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AfrAsia Bank’s third quarter results jump to record high with profits of MUR 3.8bn
For the nine months ended 31 March 2023, AfrAsia Bank has delivered an exceptional financial performance with a net profit after tax (“NPAT”) of MUR 3.8bn, representing a significant increase of 261% over the prior year. The Bank has continued on a strong growth trajectory marked by sustained core earnings and steady rise in yield levels.
Here are some key figures to illustrate our performance:
Compared to the same period in 2022, net interest income rose sharply by close to 300% to reach MUR 3.8bn, on the back of new bookings and investments in products bearing higher interest rate. The key contributors to the Bank’s NPAT also include net fee and commission income and net trading income, both increased by close to 24% to reach MUR 603.4m and MUR 1.1bn respectively as at end of March 2023 (March 2022: MUR 487.8m and MUR 887.7m). This rise is on the back of our new activity in trade finance business.
The balance sheet remains a source of strength, with total assets standing at MUR 238.1bn as at March 2023, up by 12% compared to March 2022. Loans and advances improved by MUR 10.2bn, reaching MUR 48.4bn as at end of March 2023. On the liability side, the Bank’s deposits base rose by 11% reaching MUR 222.9bn by the end of March 2023, reflecting the continued confidence clients have in AfrAsia Bank.
Crediting the Bank’s outstanding performance to the disciplined execution of its strategy despite the complex macro environment, Thierry Vallet, Founder Executive & Interim CEO at AfrAsia Bank further stated that “this achievement marks a major milestone in the bank’s journey and highlights its positive momentum towards future objectives. Our dedicated and hardworking team is the driving force behind such accomplishments, which is why we are committed to investing in them and their growth. As the bank enters the final quarter of this financial year, we are confident of making further progress, with the capacity to generate sustainable performance that delivers superior returns to all our clients and stakeholders.”
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