). The Bank successfully increased its share capital by MUR 602m during the course of the year which demonstrates the support of the shareholders to the Bank. The Capital Adequacy Ratio stood at 13.09% as at end of June 2017.