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CIM Group posts profits of Rs417 million

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For the year ended 30 September 2021, CIM Group has posted a profit after tax of Rs 417.1 million.

The overall lending book continued to grow with total assets of the Group progressing by 5% year on year to reach Rs16.6 billion.

The Group’s Net Operating Income increased by 9% to reach Rs2.3 billion on the back of the retail sector showing resiliency in the second half of calendar year 2020 with spill-over effects at the beginning of 2021.

For the year under review, CIM Group posted allowance for impairment of Rs540 million, an amount lower than last year’s Rs652.6million.

The Board has declared a final dividend of Rs0.20 per share payable in respect of all the ordinary shares of the Company which will be payable to the shareholders of the company registered at close of business on 30 December 2021.

The payment of this dividend will take place on or about 14 January 2022.

The shares will be traded cum-dividend on the Stock Exchange up to the market date of 27 December 2021 and ex-dividend as from 28 December 2021.

And it will acquire Tsusho Capital

CIM Financial Services Ltd has announced that it has reached an agreement with CFAO SAS to acquire Tsusho Capital (Mauritius) Limited, subject to obtaining relevant regulatory approvals.

Tsusho is a company offering vehicle financing and insurance agency services licensed by the Financial Services Commission since 2009.

The acquisition is said to be in line with CIM’s strategy to grow its leasing business in Mauritius.

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