AfrAsia Bank, a financial institution making headlines for all the right reasons, has announced its strong financial results for the six months ending on 31st December 2023.
The bank achieved a net profit after tax of Rs 3.5 billion, showing a firm growth of 77% compared to the same period the previous year (profit was Rs 2.0 billion in December 2022).
- AfrAsia Bank’s net banking income grew by 58% in the first half of the year, reaching Rs 3.5 billion, driven by increasing interest-producing assets in a high-yield market.
- The bank saw diversification in revenue sources, with trading revenues increasing by 34% and commission revenues by 16%, attributed to rising yields, an increased investment portfolio, and growth in foreign exchange activities.
- Operating expenses decreased by 14% compared to the same period the previous year, leading to a significant improvement in the cost-to-income ratio, dropping from 29% to 17%.
- AfrAsia Bank’s balance sheet remains strong, with total assets reaching Rs 232.6 billion, a 5% increase compared to the previous year, and loans and advances increasing by 9% to reach Rs 53.3 billion.
- The bank’s capital strength also improved, with a total equity ratio of 21.27% and shareholders’ equity growing by 44% to Rs 16.7 billion.
Expressing his satisfaction, Mr. Thierry Vallet, the Acting CEO, stated: “Our strong financial results for the six months ending on 31st December 2023 are the result of a visionary customer-focused strategy. Our sustained momentum and the dedication of our highly skilled employees give us confidence in our future performance.”
AfrAsia Bank remains committed to delivering value to its customers, shareholders, and stakeholders while maintaining its position as a leader in the financial industry.
Source: Le Mauricien
