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30 sept. 2016

AfrAsia Bank records a 148% growth in its Net Profit after Tax

03 October 2016. While this represented a growth of 148% for the bank, at group level, a Net Profit after Tax of MUR 639.7m was reported. The Bank’s core business segments which are Corporate & Investment Banking, Global Banking, Private Banking & Wealth Management and Treasury & Financial Markets, all reported a robust growth with the Bank’s net interest income increasing from MUR 860.6m to MUR 965.7m in the year under review.

AfrAsia Bank will now be looking forward to embark on its next growth stage and the Board of Directors has approved a three year strategic plan which lays out the foundation for business growth as well as a capital raising plan to achieve the Bank’s objectives.

“Results are very satisfactory and the fact that our deposit base has increased by 20% is a clear indication of our clients’ trust in our strength and approach to business. We will now work towards creating more sustainable value for all our stakeholders. Hence, customer focus, team work and innovation will be the DNA of our strategy. We believe in building strong relationships which means that we keep abreast of our clients’ evolving needs and the changing market dynamics so we can provide a customer experience that will speak for us on the market”, comments Sanjiv Bhasin, CEO of AfrAsia Bank.

View the condensed audited financial statements for the year ended 30 June 2016