AfrAsia’s profits up by 120%, hits Rs769.8 million

AfrAsia Bank Limited has reportedly continued to show stable financial performance despite the direct and indirect impacts of the COVID-19 pandemic

For the six months ended 31 December 2021, the Bank achieved a Net Profit After Tax (NPAT) of Rs769.8 million, up by 120% compared to the same period last year (Dec2020: Rs350.3 million), growth in trading and commission income and decrease in impairment on financial assets compared to the same period last year.

AfrAsia attributed its performance to its sustained growth strategy and its “deep commitment to deliver the best value to clients.”

The Bank’s net interest income increased by 4% to reach Rs595.6 million this quarter against Rs.574.1 million during the same period last year, despite a low interest rate environment.

Net commission income increased by 31% to Rs327.6 million at the end of December 2021 compared to Rs 249.6 million at December 2020, mainly attributed to higher commissions and fees.

Its Net trading income, another major contributor to the increase in NPAT, increased by 37% from Rs 170.1 million to Rs624.2 million (December 2020 : Rs454.0 million).