AfrAsia Bank announced its financial results publication for the year ended 30 June 2020 and first quarter ended 30 September 2020, both demonstrating encouraging performance in the light of the challenging environment which is putting pressure on economic performance globally.
The Bank is also pleased to announce its new board members and their profiles can be viewed here:
- Inderjit Singh Bedi
- Sanjiv Bhasin
- Jan Fredrik Louis Gaëtan Boullé
- Brian Adam Davis
- Isabelle Marie Edith Alvares Pereira De Melo
- Afsar Azize Abdulla Ebrahim
- Giriraj Sinh Jadeja
- Aslam Kanowah
- Jean-Raymond Rey
- Christian St-Arnaud
- Joan Jill Wan Bok Nale
Financial Performance 2019-2020
The performance for year ended 30 June 2020 is encouraging and was shaped by the Credit Risk Assessment guiding us towards a cautious and selective growth. In the context of COVID-19, the Bank took a pragmatic approach by providing for stressed assets adequately, improving the coverage ratio to 76% from 65% the previous years. Earnings were impacted due to a soft interest rate environment but despite same, the Bank managed to grow its deposit base reflecting their clients’ trust throughout this phase.
Building on our resilience in this new financial year
The current financial year has been characterised by a declining interest rate and a challenging risk environment. The Bank registered a profit after tax of MUR 300.6m for the first quarter ended 30 September 2020.
Speaking about the current financial year, Sanjiv Bhasin, CEO of AfrAsia Bank said, “Our strategy guides us towards preserving capital and managing our liquidity prudently. Our earnings for the current year are expected to be lower and the first quarter results demonstrate that. However, our efforts will be directed to ensure that the bank remains robust to be able to grow aggressively once market conditions improve.”