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AfrAsia’s Profit Soars, Strong Financial Performance for 2024



AfrAsia's Profit Soars, Strong Financial Performance for 2024

AfrAsia Bank has announced a net profit after tax of Rs 5.4 billion for the nine months ending March 31, 2024, representing a significant growth of 43% compared to the same period in 2023.

The bank’s net profit after tax for the same period in 2023 was Rs 3.8 billion.

The bank’s solid financial performance is attributed to the total commitment of its team, customer-centric approach, and innovative strategies.

Despite the challenges faced, the bank remains confident in its future performance, driven by its vision to strengthen relationships and expand its footprint on both national and international markets.

“We are proud of our solid financial performance, which reflects the dedication and hard work of our team,” said Thierry Vallet, Founder, Executive, and CEO of AfrAsia Bank.

“We remain confident in our future performance and will continue to adapt to the complex market dynamics.”

The bank’s net interest income has also seen a significant increase of 39% to Rs 5.3 billion, up from Rs 3.8 billion in the same period last year.

Net trading income has grown by 22% to Rs 1.4 billion, up from Rs 1.1 billion in the same period last year.

Net fee and commission income has increased by 13% to Rs 682.8 million, up from Rs 603.4 million in the same period last year.

The bank has also recorded a net credit for depreciation of financial assets of Rs 165.6 million, compared to a charge of Rs 16 million in the previous year.

The bank’s balance sheet remains strong, with total assets reaching Rs 259.2 billion as of March 31, 2024, representing a growth of 9% compared to Rs 238.1 billion as of March 31, 2023.

Loans and advances have increased actively by 20% to reach Rs 58.2 billion.

AfrAsia Bank’s strong financial performance is a testament to its commitment to delivering exceptional service to its customers while adapting to the changing market dynamics.

Source: Defi Media

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