AfrAsia Bank reports a 31 % top line growth at end of June 2018

The Bank closed its last financial year with a strong 31% growth in its Total Operating Income, reaching MUR 2.9bn at 30 June 2018. AfrAsia continues to secure a reasonable share of the market with deposits growing by 22%, an indication of its customers’ confidence worldwide.

On the lending side, a conservative and disciplined approach resulted in its loan book growing by 2% to reach MUR 28bn. During the year, the Bank also diligently managed its credit impairments and fully wrote off fully provided non-performing assets bringing the latter to 5% of its loans and advances.

 

With the exceptionally higher provisions taken during the year, the Bank registered a 6% decline in its Net Profit after Tax from MUR 817m to MUR 766m. The Capital Adequacy Ratio stood at 14.71% as at end of June 2018 against a regulatory limit of 12%.

 

Through its strategic pillars and key differentiators: Customer-Focus, Teamwork, Innovation and Sustainability, AfrAsia Bank continues to yield encouraging growth across all business segments.