AfrAsia records 57% increase in net profit

For the nine months ended 31 March 2022, AfrAsia Bank has posted a net profit after tax of Rs1billion, representing a significant increase of 57% compared to the same period last year.

The bank’s Assets stood at Rs212.6billion, up 17% compared to March 2021.

Loans and advances improved by Rs14.6 billion to reach Rs38.2billion and the loan-to-deposit ratio increased to 19% from 14% in the same period. The Bank’s deposits grew by 17% to reach Rs201.7billion, while its total Capital Adequacy Ratio of 14.82% at 31 March 2022.

Afrasia posted a total Capital Adequacy Ratio of 14.82% at 31 March 2022 against a regulatory limit of 12.88%.

Commenting on the results, Malachy McAllister, Chief Executive Officer of AfrAsia attributed this performance to the Bank’s diversified and resilient business model.