AfrAsia bank sees half-year profit escalate by 49.54% to Rs 350.8 m.
AfrAsia Bank reported a good performance for the first six months ended 31 December 2014, with a net profit after tax of Rs 350.75 million representing, an increase of 50% compared to the corresponding first half of the previous financial year encouraged by better net interest income and net trading income accompanied by tight control on operating expenses. (Image: investor-relations.afrasiabank)
Rs 350.75 million was the profit figure of AfrAsia bank for the six months ended December 2014 fuelled by a net interest income increase of 35.74 per cent to reach Rs 414.6 million and net trading income of Rs 179 million up by 84.2 per cent compared to the same period of 2013.
Tight controls on operating expenses contributed to achieve a low cost to income ratio of 36 per cent, compared to 41 per cent for the previous corresponding period also contributed towards the positive performance of the bank.
It can also be noted that the net fees and commission income also inched up by 14.4 per cent upon higher fees and commission income earned which amounted to Rs 12.56 million representing.
The board highlighted that the bank has continued to provide excellent customer service and attractive market rates which enabled the loan book to expand by 15.1 per cent against 2013 to reach Rs 21.01 billion.
Customer deposits increased by 47.1 per cent over the first six months of 2014 to reach Rs 48.9 billion indicating a conservative loan to deposit ratio of 43% at closure of this reporting period.
Recently, the bank announced the addition of an important world-class strategic partner, National Bank of Canada, to its shareholding structure. This represents a major vote of confidence in its business model, financial standing and unique positioning in regional and international markets. National Bank of Canada acquired a 9.5% stake in AfrAsia Bank, with the aim of further increasing its shareholding in the near future.
About AfrAsia Bank Limited:
AfrAsia bank Ltd is strategically based in Mauritius and with representation in key markets, serving the Africa-Asia trade corridor, combining its strengths and expertise in four core divisions: Private Banking and Wealth Management, Corporate and Investment Banking, Global Business and Treasury.
The Bank won the award for excellence in wealth management by leading UK finance magazine World
The operational foot print of the bank is in Mauritius, South Africa representing offices in Johannesburg and Cape Town, United Kingdom and Zimbabwe.