ABC Banking: Profit Growth of 26.1% in Q1 2023-2024

ABC Banking Corporation, the banking arm of the ABC Group, has reported after-tax profits of Rs 82.6 million for the first quarter of the 2023-2024 financial year.

This represents a significant increase of 26.1% compared to the previous year’s results. The operating profit also saw a substantial growth of 15.3%, reaching Rs 199.9 million.

In addition, the bank’s net interest income also witnessed a notable improvement, with a growth of 22% and a total of Rs 158.5 million for the first quarter.

As of September 30, 2023, the loan portfolio showed a significant increase of 26.7%, reaching Rs 12.6 billion for the financial year.

Bank deposits and savings portfolios also experienced an increase, amounting to Rs 20.7 billion as of September 30, 2023, representing a growth of 9.1%.

The Capital Adequacy Ratio remains at 14.9%, and the Liquidity Coverage Ratio stands at 564%, both above the regulator’s required threshold.

This highlights the bank’s excellent financial health and stability.

Source: Le Mauricien