Banque des Mascareignes nets profits of Rs 111 million in 2013
As a sign of its confidence in the island economy, the share of the financial services major in domestic operations in Mauritius amounted to 56 % in 2013 against 44% in 2012. (Image: Grand Baie)
The financial results for the year 2013 mark the return of profitability for Banque des Mascareignes with a profit of Rs 111 million, which represents a major milestone for the financial services major operating in Mauritius, after losses incurred in 2012.
Being a year of transition, 2013 marked the reorganization of the bank which allowed the management to put the bank back on track in terms of operational profitability.
Last year, Banque des Mascareignes witnessed strong growth in Segment A banking (Corporate and Retail segment), becoming the only international bank whose growth mainly relied on the domestic market.
As a sign of its confidence in the island economy, its share in domestic operations amounted to 56 % in 2013 against 44% in 2012.
While increasing its commercial portfolio, ‘Banque des Mascareignes’ has also adopted an effective strategy of risk management, which allowed it to limit bad debts and strengthen its capital structure by 12%, well above the minimum regulatory requirement.
The commercial portfolio built up in 2013 is expected to be further boosted in 2014 as the bank leverages its risk management strategy to greater advantage.
Finally, ‘Banque des Mascareignes’ benefits from the constant support of its shareholder, the Groupe BPCE, ranked the second-largest banking group in France and one of the first banks to have made its foray into the Indian Ocean region.
Conducting operations in Mauritius since 2004, ‘Banque des Mascareignes’ is a part of International BPCE and Overseas (BPCE IOM) network of commercial banks of the Groupe BPCE in the international domain.
Groupe BPCE, the second largest banking group in France, has put down deep roots in its local markets. Its 115,000 employees serve a total of 36 million customers, 8.8 of whom have decided to become cooperative shareholders.
The Group’s different subsidiaries pursue their activities in banking and insurance, tailoring their services as closely as possible to the needs of the individuals and regions they serve. With a total of 19 Banque Populaire banks, 17 Caisses d’Epargne, Natixis, Crédit Foncier, Banque Palatine, etc., Groupe BPCE offers its customers a comprehensive range of products and services: savings and investment solutions, cash management services, financing solutions, insurance, and wholesale banking services.
Faithful to its status as a cooperative banking institution, the Group assists its customers in the realization of their different projects and develops long-lasting relationships with them, thereby contributing 20% to the drive to finance the French economy.
About Banque des Mascareignes
A subsidiary of Groupe BPCE since 1998, the bank has held a license to practice both offshore and retail banking since 2004.
With a network of 12 branches and 250 employees, it boasts 23,000 customers.